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- Includes supplementary material: sn.pub/extras
Part of the book series: Contributions to Economics (CE)
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Table of contents (9 chapters)
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Front Matter
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Back Matter
About this book
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 obtaining liquidity directly from the central bank can explain the existence of an interbank market in the euro area and the positive spread between the interbank market rate and the repo rate; that the redesign of the Eurosystem’s instruments in 2004 has to be evaluated positively and that a further change to the minimum reserve system would enhance the flexibility of monetary policy in the euro area.
Authors and Affiliations
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Department of Economics, Martin-Luther-University Halle-Wittenberg, Halle/Saale, Germany
Ulrike Neyer
Bibliographic Information
Book Title: The Design of the Eurosystem's Monetary Policy Instruments
Authors: Ulrike Neyer
Series Title: Contributions to Economics
DOI: https://doi.org/10.1007/978-3-7908-1978-6
Publisher: Physica Heidelberg
eBook Packages: Business and Economics, Economics and Finance (R0)
Copyright Information: Physica-Verlag Heidelberg 2007
Hardcover ISBN: 978-3-7908-1977-9Published: 26 September 2007
Softcover ISBN: 978-3-7908-2537-4Published: 19 October 2010
eBook ISBN: 978-3-7908-1978-6Published: 08 September 2007
Series ISSN: 1431-1933
Series E-ISSN: 2197-7178
Edition Number: 1
Number of Pages: IX, 179
Topics: Macroeconomics/Monetary Economics//Financial Economics, European Integration, Economic Policy