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Autor: Ulrike Neyer
Titel: The Design of the Eurosystem's Monetary Policy Instruments
Verlag: Physica-Verlag
ISBN/ISSN: 9783790819786
Auflage: 1
Preis : CHF 110,90
Erscheinungsdatum:
Inhalt
Kategorie: Politik, Gesellschaft, Arbeit
Sprache: English
Technische Daten
Seiten: 179
Kopierschutz: DRM
Geräte: PC/MAC/eReader/Tablet
Formate: PDF
Inhaltsangabe

The creation of a single monetary currency and a single monetary policy in the euro area has faced extraordinary challenges, among them the design of suitable monetary policy instruments. This book evaluates monetary policy instruments of the Eurosystem against a number of requirements. To do so, a theoretical model framework is developed which brings together the monetary policy activities of a central bank and the liquidity management of banks considering the main characteristics and institutional features of the euro area.

Inhaltsverzeichnis
Preface6
Contents7
1 Introduction 2 Monetary7
Policy Instruments of the Eurosystem7
3 Stylized Facts and First Explanations7
4 Base Model: Banks Liquidity Management and7
Interbank Market Equilibrium7
5 Remuneration of Required Reserves at the Current8
Repo Rate8
6 Remuneration of Required Reserves at an Average8
Rate8
7 Overlapping Maturities of Central Bank Credits9
8 Implications for the Eurosystems Operational9
Framework9
9 Summary9
Appendix9
References9
1 Introduction10
Aim of this Work12
Theoretical Analysis and Main Results12
Related Literature15
Contribution to the Literature16
Outline16
2 Monetary Policy Instruments of the Eurosystem18
2.1 Introduction18
2.2 Guiding Principles Behind the Design of the Eurosystems Monetary Policy Instruments20
2.3 Minimum Reserve System20
2.4 Open Market Operations22
Under- and Overbidding Behaviour: Definition22
Collateral Framework23
2.5 Standing Facilities26
2.6 Summary27
3 Stylized Facts and First Explanations28
3.1 The Overnight Rate28
3.2 Bidding Behaviour in the Main Refinancing Operations32
3.3 Fulfilling of Required Reserves39
3.4 Summary41
4 Base Model: Banks Liquidity Management and Interbank Market Equilibrium42
4.1 Introduction42
4.2 Optimal Liquidity Management of a Single Bank43
4.3 Interbank Market Equilibrium46
4.4 Summary53
5 Remuneration of Required Reserves at the Current Repo Rate55
5.1 Introduction55
5.2 Optimal Liquidity Management of a Single Bank56
5.3 Interbank Market Equilibrium and Final Results62
Equilibrium Interbank Market Rate63
Optimal Liquidity Management: Final Results63
Equilibrium Interbank Market Rate: Discussion65
The Impact of Monetary Policy Impulses67
Equilibrium Interbank Market Rate69
Optimal Liquidity Management: Final Results70
Equilibrium Interbank Market Rate: Discussion72
The Impact of Monetary Policy Impulses75
5.4 Summary76
6 Remuneration of Required Reserves at an Average Rate79
6.1 Introduction79
6.2 Optimal Liquidity Management of a Single Bank79
6.3 Interbank Market Equilibrium and Final Results87
Equilibrium Interbank Market Rate87
Optimal Liquidity Management: Final Results88
Equilibrium Interbank Market Rate: Discussion90
The Impact of Monetary Policy Impulses93
Equilibrium Interbank Market Rate94
Final Results for the Optimal Liquidity Management if the Repo Rate Is Cut95
Optimal Intertemporal Allocation of Required Reserves97
Optimal Borrowing from the Monetary Authority98
Optimal Transactions in the Interbank Market99
Final Results for the Optimal Liquidity Management if the Repo Rate Is Raised101
Optimal Intertemporal Allocation of Required Reserves102
Optimal Borrowing from the Monetary Authority102
Optimal Transactions in the Interbank Market104
Equilibrium Interbank Market Rate: Discussion104
Marginal Costs of Placing Liquidity in the Interbank Market105
Interest Rate Smoothing105
Negative Effect on the Equilibrium Interbank Market Rate