deter-
minants of banks’ reserve management and the role of LTROs within the monetary
policyframeworkoftheECB …”,seeECB(2003b). InordertoexploretheroleofLTROsinbanks’
reserve management, we investigate the relation between bidder behavior in …-
uidity management without introducing market distortions, then the importance of
LTROsmightevenincrease,notdecrease.
3 …