کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5067518 1372601 2006 28 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Cross-country differences in monetary policy execution and money market rates' volatility
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Cross-country differences in monetary policy execution and money market rates' volatility
چکیده انگلیسی
Volatility patterns in overnight interest rates display differences across industrial countries that existing models-designed to replicate the features of individual countries' markets-cannot account for. This paper presents an equilibrium model of the overnight interbank market that matches cross-country differences in patterns in interest volatility by incorporating differences in how central banks manage liquidity in response to shocks. Our model is consistent with central banks' practice of rationing access to marginal facilities when the objective of stabilizing short-term interest rates conflicts with another high-frequency objective, such as an exchange rate target.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: European Economic Review - Volume 50, Issue 2, February 2006, Pages 349-376
نویسندگان
, ,