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  E-mail Message: I thought you might be interested in this item at http://www.worldcat.org/oclc/837634073 Title: Monetary transmission right from the start : the (dis)connection netween the money market and the ECB's main refinancing rates Author: Puriya Abbassi; Dieter Nautz Publisher: Berlin Freie Univ., Fachbereich Wirtschaftswiss. 2010 ISBN/ISSN: 9783941240193 3941240196 OCLC:837634073

  
  

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• Refinanzierung
• Geldpolitik
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Monetary transmission right from the start : the (dis)connection netween the money market and the ECB's main refinancing rates

Author:	Puriya Abbassi; Dieter Nautz
Publisher:	Berlin Freie Univ., Fachbereich Wirtschaftswiss. 2010
Series:	School of Business & Economics Discussion Paper; Economics; Diskussionsbeiträge des Fachbereichs Wirtschaftswissenschaft der Freien Universität Berlin, 2010,7
Edition/Format:	Computer file : EnglishView all editions and formats
Summary:	The relation between the ECB's main refinancing (MRO) rates and the money market is key for the monetary transmission process in the euro area. This paper investigates how money market rates respond to the new information revealed by MRO auctions. Our results confirm a stabilizing level relationship between the overnight rate Eonia and MRO rates before the financial crisis. Since the start of the financial crisis, however, we find that MRO auction outcomes even exacerbated the disconnection of money market rates from the policy-intended interest rate level. These findings support the fixed rate full allotment policy introduced by the ECB as an unconventionalmeasure to re-stabilize banks' refinancing conditions. -- Financial Crisis ; Monetary transmission process ; Central bank auctions ; European Central Bank ; Money markets  Read more...
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