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http://hdl.handle.net/10419/52129
  

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dc.contributor.authorAbbassi, Puriyaen_US
dc.contributor.authorNautz, Dieteren_US
dc.date.accessioned2011-11-15en_US
dc.date.accessioned2011-11-23T14:49:44Z-
dc.date.available2011-11-23T14:49:44Z-
dc.date.issued2011en_US
dc.identifier.isbn978-3-86558-757-2en_US
dc.identifier.urihttp://hdl.handle.net/10419/52129-
dc.description.abstractThe Eurosystem's main refinancing operations (MRO) are key for the interbank money market and the monetary transmission process in the euro area. This paper investigates how money market rates respond to the information revealed by various aspects of an MRO auction outcome. Our results confirm that the level of MRO rates governed short-term money market rates before the financial crisis. Since the start of the financial crisis, however, the information content of MRO rates has changed. While the levels of MRO rates have lost much of their pre-crisis significance, the spread between the weighted average and the marginal MRO rate has become an important barometer for the actual situation in the money market during the crisis.en_US
dc.language.isoengen_US
dc.publisherDt. Bundesbank Frankfurt, M.en_US
dc.relation.ispartofseriesDiscussion Paper Series 1: Economic Studies 2011,24en_US
dc.subject.jelE43en_US
dc.subject.jelE52en_US
dc.subject.jelE58en_US
dc.subject.jelD44en_US
dc.subject.ddc330en_US
dc.subject.keywordmonetary policy implementationen_US
dc.subject.keywordcentral bank auctionsen_US
dc.subject.keywordEuropean Central Banken_US
dc.subject.keywordmoney markets and financial crisisen_US
dc.titleMonetary transmission right from the start: On the information content of the eurosystem's main refinancing operationsen_US
dc.typeWorking Paperen_US
dc.identifier.ppn672237075en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
dc.identifier.repecRePEc:zbw:bubdp1:201124-
Appears in Collections:Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank

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