The recent financial crisis deeply affected the money market yield curve and thus, potentially, the proper functioning … in steering euro area money market rates using two measures: first, the predictability of money market rates on the basis … of monetary policy expectations, and second the impact of extraordinary central bank measures on money market rates. We …

This paper analyses money market developments since 2005, and examines factors that have affected money market … functioning. We consider several metrics of activity in both secured and unsecured euro area money markets, and study interactions … with worsening money market conditions, while higher central bank liquidity provision was associated with reduced money …

in the ECB's main refinancing operations (MROs) during the ongoing turmoil in money and financial markets. We employ a …