Asymmetric standing facilities: an unexploited monetary policy tool

This paper analyzes the role of standing facilities in the determination of the demand for reserves in the overnight money market. In particular, we study how the asymmetric nature of the deposit and lending facilities could be used as a powerful policy tool for the simultaneous control of prices and quantities in the market for daily funds.

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Year of publication:	2010-03
Authors:	Perez-Quiros, Gabriel ; Mendizábal, Hugo Rodríguez
Institutions:	Banco de España
Subject:	Monetary policy implementation \| standing facilities \| overnight interest rates \| fine tuning operations

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Extent:	application/pdf
Series:	Banco de España Working Papers.
Type of publication:	Book / Working Paper
Language:	English
Notes:	Number 1004 36 pages
Classification:	E52 - Monetary Policy (Targets, Instruments, and Effects) ; E58 - Central Banks and Their Policies ; E43 - Determination of Interest Rates; Term Structure Interest Rates
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10008516765