Caporale, Guglielmo Maria; Gil-Alaña, Luis A. - 2020
The overnight money market rate is a key monetary policy tool. In recent years, central banks worldwide have developed … describes the main instruments used for this purpose by the US Fed, the ECB and the BoE and also their policy responses to the …-periods. It is found that this increased sharply during the GFC but has fallen back in recent years. In the case of the ECB the …