Por favor, use este identificador para citar o enlazar a este item:
http://hdl.handle.net/10261/1814
COMPARTIR / EXPORTAR:
SHARE BASE | |
Visualizar otros formatos: MARC | Dublin Core | RDF | ORE | MODS | METS | DIDL | DATACITE | |
Título: | The Daily Market for Funds in Europe: What Has Changed with the EMU? |
Autor: | Pérez Quirós, Gabriel; Rodríguez Mendizábal, Hugo CSIC ORCID | Palabras clave: | Overnight Rates Reserve Demand Martingale Hypothesis |
Fecha de publicación: | 3-feb-2003 | Serie: | UFAE and IAE Working Papers 559.03 |
Resumen: | This paper presents evidence that the existence of deposit and lending facilities combined with an averaging provision for the reserve requirement are powerful tools to stabilize the overnight rate. We reach this conclusion by comparing the behavior of this rate in Germany before and after the start of the EMU. The analysis of the German experience is useful because it allows to isolate the effects on the overnight rate of these particular instruments of monetary policy. To show that this outcome is a general conclusion and not a particular result of the German market, we develop a theoretical model of reserve management which is able to reproduce our empirical findings. | URI: | http://hdl.handle.net/10261/1814 |
Aparece en las colecciones: | (IAE) Informes y documentos de trabajo |
Ficheros en este ítem:
Fichero | Descripción | Tamaño | Formato | |
---|---|---|---|---|
55903.pdf | 301,46 kB | Adobe PDF | Visualizar/Abrir |
CORE Recommender
Page view(s)
393
checked on 24-abr-2024
Download(s)
298
checked on 24-abr-2024
Google ScholarTM
Check
NOTA: Los ítems de Digital.CSIC están protegidos por copyright, con todos los derechos reservados, a menos que se indique lo contrario.