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Monetary transmission right from the start: The (dis)connection netween the money market and the ECB's main refinancing rates
Abbassi, Puriya; Nautz, Dieter - 2010
The relation between the ECB's main refinancing (MRO) rates and the money market is key for the monetary transmission process in the euro area. This paper investigates how money market rates respond to the new information revealed by MRO auctions. Our results confirm a stabilizing level...
Persistent link: https://www.econbiz.de/10010300713
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Monetary transmission right from the start: The (dis)connection between the money market and the ECB's main refinancing rates
Abbassi, Puriya; Nautz, Dieter - 2010
The relation between the ECB's main refinancing (MRO) rates and the money market is key for the monetary transmission process in the euro area. This paper investigates how money market rates respond to the new information revealed by MRO auctions. Our results confirm a stabilizing level...
Persistent link: https://www.econbiz.de/10010270729
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Bidder Behavior in Repo Auctions without Minimum Bid Rate: Evidence from the Bundesbank
Nautz, Dieter; Linzert, Tobias; Breitung, Jörg - 2003
banks refrain from bidding, severely impeding the ECB's money market management. To shed more light on banks' underbidding …
Persistent link: https://www.econbiz.de/10010295761
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Declining valuations and equilibrium bidding in central bank refinancing operations
Ewerhart, Christian; Cassola, Nuno; Valla, Natacha - 2006
It is argued that bidders in liquidity-providing central bank operations should typically possess declining marginal valuations. Based on this hypothesis, we construct an equilibrium in central bank refinancing operations organised as variable rate tenders. In the case of the discriminatory...
Persistent link: https://www.econbiz.de/10011604714
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Bidding behaviour in the ECB’s main refinancing operations during the financial crisis
Eisenschmidt, Jens; Hirsch, Astrid; Linzert, Tobias - 2009
) to address the recent tensions in financial markets since summer 2007. In this paper, we analyse banks’ bidding behaviour … unique data set comprising repo auctions from March 2004 to October 2008 with bidding data from 877 counterparties. We find …, the increased attractiveness of the ECB’s tender operations due to its collateral framework and banks’ bidding more …
Persistent link: https://www.econbiz.de/10011605098
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Monetary transmission right from the start: On the information content of the eurosystem's main refinancing operations
Abbassi, Puriya; Nautz, Dieter - 2011
The Eurosystem's main refinancing operations (MRO) are key for the interbank money market and the monetary transmission process in the euro area. This paper investigates how money market rates respond to the information revealed by various aspects of an MRO auction outcome. Our results confirm...
Persistent link: https://www.econbiz.de/10010307246
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The repo auctions of the European Central Bank and the vanishing quota puzzle
Nautz, Dieter; Oechssler, Jörg - 1999
Weekly repo auctions are the European Central Bank's most important policy instrument. Provided that banks bid seriously, these auctions should reveal useful information about banks' liquidity needs and the stance of monetary policy. However 1 as we show in this paper, the applied auction rules...
Persistent link: https://www.econbiz.de/10010309976
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Why do we have an interbank money market?
Wiemers, Jürgen; Neyer, Ulrike - 2003
The interbank money market plays a key role in the execution of monetary policy. Hence, it is important to know the functioning of this market and the determinants of the interbank money market rate. In this paper, we develop an interbank money market model with a heterogeneous banking sector....
Persistent link: https://www.econbiz.de/10010316343
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Die Auswirkungen von Niedrigzinsen und unkonventionellen geldpolitischen Maßnahmen auf die Vermögensverteilung
Demary, Markus; Niehues, Judith - 2015
Die krisenhaften Entwicklungen seit dem Jahr 2008 haben es für die großen Zentralbanken notwendig gemacht, ihre Leitzinsen auf nahezu Null zu senken. Gleichzeitig bekunden die Zentralbanken, dass sie die Zinsen noch für eine ausgedehnte Zeit niedrig halten werden. In einem solchen Umfeld von...
Persistent link: https://www.econbiz.de/10011282630
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The microstructure of the euro money market
Hartmann, Philipp; Manna, Michele; Manzanares, Andrés - 2001
This paper provides the first empirical examination of the microstructure of the euro money market, using tick data from brokers located in 6 countries. Special emphasis is put on the institutional environment (monetary policy decisions and their implementation, payment systems and private...
Persistent link: https://www.econbiz.de/10011604126