• Abstract
  • Non-technical summary
  • 1 Introduction
  • 2 The ECB’s implementation of monetarypolicy and the turmoil period
  • 3 Stylized facts of bidding behaviourduring the turmoil period
  • 3.1 Number of bidders
  • 3.2 Allotment and bid volumes
  • 3.3 Aggregate bid rate and EONIA
  • 3.4 Bid rate dispersion and numberof bids per bank
  • 3.5 Aggressive and opportunistic bidding
  • 3.6 Bidder performance by a bank’s size
  • 4 Empirical evidence
  • 4.1 Estimation strategy
  • 4.2 What we want to explain and how
  • 4.3 Regression results
  • 5 Conclusion
  • References
  • European Central Bank Working Paper Series