Download This PaperAsymmetric Standing Facilities: An Unexploited Monetary Policy Tool
36 Pages Posted: 10 Mar 2010
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Asymmetric Standing Facilities: An Unexploited Monetary Policy Tool
Banco de Espana Working Paper No. 1004
Number of pages: 36
Posted: 10 Mar 2010
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Asymmetric Standing Facilities: An Unexploited Monetary Policy Tool
CEPR Discussion Paper No. DP7789
Number of pages: 32
Posted: 19 May 2010
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3
Date Written: March 8, 2010
Abstract
This paper analyzes the role of standing facilities in the determination of the demand for reserves in the overnight money market. In particular, we study how the asymmetric nature of the deposit and lending facilities could be used as a powerful policy tool for the simultaneous control of prices and quantities in the market for daily funds.
Keywords: Monetary policy implementation, standing facilities, overnight interest rates, fine tuning operations
JEL Classification: E52, E58, E43
Suggested Citation: Suggested Citation
Perez-Quiros, Gabriel and Rodríguez Mendizábal, Hugo, Asymmetric Standing Facilities: An Unexploited Monetary Policy Tool (March 8, 2010). Banco de Espana Working Paper No. 1004, Available at SSRN: https://ssrn.com/abstract=1566809 or http://dx.doi.org/10.2139/ssrn.1566809
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