Eisenschmidt, Jens; Holthausen, Cornelia - European Central Bank - 2010
bank and auction rates in its open market operations in times of financial market stress. In a theoretical model, it is … rates. Finally, the paper analyses effects of the composition of open market operations of different maturities on auction … the total size of the banking sector’s refinancing needs. An empirical analysis then aims at determining the size of open …