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Why the effective price for money exceeds the policy rate in the ECB tenders?
Välimäki, Tuomas - 2008
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...
Persistent link: https://www.econbiz.de/10003826027
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Central Bank Liquidity Auction Mechanism Design and the Interbank Market
Ollikka, Kimmo - 2013
, efficiency and auction stage interest rate levels and volatility. Most importantly, we ask which mechanism is the best at … comes at the cost of less revenue compared to the revenue maximizing discriminatory price auction, but surprisingly, will … not result in efficiency losses compared even to the Vickrey auction …
Persistent link: https://www.econbiz.de/10013075449
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Central bank asset purchases and auction cycles revisited : new evidence from the euro area
Ferrara, Federico M. - 2024
This study provides new evidence on the relationship between unconventional monetary policy and auction cycles in the … public debt auctions. The findings indicate that Eurosystem's asset purchase flows mitigate yield cycles during auction … auction cycles is more sizeable and precisely estimated for purchases of securities with medium-term maturities and in …
Persistent link: https://www.econbiz.de/10014527031
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The Euro's savior? : assessing the ECB's crisis management performance and potential for crisis resolution
Bibow, Jörg - 2015
This study assesses the European Central Bank’s (ECB) crisis management performance and potential for crisis resolution. The study investigates the institutional and functional constraints that delineate the ECB’s scope for policy action under crisis conditions, and how the bank has actually...
Persistent link: https://www.econbiz.de/10011349470
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Crisis management at cross-roads : challenges facing cross-border financial institutions at the EU level : a joint publication with the Centre for European Policy Studies (CEPS)
Ayadi, Rym (ed.); Lierman, Frank (ed.); Balling, Morten (ed.) - Conference "Crisis Management at Cross-Roads" <2009, …; … - 2010
On 16th November 2009, SUERF, CEPS and the Belgian Financial Forum coorganized a conference "Crisis management at cross-roads" in Brussels. All papers in the present volume are based on contributions at the conference and the SUERF Annual Lecture which followed the event.
Persistent link: https://www.econbiz.de/10011706117
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Central bank cooperation and Lending of Last Resort in the Scandinavian Monetary Union
Ögren, Anders; Trautwein, Hans-Michael - In: Jahrbuch für Wirtschaftsgeschichte 63 (2022) 2, pp. 433-494
The functioning of multi-nation monetary unions with several central banks is conditioned by many factors and considerations, such as the capacity to deal with crises, the political will and operational skill to foster financial integration and to develop a mix of rules and discretion in the...
Persistent link: https://www.econbiz.de/10013447604
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A tale of three crises : synergies between ECB tasks
Hobelsberger, Karin; Kok Sørensen, Christoffer; … - 2022
This paper provides a chronology of the main financial events over the last 15 years, spanning three main crises. The first is the global financial crisis in 2008-09, and the second is the euro area sovereign debt crisis in 2010-12. Both events heralded significant reforms of the EU's governance...
Persistent link: https://www.econbiz.de/10013368565
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A Tale of Three Crises : Synergies between ECB Tasks
Kok, Christoffer; Mongelli, Francesco Paolo; … - 2022
This paper provides a chronology of the main financial events over the last 15 years, spanning three main crises. The first is the global financial crisis in 2008-09, and the second is the euro area sovereign debt crisis in 2010-12. Both events heralded significant reforms of the EU’s...
Persistent link: https://www.econbiz.de/10013491770
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Why the effective price for money exceeds the policy rate in the ECB tenders?
Välimäki, Tuomas - 2008
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...
Persistent link: https://www.econbiz.de/10011605027
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The performance of the eurosystem's fixed rate tenders since 2004 : theory and evidence
Ewerhart, Christian; Cassola, Nuno; Valla, Natacha - 2010
considering an auction-theoretic setting with privately known declining marginal valuations. Since overbidding entails exposure …
Persistent link: https://www.econbiz.de/10008797780