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Freie Universität Berlin >
Fachbereich Wirtschaftswissenschaft, Freie Universität Berlin >
Diskussionsbeiträge, FB Wirtschaftswissenschaft, FU Berlin >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/43694
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Full metadata record
| DC Field | | Value | | Language |
| dc.contributor.author | | Nautz, Dieter | | en_US |
| dc.contributor.author | | Scheithauer, Jan | | en_US |
| dc.date.accessioned | | 2010-12-03 | | en_US |
| dc.date.accessioned | | 2011-01-12T10:56:42Z | | - |
| dc.date.available | | 2011-01-12T10:56:42Z | | - |
| dc.date.issued | | 2010 | | en_US |
| dc.identifier.isbn | | 978-3-941240-38-4 | | en_US |
| dc.identifier.uri | | http://hdl.handle.net/10419/43694 | | - |
| dc.description.abstract | | Overnight money market rates are the predominant operational target of monetary policy. As a consequence, central banks have redesigned the implementation of monetary policy to keep the deviations of the overnight rate from the key policy rate small and short-lived. This paper uses fractional integration techniques to explore how the operational framework of four major central banks affects the persistence of overnight rates. Our results suggest that a well-communicated and transparent interest rate target of the central bank is a particularly important condition for a low degree of overnight rate persistence. | | en_US |
| dc.language.iso | | eng | | en_US |
| dc.publisher | | Freie Univ., Fachbereich Wirtschaftswiss. Berlin | | en_US |
| dc.relation.ispartofseries | | School of Business & Economics Discussion Paper: Economics 2010/26 | | en_US |
| dc.subject.jel | | E52 | | en_US |
| dc.subject.jel | | C22 | | en_US |
| dc.subject.ddc | | 330 | | en_US |
| dc.subject.keyword | | Controllability and Persistence of Interest Rates | | en_US |
| dc.subject.keyword | | Operational Framework of Central Banks | | en_US |
| dc.subject.keyword | | Long Memory and Fractional Integration | | en_US |
| dc.subject.stw | | Geldpolitik | | en_US |
| dc.subject.stw | | Mindestreservepolitik | | en_US |
| dc.subject.stw | | Staatliche Information | | en_US |
| dc.subject.stw | | Wirkungsanalyse | | en_US |
| dc.subject.stw | | Tagesgeldmarkt | | en_US |
| dc.subject.stw | | Zins | | en_US |
| dc.subject.stw | | Geldmarkt | | en_US |
| dc.subject.stw | | USA | | en_US |
| dc.title | | Monetary policy implementation and overnight rate persistence | | en_US |
| dc.type | | Working Paper | | en_US |
| dc.identifier.ppn | | 641066309 | | en_US |
| dc.rights | | http://www.econstor.eu/dspace/Nutzungsbedingungen | | en_US |
| dc.identifier.repec | | RePEc:zbw:fubsbe:201026 | | - |
| Appears in Collections: | | Diskussionsbeiträge, FB Wirtschaftswissenschaft, FU Berlin
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