The execution of monetary policy: A tale of two central banks

Economic Policy

Volumn , Issue 37, 2003, Pages 435-467

  Bartolini, Leonardo ^a   Prati, Alessandro ^b  

^a FEDERAL RESERVE BANK OF NEW YORK   (United States)

^b INTERNATIONAL MONETARY FUND   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

BANKING; CENTRAL BANK; EUROPEAN MONETARY UNION; INTEREST RATE; MONETARY POLICY;

EUROPE; UNITED STATES;

EID: 0242306008     PISSN: 02664658     EISSN: None     Source Type: Journal    
DOI: 10.1111/1468-0327.00112_1     Document Type: Article

References (27)

1. Andersen, T.G., and J. Lund (1997). 'Estimating continuous-time stochastic volatility models of the short-term interest rate', Journal of Econometrics, 77, 343-77.
2. Angelini, P. (2003). 'Liquidity and announcement effects in the euro area', manuscript, Banca d'Italia.
3. Angeloni, I., and E. Bisagni (2002). 'Liquidity effects in the euro area', manuscript, European Central Bank and University of California, San Diego.
4. Ayuso, J., and R. Repullo (2001). 'Why did the banks overbid? An empirical model of the fixed rate tenders of the European Central Bank', Banco de España, Working Paper No. 0105.
5. Balduzzi, P., G. Bertola, S. Foresi, and L. Klapper (1998). 'Interest rate targeting and the dynamics of short-term rates', Journal of Money, Credit, and Banking, 30, 26-50.
6. Bartolini, L., G. Bertola, and A. Prati (2001). 'Banks' reserve management, transaction costs, and the timing of Federal Reserve intervention', Journal of Banking and Finance, 25, 1287-1318.
7. Bennett, P., and S. Hilton (1997). 'Falling reserve balances and the federal funds rate', Federal Reserve Bank of New York, Current Issues in Economics and Finance, 3, 5.
8. Bennett, P., and S. Peristiani (2002). 'Are US Reserve requirements still binding?' Federal Reserve Bank of New York, Economic Policy Review, 8(1), 53-68.
9. Bindseil, U. (2002). 'Equilibrium bidding in the Eurosystem's open market operations', European Central Bank Working Paper No. 137.
10. Bindseil, U., and F. Seitz (2001). 'The supply and demand for Eurosystem deposits: The first 18 months', European Central Bank, Working Paper No. 44.
11. Borio, C.E.V. (2001). A hundred ways to skin a cat: Comparing monetary policy operating procedures in the United States, Japan and the euro area', in Comparing Monetary Policy Operating Procedures across the United States, Japan, and the Euro Area, BIS Paper New Series No. 9, December, pp. 23-47.
12. Brunner, A.D., and C.S. Lown (1993). 'The effect of lower reserve requirements on money market volatility', American Economic Review, Papers and Proceedings, 83, 199-205.
13. Clouse, J.A., and J.P. Dow Jr. (2002). 'A computational model of banks' optimal reserve management policy', Journal of Economic Dynamics and Control, 26, 1787-1814.
14. Demiralp, S., and O. Jorda (2002). 'The announcement effect: Evidence from open market desk data', Federal Reserve Bank of New York, Economic Policy Review, 8(1), 29-48.
15. Ejerskov, S., C. Martin Moss, and L. Stracca (2003). 'Demand and supply in the ECB's main refinancing operations', European Central Bank, manuscript.
16. Feinman, J.N. (1993). 'Estimating the open market desk's daily reaction function', Journal of Money, Credit, and Banking, 25, 231-427.
17. Furfine, C.H. (1999). 'The microstructure of the federal funds market', Financial Markets, Institutions and Instruments, 8, 24-44.
18. Hamilton, J.H. (1996). 'The daily market for federal funds', Journal of Political Economy, 104, 26-56.
19. Hartmann, P., M. Manna, and A. Manzanares (2001).'The microstructure of the euro money market', Journal of International Money and Finance, 20, 895-948.
20. Meyer, L.H. (1998). 'Payment of interest on demand deposits and on required reserve balances', Testimony Before the Committee on Banking, Housing and Urban Affairs, US Senate, 3 March 1998, in Federal Reserve Bulletin, May, 326-30.
21. Nelson, D.B. (1991). 'Conditional heteroskedasticity in asset returns: A new approach', Econometrica, 59, 347-70.
22. Oechssler, J., and D. Nautz (2001). 'The repo auction of the European Central Bank and the vanishing quota puzzle', University of Bonn, Discussion Paper No. 9/2001.
23. Perez-Quiros, G., and H. Rodriguez-Mendizabal (2000). 'The daily market for funds in Europe: Has something changed with EMU?', ECB Working Paper No. 67.
24. Prati, A., L. Bartolini, and G. Bertola (2003). 'The overnight interbank market: Evidence from the G-7 and the Euro Zone', Journal of Banking and Finance, forthcoming.
25. Välimäki, T. (2003a). 'Bidding in fixed rate tenders: Theory and evidence from ECB tenders' in Central Bank Tenders: Three Essays on Money Market Liquidity Auctions, Bank of Finland Studies E:26, Helsinki.
26. Välimäki, T. (2003b). 'Variable rate liquidity tenders', in Central Bank Tenders: Three Essays on Money Market Liquidity Auctions, Bank of Finland Studies E:26, Helsinki.
27. Würtz, F.R. (2003). 'A comprehensive model on the euro overnight rate', ECB Working Paper No. 207.