Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/39323 
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dc.contributor.authorNautz, Dieteren
dc.contributor.authorScheithauer, Janen
dc.date.accessioned2009-12-04-
dc.date.accessioned2010-08-26T11:57:22Z-
dc.date.available2010-08-26T11:57:22Z-
dc.date.issued2009-
dc.identifier.urihttp://hdl.handle.net/10419/39323-
dc.description.abstractOvernight 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
dc.language.isoengen
dc.publisher|aHumboldt University of Berlin, Collaborative Research Center 649 - Economic Risk |cBerlinen
dc.relation.ispartofseries|aSFB 649 Discussion Paper |x2009,053en
dc.subject.jelE52en
dc.subject.jelC22en
dc.subject.ddc330en
dc.subject.keywordControllability and Persistence of Interest Ratesen
dc.subject.keywordOperational Framework of Central Banksen
dc.subject.keywordLong Memory and Fractional Integrationen
dc.subject.stwGeldpolitiken
dc.subject.stwMindestreservepolitiken
dc.subject.stwStaatliche Informationen
dc.subject.stwWirkungsanalyseen
dc.subject.stwTagesgeldmarkten
dc.subject.stwZinsen
dc.subject.stwGeldmarkten
dc.subject.stwUSAen
dc.titleMonetary policy implementation and overnight rate persistence-
dc.type|aWorking Paperen
dc.identifier.ppn61432940Xen
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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