Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: http://hdl.handle.net/10419/152795
Autor:innen: 
Bindseil, Ulrich
Camba-Méndez, Gonzalo
Hirsch, Astrid
Weller, Benedict
Datum: 
2004
Schriftenreihe/Nr.: 
ECB Working Paper No. 361
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
This paper explains to what extent excess reserves are and should be relevant today in the implementation of monetary policy, focusing on the speci?c case of the operational framework of the Eurosystem. In particular, this paper studies the impact that changes to the operational framework for monetary policy implementation have on the level and volatility of excess reserves. A ‘transaction costs’ model that replicates the rather speci?c intra-reserve maintenance period pattern of excess reserves in the euro area is developed. Simulation results presented not only show that excess reserves may increase considerably under some changes to the operational framework, but also that their volatility and hence unpredictability could.
Schlagwörter: 
excess reserves
liquidity management
monetary policy implementation
JEL: 
E52
E58
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
597.44 kB





Publikationen in EconStor sind urheberrechtlich geschützt.