The Daily Market for Funds in Europe: What Has Changed with the EMU?
通过比较德国在欧洲货币联盟成立前后的隔夜利率行为，证明存款和贷款便利加上准备金要求的平均规定是稳定隔夜利率的有力工具，并建立理论模型验证结论的普适性。
This paper presents evidence that the existence of deposit and lending facilities combined with an averaging provision for the reserve requirement are powerful tools to stabilize the overnight rate. We reach this conclusion by comparing the behavior of this rate in Germany before and after the start of the EMU. The analysis of the German experience is useful because it allows to isolate the effects on the overnight rate of these particular instruments of monetary policy. To show that this outcome is a general conclusion and not a particular result of the German market, we develop a theoretical model of reserve management which is able to reproduce our empirical findings.