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The Design of the Eurosystem’s Monetary Policy Instruments

Part of the Contributions to Economics Book Series

DOI: 10.1007/978-3-7908-1978-6

ISBN: 978-3-7908-1977-9

Publisher: Physica-Verlag HD - Springer Journals

Jan 1, 2007

1 - 9 of 9 Chapters

LitStream

Chapter 1Introduction

Pages: 1 –8

[On 1 January 1999 a new currency, the euro, was launched and a new institution, the Eurosystem,1 took over responsibility for the single monetary policy in the euro area, which is one of the largest developed economic areas in the world.2 However, the euro area is not only large but it is also a...
LitStream

Chapter 2Monetary Policy Instruments of the Eurosystem

Pages: 9 –18

[To achieve its primary goal of maintaining price stability in the euro area, the Eurosystem aims at steering short-term money market rates. The EONIA1, the reference rate in the interbank market for overnight loans, is the Eurosystem’s operating target. For steering the short-term interest...
LitStream

Chapter 3Stylized Facts and First Explanations

Pages: 19 –32

[The Eurosystem aims at steering the interbank money market rates in the euro area, the EONIA is its operational target. Figure 3.1 shows that the EONIA has tracked closely the MRO-rate, i.e. the ECB policy rate, so that from this point of view the Eurosystem’s operational framework has performed...
LitStream

Chapter 4Base Model: Banks’ Liquidity Management and Interbank Market Equilibrium

Pages: 33 –45

[The aim of this chapter is twofold. First, we will introduce in a rather simple framework the basic structure of the theoretical models presented in this work. Second, we will present a key result of this work by providing the rationale behind the existence of the interbank money market.]
LitStream

Chapter 5Remuneration of Required Reserves at the Current Repo Rate

Pages: 47 –70

[In this chapter, we expand the base model by assuming that there are two time periods which cover a reserve maintenance period. For fulfilling their reserve requirements banks can make use of averaging provisions. An important feature of our model is that reserves are remunerated at the end of...
LitStream

Chapter 6Remuneration of Required Reserves at an Average Rate

Pages: 71 –107

[In this chapter, we change the current rate model presented in the previous chapter by assuming that reserves are remunerated at the average of the repo rates l1 and l2 at the end of the second period instead of at the current repo rate lt at the end of each period. We will show that under this...
LitStream

Chapter 7Overlapping Maturities of Central Bank Credits

Pages: 109 –154

[In this chapter, we change the average rate model presented in the previous chapter by assuming that there are overlapping maturities of central bank credits. We will show that the overlapping maturities imply that central bank borrowing will deviate even more from the central bank’s benchmark...
LitStream

Chapter 8Implications for the Eurosystem’s Operational Framework

Pages: 155 –168

[This chapter presents the implications of the theoretical analysis for the Eurosystem’s operational framework. We start with a comment on the implications for the interbank market rate in the euro area. Then, we focus on the question which of the three models presented (current rate model,...
LitStream

Chapter 9Summary

Pages: 169 –171

[In January 1999, the euro was launched and the Eurosystem took over the responsibility for the single monetary policy in the euro area. This creation of a new currency and a single monetary policy in a large and relatively heterogeneous economic area has been related to extraordinary challenges....

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