Cassola, Nuno; Morana, Claudio - Centre for Research on Pensions and Welfare Policies … - 2010
The evolution of the spreads between unsecured money market rates of various maturities and central banks’ key policy … started in August 2007. Our contribution to the ongoing debate on the dynamics of money market spreads is empirical and … methodological, motivated by the “shocking” evidence of non-stationary behaviour of money market spreads. In fact, in our view …