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| Author: | Ehrhart, K.-M. |
| Title: | European Central Bank operations: experimental investigation of the fixed rate tender |
| Journal: | Journal of International Money and Finance
2001 : NOV, VOL. 20:6, p. 871-893 |
| Index terms: | AUCTIONS EURO EUROPEAN MONETARY SYSTEM MONETARY POLICY |
| Language: | eng |
| Abstract: | In an experimental study the auction procedure of the fixed rate tender is investigated with which the main refinancing operation of the Eurosystem was carried out in the past. In June 2000 the fixed rate tender was replaced by the "American" variable rate tender. This change was occasioned by the suspicion that banks grossly exaggerate their liquidity needs in their bids. |
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