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03035nam a22004935i 4500 |
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978-3-7908-1978-6 |
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DE-He213 |
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20151204173550.0 |
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100301s2007 gw | s |||| 0|eng d |
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|a 9783790819786
|9 978-3-7908-1978-6
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|a 10.1007/978-3-7908-1978-6
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|a 339
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|a Neyer, Ulrike.
|e author.
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|a The Design of the Eurosystem’s Monetary Policy Instruments
|h [electronic resource] /
|c by Ulrike Neyer.
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|a Heidelberg :
|b Physica-Verlag HD,
|c 2007.
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|a IX, 179 p.
|b online resource.
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|a text
|b txt
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|a computer
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|a text file
|b PDF
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|a Contributions to Economics,
|x 1431-1933
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|a Monetary Policy Instruments of the Eurosystem -- Stylized Facts and First Explanations -- Base Model: Banks’ Liquidity Management and Interbank Market Equilibrium -- Remuneration of Required Reserves at the Current Repo Rate -- Remuneration of Required Reserves at an Average Rate -- Overlapping Maturities of Central Bank Credits -- Implications for the Eurosystem’s Operational Framework -- Summary.
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|a 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. For doing 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. Main results of this analysis are that different costs of obtaining liquidity directly from the central bank can explain the existence of an interbank market in the euro area and the positive spread between the interbank market rate and the repo rate; that the redesign of the Eurosystem’s instruments in 2004 has to be evaluated positively and that a further change to the minimum reserve system would enhance the flexibility of monetary policy in the euro area.
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|a Macroeconomics.
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|a European Economic Community literature.
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|a Economic policy.
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|a Economics.
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|a Macroeconomics/Monetary Economics//Financial Economics.
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|a European Integration.
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|a Economic Policy.
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710 |
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|a SpringerLink (Online service)
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|t Springer eBooks
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|i Printed edition:
|z 9783790819779
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|a Contributions to Economics,
|x 1431-1933
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|u http://dx.doi.org/10.1007/978-3-7908-1978-6
|z Full Text via HEAL-Link
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|a ZDB-2-SBE
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950 |
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|a Business and Economics (Springer-11643)
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