Size thresholds exist for overall, national merger review and for assignment to national versus supranational responsibility. I analyse competition effects close to these review thresholds. Firms could strategically pursue competition-reducing mergers before they come under any regulatory...

Liquidity provision through its repo auctions has been one of the main instruments of the European Central Bank (ECB) to address the recent tensions in financial markets since summer 2007. In this paper, we analyse banks' bidding behaviour in the ECB's main refinancing operations (MROs) during...

The tender spread, i.e. the difference between the effective price for money in the ECB's main refinancing operations and the prevailing policy rate, is one of the main determinants behind the evolution of the EONIA with respect to the ECB's operational target. This study assesses the reasons...

Der langjährige Einsatz und die große Bedeutung des Conservation Reserve Program begründen seine Sonderstellung als marktorientierten Ansatz zur Honorierung von Umweltleistungen. Mit diesem Beitrag wird herausgearbeitet, welche Lehren aus dem Conservation Reserve Program für die...

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...

The fixed rate tender is one of the main operational formats used by central banks in the implementation of their monetary policies. While academic research has largely dismissed the procedure for its tendency to encourage overbidding, central banks such as the ECB and the Bank of England have...

Das ökonomische Potential des Einsatzes von Ausschreibungen für Umweltleistungen konnte nunmehr auch in Europa aufgezeigt werden. Jedoch stellen diese Modellprojekte bislang nur einen ersten Schritt auf dem Weg zur Implementierung von Ausschreibungen in europäische Politikmaßnahmen dar. Dies...

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...

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...