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dc.contributor.authorBindseil, Ulrichen_US
dc.date.accessioned2010-09-01T09:49:05Z-
dc.date.available2010-09-01T09:49:05Z-
dc.date.issued2004en_US
dc.identifier.urihttp://hdl.handle.net/10419/39640-
dc.description.abstractOpen 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 bidding in such tenders. In their conduct of fixed rate tenders, many central banks faced specifically an “under”- and an “overbidding” problem. These phenomena are revisited in the light of the proposed model and the more general question of the optimal tender procedure and allotment policy of central banks is addressed.-
dc.language.isoengen_US
dc.publisherZEI Bonnen_US
dc.relation.ispartofseriesZEI working paper B 03-2004en_US
dc.subject.jelD84-
dc.subject.jelE43-
dc.subject.jelE52-
dc.subject.ddc330en_US
dc.subject.keywordopen market operations-
dc.subject.keywordtender procedures-
dc.subject.keywordcentral bank liquidity management-
dc.subject.stwOffenmarktpolitiken_US
dc.subject.stwZinspolitiken_US
dc.subject.stwAuktionen_US
dc.subject.stwBankenliquiditäten_US
dc.subject.stwTheorieen_US
dc.subject.stwEU-Staatenen_US
dc.titleOver- and underbidding in central bank open market operations conducted as fixed rate tenderen_US
dc.typeWorking Paperen_US
dc.identifier.ppn382429036en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:zeiwps:B032004-
Appears in Collections:ZEI Working Papers, Zentrum für Europäische Integrationsforschung, Universität Bonn

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