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| Monetary transmission right from the start Abbassi, Puriya |
| Haupttitel | Monetary transmission right from the start |
| Titelzusatz | the (dis)connection between the money market and the ECB’s main refinancing rates |
| Autor | Abbassi, Puriya; Nautz, Dieter |
| Seitenzahl | 21 S. |
| Schriftenreihe | Discussion paper / School of Business & Economics ; 2010/7 : Economics |
| Fachbereich/Einrichtung | FB Wirtschaftswissenschaft |
| Arbeitsbereich/Institut | Institut für Statistik und Ökonometrie |
| Erscheinungsjahr | 2010 |
| Dokumente | pdf-Datei
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| Freie Schlagwörter | Financial Crisis; Monetary transmission process; Central bank auctions; European Central Bank; Money markets |
| DDC | 339 Makroökonomie und verwandte Themen |
| Dokumententyp/-Sammlungen | Monographie/Text |
| Medientyp/Format | Text |
| Abstract | 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 relationship between the overnight rate Eonia and MRO rates before the financial crisis. Since the start of the financial crisis, however, we find that MRO auction outcomes even exacerbated the disconnection of money market rates from the policy-intended interest rate level. These findings support the fixed rate full allotment policy introduced by the ECB as an unconventionalmeasure to re-stabilize banks’ refinancing conditions. |
| Sprache | Englisch |
| Rechte | Nutzungsbedingungen |
| Identifier | 978-3-941240-19-3 (ISBN) |
| Zugriffstatistik | |
| Statische URL | http://edocs.fu-berlin.de/docs/receive/FUDOCS_document_000000005382 |
| Erstellt am | 03.05.2010 - 13:36:15 |
| Letzte Änderung | 19.03.2013 - 11:55:15 |
