Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/52129 
Full metadata record
DC FieldValueLanguage
dc.contributor.authorAbbassi, Puriyaen
dc.contributor.authorNautz, Dieteren
dc.date.accessioned2011-11-15-
dc.date.accessioned2011-11-23T14:49:44Z-
dc.date.available2011-11-23T14:49:44Z-
dc.date.issued2011-
dc.identifier.isbn978-3-86558-757-2en
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
dc.language.isoengen
dc.publisher|aDeutsche Bundesbank |cFrankfurt a. M.en
dc.relation.ispartofseries|aDiscussion Paper Series 1 |x2011,24en
dc.subject.jelE43en
dc.subject.jelE52en
dc.subject.jelE58en
dc.subject.jelD44en
dc.subject.ddc330en
dc.subject.keywordmonetary policy implementationen
dc.subject.keywordcentral bank auctionsen
dc.subject.keywordEuropean Central Banken
dc.subject.keywordmoney markets and financial crisisen
dc.titleMonetary transmission right from the start: On the information content of the eurosystem's main refinancing operations-
dc.typeWorking Paperen
dc.identifier.ppn672237075en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:bubdp1:201124en

Files in This Item:
File
Size
383.08 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.