Corridor System and Interest Rates: Volatility and Asymmetry
研究走廊系统对隔夜利率波动的影响，发现允许银行在较小范围内灵活满足储备目标可进一步降低波动，且看似对称的走廊因多种扭曲在实践中可能不对称，基于英国和欧元区数据。
The corridor system in its current form is believed to reduce the volatility of overnight interest rates and to eliminate any chance of persistent upward or downward bias. The model presented here serves to highlight two main findings: one is that a central bank can further reduce the volatility of overnight interest rates by allowing banks some flexibility to meet their reserve targets within a small range, as observed in the UK data. The second is that a seemingly symmetric corridor may be asymmetric in practice due to several distortions, as the UK and euro area data suggest.