dc.contributor.author
Nautz, Dieter
dc.contributor.author
Scheithauer, Jan
dc.date.accessioned
2018-06-08T08:25:55Z
dc.date.available
2010-11-02T16:03:05.994Z
dc.identifier.isbn
978-3-941240-38-4
dc.identifier.uri
https://refubium.fu-berlin.de/handle/fub188/20089
dc.identifier.uri
http://dx.doi.org/10.17169/FUDOCS_document_000000006812
dc.description.abstract
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.
de
dc.relation.ispartofseries
urn:nbn:de:kobv:188-fudocsseries000000000314-2
dc.relation.ispartofseries
urn:nbn:de:kobv:188-fudocsseries000000000006-7
dc.rights.uri
http://www.fu-berlin.de/sites/refubium/rechtliches/Nutzungsbedingungen
dc.subject
Controllability and Persistence of Interest Rates
dc.subject
Operational Framework of Central Banks
dc.subject
Long Memory and Fractional Integration
dc.subject.ddc
300 Sozialwissenschaften::330 Wirtschaft::337 Weltwirtschaft
dc.title
Monetary policy implementation and overnight rate persistence
refubium.affiliation
Wirtschaftswissenschaft
de
refubium.affiliation.other
Volkswirtschaftslehre / Institut für Statistik und Ökonometrie
![Confidence was never recorded for this value](/cache_202e45ad85b55efaeb29160f63cd3f3b/themes/FuCD/images/authority_control/invisible.gif)
refubium.mycore.fudocsId
FUDOCS_document_000000006812
refubium.series.issueNumber
2010,26 : Economics
refubium.series.name
Diskussionsbeiträge des Fachbereichs Wirtschaftswissenschaft der Freien Universität Berlin
refubium.mycore.derivateId
FUDOCS_derivate_000000001302
dcterms.accessRights.openaire
open access