Nyborg, Kjell G.; Strebulaev, Ilya A.; Bindseil, Ulrich - European Central Bank - 2002
We study bidder bahavior and performance in 53 main refinancing operations (repo auctions) of the European Central Bank (ECB). The data set starts with the first auctions after the ECB changed from fixed rate tenders to variable rate tenders. We find that private information and the winnner's...