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How does the ECB allot liquidity in its weekly main refinancing operations?

Ejerskov, Steen; Moss, Clara Martin; Stracca, Livio - 2003

understanding the functioning of the euro area money market. The main result of the analysis is that liquidity has normally been …This paper provides a simple weekly model of the regular supply of liquidity in the euro area, with a view to … deviations of the overnight rate from the main refinancing rate. Moreover the paper finds that liquidity has affected the …

Persistent link: https://www.econbiz.de/10009635957

Aggregation-theoretic monetary aggregation over the euro area, when countries are heterogeneous

Barnett, William A. - 2003

We derive fundamental new theory for measuring monetary service flows aggregated over countries within the European Monetary Union (EMU). We develop three increasingly restrictive approaches: (1) the heterogeneous agents approach, (2) the multilateral representative agent approach, and (3) the...

Persistent link: https://www.econbiz.de/10009635917

Money and payments

Holthausen, Cornelia; Monnet, Cyril - 2003

The role of money in society has been a controversial topic in economic theory over many years. Particular attention … has been devoted to the analysis whether there should be competition in the supply of money, or whether this is best left … today we have competition between issuers of money, namely in the international context, with electronic money, and in large …

Persistent link: https://www.econbiz.de/10009635956

Exchange rates and fundamentals

Engel, Charles; West, Kenneth David - 2003

Standard economic models hold that exchange rates are influenced by fundamental variables such as relative money …

Persistent link: https://www.econbiz.de/10009635953