The Design of the Eurosystems Monetary Policy Instruments

Monetary Policy Instruments of the Eurosystem.- Stylized Facts and First Explanations.- Base Model: Banks Liquidity Management and Interbank Market Equilibrium.- Remuneration of Required Reserves at the Current Repo Rate.- Remuneration of Required Reserves at an Average Rate.- Overlapping Maturities of Central Bank Credits.- Implications for the Eurosystems Operational Framework.- Summary.