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| Author: | Bartolini, L. Prati, A. |
| Title: | Cross-country differences in monetary policy execution and money market rates' volatility |
| Journal: | European Economic Review
2006 : FEB, VOL. 50:2, p. 349-376 |
| Index terms: | interest rates monetary policy money markets volatility |
| Language: | eng |
| Abstract: | This article examines cross-country differences in monetary policy execution and money market ratesÂ’ volatility by developing a model of the overnight interbank market that matches discrepancies in patterns in interest rate volatility. The authors find that central banks ration the access to marginal facilities in order to stabilize conflicts between different objectives. |
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