The daily market for funds in Europe : what has changed with the EMU?

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dc.contributor.author	Pérez Quirós, Gabriel
dc.contributor.author	Rodríguez Mendizábal, Hugo
dc.contributor.author	Universitat Autònoma de Barcelona. Unitat de Fonaments de l'Anàlisi Econòmica
dc.contributor.author	Institut d'Anàlisi Econòmica
dc.date	2006
dc.identifier	https://ddd.uab.cat/record/45139
dc.identifier	urn:oai:ddd.uab.cat:45139
dc.identifier	urn:10.1353/mcb.2006.0023
dc.identifier	urn:oai:egreta.uab.cat:publications/9fa4e618-73a0-4acb-b021-8d33d690744d
dc.identifier	urn:scopus_id:33644746363
dc.format	application/pdf
dc.language	eng
dc.publisher
dc.relation	Departament d'Economia i d'Història Econòmica. Unitat de Fonaments de l'Anàlisi Econòmica / Institut d'Anàlisi Econòmica (CSIC). Working papers ;
dc.rights	open access
dc.rights	Aquest document està subjecte a una llicència d'ús de Creative Commons, amb la qual es permet copiar, distribuir i comunicar públicament l'obra sempre que se'n citin l'autor original, la universitat, la unitat i l'institut i no se'n faci cap ús comercial ni obra derivada, tal com queda estipulat en la llicència d'ús
dc.rights	https://creativecommons.org/licenses/by-nc-nd/2.5/
dc.subject	Fons d'inversió Europa
dc.title	The daily market for funds in Europe : what has changed with the EMU?
dc.type	Working paper
dc.description.abstract	This paper presents evidence that the existence of deposit and lending facilities combined with an averaging provision for the reserve requirement are powerful tools to stabilize the overnight rate. We reach this conclusion by comparing the behavior of this rate in Germany before and after the start of the EMU. The analysis of the German experience is useful because it allows to isolate the effects on the overnight rate of these particular instruments of monetary policy. To show that this outcome is a general conclusion and not a particular result of the German market, we develop a theoretical model of reserve management which is able to reproduce our empirical findings.

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