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:	2009-11
Authors:	Quirés, Gabriel Pérez ; Mendizébal, Hugo Rodréguez
Institutions:	Barcelona Graduate School of Economics (Barcelona GSE)
Subject:	monetary policy implementation \| standing facilities \| overnight interest rates \| fine-tuning operations

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Extent:	application/pdf
Series:	Working Papers.
Type of publication:	Book / Working Paper
Notes:	Number 414
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/10010547302