A simple model of the interaction between central bank liquidity management and the inter-bank overnight rate is suggested which allows analysing the publication of forecasts of liquidity factors by the European Central Bank adopted in June 2000. The paper argues that the main practical...

This paper analyses the “one country—one vote” rule for monetary policy decision making of the Governing Council of the European Central Bank in a framework of cooperative game theory. The Shapley value is used as a solution concept. In contrast to former papers analysing the allocation of...

A simple model of the interaction between central bank liquidity management and the inter-bank overnight rate is suggested, which allows analysing the publication offorecasts of liquidity factors by the European Central Bank adopted in June 2000. The paper argues that the main practical...