Open market operations play a key role in allocating central bank funds to the banking system and thereby to steer … short-term interest rates in line with the stance of monetary policy. Many central banks apply so-called "fixed rate tender …" auctions in their open market operations. This note presents, on the basis of a survey of central bank experience, a model of …

interest rate. In contrast, the majority of monetary business cycle models treats a broad monetary aggregate as the central …

Open market operations play a key role in allocating central bank funds to the banking system and thereby to steer … short-term interest rates in line with the stance of monetary policy. Many central banks apply so-called “fixed rate tender …” auctions in their open market operations. This note presents, on the basis of a survey of central bank experience, a model of …

realistic central bank transfersand the dynamics of bond holdings. …

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 …