This paper presents a microstructure model for the unsecured overnight euro money market, similar to that developed for … March 2004 changes in Eurosystem's operational framework have modified the informational patterns of order flow in the euro …

The article examines microstructure issues in the Australian Interbank futures market by analyzing the price adjustment … process following scheduled Cash Target Rate announcements by the Reserve Bank of Australia. In characterizing the market …

This paper provides the first empirical examination of the microstructure of the euro money market, using tick data … maintenance periods and during the year 2000 changeover. Even intraday, overnight rate levels hardly differ across euro area …

well capitalized, they have access to money markets and efficiently mitigate funding shocks. When aggregate bank capital is … low, a vicious cycle arises between declining asset prices and funding risks. The central bank can partially counter these … shadow banking sector. When the shadow banking sector is large, as in the US in 2008, the central bank can further stabilize …

featuring heterogeneous banks, interbank markets for both secured and unsecured credit, and a central bank. The model features a … in lending and output. We show how central bank policies which increase the size of the central bank balance sheet can …

This paper studies the relationship between the business cycle and financial intermediation in the euro area. We …

This paper studies the relationship between the business cycle and financial intermediation in the euro area. We …

This paper studies the relationship between the business cycle and financial intermediation in the euro area. We …