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Discussion Paper Details

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Title: Asymmetric Standing Facilities: An Unexploited Monetary Policy Tool

Author(s): Gabriel Pérez-Quirós and Hugo Rodriguez Mendizabal

Publication Date: April 2010

Keyword(s): fine tuning operations, Monetary policy implementation, overnight interest rates and standing facilities

Programme Area(s): International Macroeconomics

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.

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Bibliographic Reference

Pérez-Quirós, G and Rodriguez Mendizabal, H. 2010. 'Asymmetric Standing Facilities: An Unexploited Monetary Policy Tool'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=7789