The use of the Eurosystem's monetary policy instruments and its monetary policy implementation framework Q2 2016 - Q4 2017

This paper provides a comprehensive overview of the use of the Eurosystem's monetary policy instruments and the operational framework from the second quarter of 2016 to the last quarter of 2017. It reviews the context of Eurosystem market operations; the design and operation of the Eurosystem's counterparty and collateral frameworks; the fulfilment of minimum reserve requirements; participation in credit operations and recourse to standing facilities; and the conduct of outright asset purchase programmes. The paper also discusses the impact of monetary policy implementation on the Eurosystem's balance sheet, excess liquidity and money market liquidity conditions.

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Year of publication:	2018
Authors:	Bock, Alexander ; Cajnko, Miha ; Daskalova, Svetla ; Durka, Iwona ; Gallagher, Brian ; Grandia, Roel ; Haberbush, Glenn ; Kamps, Annette ; Luskin, Alaoíshe ; Lo Russo, Michelina ; Castillo Lozoya, Ma Carmen ; Pasqualone, Filippo ; Thomas, Michael ; Vasconcelos, Isabel
Publisher:	Frankfurt a. M. : European Central Bank (ECB)
Subject:	monetary policy implementation \| central bank counterparty framework \| central bank collateral framework \| central bank liquidity management \| non-standard monetary policy measures

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Series:	ECB Occasional Paper ; 209
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Research Report
Language:	English
ISBN:	978-92-899-3368-1
Other identifiers:	10.2866/17631 [DOI] 1022471686 [GVK] hdl:10419/192957 [Handle] RePEc:ecb:ecbops:2018209 [RePEc]
Classification:	D02 - Institutions: Design, Formation, and Operations ; E43 - Determination of Interest Rates; Term Structure Interest Rates ; E58 - Central Banks and Their Policies ; E65 - Studies of Particular Policy Episodes ; G01 - Financial Crises
Source:	EconStor

Persistent link: https://www.econbiz.de/10011972272