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https://hdl.handle.net/10419/39640
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DC Field | Value | Language |
---|---|---|
dc.contributor.author | Bindseil, Ulrich | en |
dc.date.accessioned | 2010-09-01T09:49:05Z | - |
dc.date.available | 2010-09-01T09:49:05Z | - |
dc.date.issued | 2004 | - |
dc.identifier.uri | http://hdl.handle.net/10419/39640 | - |
dc.description.abstract | Open market operations play a key role in allocating central bank funds to the bankingsystem and thereby to steer short-term interest rates in line with the stance of monetarypolicy. Many central banks apply so-called “fixed rate tender” auctions in their open marketoperations. This note presents, on the basis of a survey of central bank experience, a modelof bidding in such tenders. In their conduct of fixed rate tenders, many central banks facedspecifically an “under”- and an “overbidding” problem. These phenomena are revisited in thelight of the proposed model and the more general question of the optimal tender procedureand allotment policy of central banks is addressed. | en |
dc.language.iso | eng | en |
dc.publisher | |aRheinische Friedrich-Wilhelms-Universität Bonn, Zentrum für Europäische Integrationsforschung (ZEI) |cBonn | en |
dc.relation.ispartofseries | |aZEI Working Paper |xB 03-2004 | en |
dc.subject.jel | D84 | en |
dc.subject.jel | E43 | en |
dc.subject.jel | E52 | en |
dc.subject.ddc | 330 | en |
dc.subject.keyword | open market operations | en |
dc.subject.keyword | tender procedures | en |
dc.subject.keyword | central bank liquidity management | en |
dc.subject.stw | Offenmarktpolitik | en |
dc.subject.stw | Zinspolitik | en |
dc.subject.stw | Auktion | en |
dc.subject.stw | Bankenliquidität | en |
dc.subject.stw | Theorie | en |
dc.subject.stw | EU-Staaten | en |
dc.title | Over- and underbidding in central bank open market operations conducted as fixed rate tender | - |
dc.type | |aWorking Paper | en |
dc.identifier.ppn | 824004736 | en |
dc.rights | http://www.econstor.eu/dspace/Nutzungsbedingungen | en |
dc.identifier.repec | RePEc:zbw:zeiwps:B032004 | en |
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