Abbassi, Puriya; Nautz, Dieter - 2011
The Eurosystem’s main refinancing operations (MRO) are key for the interbank money market and the monetary transmission … process in the euro area. This paper investigates how money market rates respond to the information revealed by various … aspects of an MRO auction outcome. Our results confirm that the level of MRO rates governed short-term money market rates …