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

Author

Listed:
  • 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.

Suggested Citation

  • Escriva, J.L. & Fagan, F.P., 1996. "Empirical assessment of Monetary Policy Instruments and Procedures (MPIP) in EU Countries," Papers 2, European Monetary Institute.
    • Handle: RePEc:fth:eurmoi:2
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    Citations

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    Cited by:

    1. Gaspar, Vitor & Perez-Quiros, Gabriel & Sicilia, Jorge, 2001. "The ECB Monetary Policy Strategy and the Money Market," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 6(4), pages 325-342, October.
    2. 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.
    3. Devine, Máiréad & McCoy, Daniel, 1998. "The Formulation of Monetary Policy in EMU," Research Technical Papers 2/RT/98, Central Bank of Ireland.
    4. Hartmann, Philipp & Manna, Michele & Manzanares, Andres, 2001. "The microstructure of the euro money market," Journal of International Money and Finance, Elsevier, vol. 20(6), pages 895-948, November.
    5. Gabriel Pérez Quirós & Hugo Rodríguez, 2000. "The daily market for funds in Europe: Has something changed with the EMU?," Economics Working Papers 474, Department of Economics and Business, Universitat Pompeu Fabra.
    6. Clemens Jobst & Claudia Kwapil, 2019. "Monetary policy of the Eurosystem and the OeNB’s balance sheet," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue Q1-Q2/19, pages 85-98.
    7. Gaspar, Vitor & Perez-Quiros, Gabriel & Sicilia, Jorge, 2001. "The ECB Monetary Policy Strategy and the Money Market," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 6(4), pages 325-342, October.
    8. 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.
    9. Mongelli, Francesco Paolo & De Grauwe, Paul, 2005. "Endogeneities of optimum currency areas: what brings countries sharing a single currency closer together?," Working Paper Series 468, European Central Bank.
    10. Clemens Jobst & Claudia Kwapil, 2019. "Monetary policy of the Eurosystem and the OeNB’s balance sheet," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 19/Q1-Q2, pages 85-98.
    11. Benjamin H Cohen, 1999. "Monetary Policy Procedures and Volatility Transmission along the Yield Curve," CGFS Papers chapters, in: Bank for International Settlements (ed.), Market Liquidity: Research Findings and Selected Policy Implications, volume 11, pages 1-22, Bank for International Settlements.
    12. Nicolas Couderc, 2005. "Réserves obligatoires : un état des lieux," Revue d'Économie Financière, Programme National Persée, vol. 78(1), pages 363-380.
    13. 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.

    More about this item

    Keywords

    MONETARY POLICY ; CENTRAL BANKS ; INTEREST RATE;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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