id,collection,dc.contributor.author,dc.date.accessioned,dc.date.available,dc.date.issued,dc.description.abstract[de],dc.format.extent,dc.identifier.isbn,dc.identifier.uri,dc.language,dc.relation.ispartofseries,dc.rights.uri,dc.subject,dc.subject.ddc,dc.title,dc.type,dcterms.accessRights.openaire,refubium.affiliation.other,refubium.affiliation[de],refubium.mycore.derivateId,refubium.mycore.fudocsId,refubium.series.issueNumber,refubium.series.name "be248b2b-a1cd-44c2-b80e-e3721afc13bf","fub188/18406","Nautz, Dieter||Scheithauer, Jan","2018-06-08T08:25:55Z","2010-11-02T16:03:05.994Z","2010","Overnight money market rates are the predominant operational target of monetary policy. As a consequence, central banks have re- designed the implementation of monetary policy to keep the deviations of the overnight rate from the key policy rate small and short-lived. This paper uses fractional integration techniques to explore how the operational framework of four major central banks affects the persis- tence of overnight rates. Our results suggest that a well-communicated and transparent interest rate target of the central bank is a particu- larly important condition for a low degree of overnight rate persistence.","26 S.","978-3-941240-38-4","https://refubium.fu-berlin.de/handle/fub188/20089||http://dx.doi.org/10.17169/FUDOCS_document_000000006812","eng","urn:nbn:de:kobv:188-fudocsseries000000000314-2||urn:nbn:de:kobv:188-fudocsseries000000000006-7","http://www.fu-berlin.de/sites/refubium/rechtliches/Nutzungsbedingungen","Controllability and Persistence of Interest Rates||Operational Framework of Central Banks||Long Memory and Fractional Integration","300 Sozialwissenschaften::330 Wirtschaft::337 Weltwirtschaft","Monetary policy implementation and overnight rate persistence","Buch","open access","Volkswirtschaftslehre / Institut für Statistik und Ökonometrie:::9a3266c5-7bc3-4e9e-873b-411202642a32:::600","Wirtschaftswissenschaft","FUDOCS_derivate_000000001302","FUDOCS_document_000000006812","2010,26 : Economics","Diskussionsbeiträge des Fachbereichs Wirtschaftswissenschaft der Freien Universität Berlin"