Introduction -- Monetary Policy Instruments of the Eurosystem -- Stylized Facts and First Explanations -- Base Model: Banks' Liquidity Management and Interbank Market Equilibrium -- Remuneration of Required Reserves at the Current Repo Rate -- Remuneration of Required Reserves at an Average Rate -- Overlapping Maturities of Central Bank Credits -- Implications for the Eurosystem's Operational Framework -- Summary
Summary
The creation of a single monetary currency and a single monetary policy in the euro area has faced extraordinary challenges, among them the design of suitable monetary policy instruments. This book evaluates monetary policy instruments of the Eurosystem against a number of requirements. For doing so, a theoretical model framework is developed which brings together the monetary policy activities of a central bank and the liquidity management of banks considering the main characteristics and institutional features of the euro area. Main results of this analysis are that different costs of obtain
Analysis
economie
economics
bedrijfswetenschap
management science
economisch beleid
economic policy
integratie
integration
Europa
Europe
macroeconomics
Management studies, Business Administration, Organizational Science (General)
