Arbeitspapier
Interest on reserves and the flexibility of monetary policy in the euro area
This paper shows that remunerating required reserves can increase the flexibility of monetary policy. The remuneration at the current repo rate implies constant net marginal interest costs of holding required reserves. This allows the central bank also to change the rate also within a reserve maintenance period without inducing a problematic reserve shifting on behalf of the banks. In the euro area, required reserves are remunerated at an average rate. Therefore, the way in which reserves are remunerated has to be changed in order to make use of the advantage of a higher flexibility of monetary policy.
- Sprache
-
Englisch
- Erschienen in
-
Series: ROME Discussion Paper Series ; No. 07-05
- Klassifikation
-
Wirtschaft
Demand for Money
Monetary Policy
- Thema
-
Monetary policy
monetary policy instruments
required reserves
interbank market
Eurosystem
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Neyer, Ulrike
- Ereignis
-
Veröffentlichung
- (wer)
-
Research On Money in the Economy (ROME)
- (wo)
-
s.l.
- (wann)
-
2007
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
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Objekttyp
- Arbeitspapier
Beteiligte
- Neyer, Ulrike
- Research On Money in the Economy (ROME)
Entstanden
- 2007
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