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Empirical assessment of Monetary Policy Instruments and Procedures (MPIP) in EU Countries

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Author Info

  • Escriva, J.L.
  • Fagan, F.P.

Abstract

This paper provides empirical evidence on the use of monetary policy instruments and procedures (MPIP) in EU countries. In particular, it focuses on three important issues which arise in this context. Fist, we examine the structural position of the EU money markets. Second , evidence is presented on the relative roles of different instruments in EU Countriesboth in providing liquidity in general and , in addition, in dealing with changes in liquidity supply. Third, the behaviour of money market interest rates is compared across countries and evidence is presented.

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Bibliographic Info

Paper provided by European Monetary Institute in its series Papers with number 2.

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Length: 24 pages
Date of creation: 1996
Date of revision:
Handle: RePEc:fth:eurmoi:2

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Postal: European Monetary Institute. Kaiserstrasse 29, D-60311 Frankfurt am Main, Germany.
Phone: +49 69 1344 0
Fax: +49 69 1344 6000
Web page: http://www.ecb.int/
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Related research

Keywords: MONETARY POLICY ; CENTRAL BANKS ; INTEREST RATE;

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Cited by:
  1. Hartmann, Philipp & Manna, Michele & Manzanares, Andres, 2001. "The Microstructure of the Euro Money Market," CEPR Discussion Papers 3081, C.E.P.R. Discussion Papers.
  2. Quiros, Gabriel Perez & Mendizabal, Hugo Rodriguez, 2006. "The Daily Market for Funds in Europe: What Has Changed with the EMU?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 38(1), pages 91-118, February.
  3. Nicolas Couderc, 2005. "Réserves obligatoires : un état des lieux," Revue d'Économie Financière, Programme National Persée, vol. 78(1), pages 363-380.
  4. Avadanei, Andreea, 2011. "Implicații ale politicii monetare unice în susținerea integrării financiare europene
    [The implications of single monetary policy in sustaining European financial integration]
    ," MPRA Paper 29147, University Library of Munich, Germany.
  5. Gaspar, Vítor & Pérez Quirós, Gabriel & Sicilia, Jorge, 2001. "The ECB monetary policy strategy and the money market," Working Paper Series 0069, European Central Bank.
  6. Devine, Máiréad & McCoy, Daniel, 1998. "The Formulation of Monetary Policy in EMU," Research Technical Papers 2/RT/98, Central Bank of Ireland.
  7. Paul de Grauwe & Francesco Paolo Mongelli, 2005. "Endogeneities of Optimum Currency Areas: What brings Countries Sharing a Single Currency Closer together?," Working Papers de Economia (Economics Working Papers) 29, Departamento de Economia, Gestão e Engenharia Industrial, Universidade de Aveiro.
  8. Haydn Davies, 1998. "Averaging in a framework of zero reserve requirements: implications for the operation of monetary policy," Bank of England working papers 84, Bank of England.

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