How does the ECB implement monetary policy?

被引：4

作者：

Ejerskov, Steen ^{[3
]}

Moss, Clara Martin ^{[2
]}

Stracca, Livio ^{[1
]}

机构：

[1] European Cent Bank, D-60311 Frankfurt, Germany

[2] UK Debt Management Off, DK-1093 Copenhagen K, Denmark

[3] Danmarks Nationalbank, DK-1093 Copenhagen K, Denmark

来源：

JOURNAL OF INTERNATIONAL MONEY AND FINANCE | 2008年 / 27卷 / 08期

关键词：

Bank reserves; Monetary policy; Martingale hypothesis; Liquidity effect; Liquidity policy;

D O I：

10.1016/j.jimonfin.2008.05.007

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper provides a simple weekly model of the regular supply of liquidity in the euro area, with a view to understand the functioning of the euro area money market. The main result of the analysis is that liquidity has normally been provided by the ECB in a neutral and smooth manner, but also that there has been some attempt, albeit very limited, to correct deviations of the overnight rate from the main refinancing rate. Moreover, the paper finds that liquidity has affected the overnight interest rate to a significant extent only after the last main refinancing operation of the maintenance period, when it is not possible for the ECB to adjust liquidity imbalances except by making recourse to fine-tuning operations. (C) 2008 Elsevier Ltd. All rights reserved.

引用

页码：1199 / 1214

页数：16

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