search query: @indexterm European Central Bank / total: 19
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| Author: | Nautz, D. Oechssler, J. |
| Title: | Overbidding in fixed rate tenders: an empirical assessment of alternative explanations |
| Journal: | European Economic Review
2006 : APR, VOL. 50:3, 631-646 |
| Index terms: | auctions bidding European central bank interest rates monetary control monetary policy |
| Language: | eng |
| Abstract: | This article examines different theories which explain banksÂ’ overbidding in the fixed rate tenders of the European Central Bank (ECB). The authors argue that none of the presented theories can on their own provide an explanation to the perceived overbidding. This suggests that new rules proposed by the ECB to neutralize interest rate expectations, would not eliminate overbidding if the rationing rule in the fixed rate tenders is not changed. |
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