The long term refinancing operations of the ECB
WO R K I N G PA P E R S E R I E S
N O. 3 5 9 / M AY 2 0 0 4
THE LONGER
TERM REFINANCING
OPERATIONS OF
THE ECB
by Tobias Linzert, Dieter Nautz and Ulrich Bindseil
WO R K I N G PA P E R S E R I E S
N O. 3 5 9 / M AY 2 0 0 4
THE LONGER
TERM REFINANCING
OPERATIONS OF
THE ECB 1 by Tobias Linzert 2, Dieter Nautz 3 and Ulrich Bindseil 4
In 2004 all publications will carry a motif taken from the
€100 banknote.
This paper can be downloaded without charge from http://www.ecb.int or from the Social Science Research Network electronic library at http://ssrn.com/abstract_id=533028.
1 Financial support by the Deutsche Forschungsgemeinschaft (DFG) through NA-31020102 is gratefully acknowledged.We thank Marco
Lagana,Tuomas Välimäki and Benedict Weller, the participants of the ECB seminar and of the CFS workshop on ”Monetary Policy
Implementation”, and an anonymous referee for helpful comments and suggestions. Part of the research was undertaken while Tobias
Linzert was an intern at the ECB (DG Operations, Operations Analysis Division).The views expressed in this paper are those of the authors and do not necessarily reflect those of the ECB.
2 Goethe University Frankfurt, Department of Economics, Mertonstr. 17-21, 60054 Frankfurt am Main, Germany.
Email: linzert@wiwi.uni-frankfurt.de.
3 Goethe University Frankfurt, Department of Economics, Mertonstr. 17-21, 60054 Frankfurt am Main, Germany.
Email: nautz@wiwi.uni-frankfurt.de.
4 European Central Bank, Kaiserstrasse 29, D-60311, Frankfurt am Main, Germany. Email: ulrich.bindseil@ecb.int.
© European Central Bank, 2004
Address
Kaiserstrasse 29
60311 Frankfurt am Main, Germany
Postal address
Postfach 16 03 19
60066 Frankfurt am Main, Germany
Telephone
+49 69 1344 0
Internet
http://www.ecb.int
Fax
+49 69 1344 6000
Telex
411 144 ecb d
All rights reserved.
Reproduction for educational and noncommercial purposes is permitted provided that the source is acknowledged.
The
N O. 3 5 9 / M AY 2 0 0 4
THE LONGER
TERM REFINANCING
OPERATIONS OF
THE ECB
by Tobias Linzert, Dieter Nautz and Ulrich Bindseil
WO R K I N G PA P E R S E R I E S
N O. 3 5 9 / M AY 2 0 0 4
THE LONGER
TERM REFINANCING
OPERATIONS OF
THE ECB 1 by Tobias Linzert 2, Dieter Nautz 3 and Ulrich Bindseil 4
In 2004 all publications will carry a motif taken from the
€100 banknote.
This paper can be downloaded without charge from http://www.ecb.int or from the Social Science Research Network electronic library at http://ssrn.com/abstract_id=533028.
1 Financial support by the Deutsche Forschungsgemeinschaft (DFG) through NA-31020102 is gratefully acknowledged.We thank Marco
Lagana,Tuomas Välimäki and Benedict Weller, the participants of the ECB seminar and of the CFS workshop on ”Monetary Policy
Implementation”, and an anonymous referee for helpful comments and suggestions. Part of the research was undertaken while Tobias
Linzert was an intern at the ECB (DG Operations, Operations Analysis Division).The views expressed in this paper are those of the authors and do not necessarily reflect those of the ECB.
2 Goethe University Frankfurt, Department of Economics, Mertonstr. 17-21, 60054 Frankfurt am Main, Germany.
Email: linzert@wiwi.uni-frankfurt.de.
3 Goethe University Frankfurt, Department of Economics, Mertonstr. 17-21, 60054 Frankfurt am Main, Germany.
Email: nautz@wiwi.uni-frankfurt.de.
4 European Central Bank, Kaiserstrasse 29, D-60311, Frankfurt am Main, Germany. Email: ulrich.bindseil@ecb.int.
© European Central Bank, 2004
Address
Kaiserstrasse 29
60311 Frankfurt am Main, Germany
Postal address
Postfach 16 03 19
60066 Frankfurt am Main, Germany
Telephone
+49 69 1344 0
Internet
http://www.ecb.int
Fax
+49 69 1344 6000
Telex
411 144 ecb d
All rights reserved.
Reproduction for educational and noncommercial purposes is permitted provided that the source is acknowledged.
The
References: Jofre-Bonet, M. and Pesendorfer, M.: 2003, Estimation of a dynamic auction game, Econometrica 71(5), 1443–1489. Figure 11: Notes: This Figure was taken from ECB (2000) and shows the specific timing of ECB’s