haku: @indexterm European Central Bank / yhteensä: 19
viite: 10 / 19
| Tekijä: | Nautz, D. Oechssler, J. |
| Otsikko: | The repo auctions of the European Central Bank and the vanishing quota puzzle |
| Lehti: | Scandinavian Journal of Economics
2003 : VOL. 105:2, p. 207-220 |
| Asiasana: | Auctions European Central Bank Liquidity Monetary policy Repos |
| Kieli: | eng |
| Tiivistelmä: | Fixed rate tenders were used in the European Central Bank (ECB) for weekly repo auctions until June 2000. A switch to variable rate tenders became necessary due to massive overbidding by banks. A stylized game among banks is introduced to investigate this overbidding phenomenon. The results confirm the weakness of the fixed rate tender format and indicate that the ECB's liquidity management has significantly improved since the switch to the variable rate system. |
SCIMA