“The Devil is in the Details, but so is Salvation”– Different Approaches in Money Market Measurement
比较了欧元体系新型数据集MMSR与支付数据和调查数据，发现交易测量不对称导致交易量和利率偏差，影响银行类别、跨境贷款和特定贷款类型，为政策制定者和研究者选择合适数据集提供指导。
Abstract Considerable resources have been devoted to gathering data for measuring money market activity. However, little is known about the differences between available data and the structural effects of methodological choices. We use the novel dataset MMSR and compare it to microdata-derived payments data as well as aggregate survey data. MMSR has improved the scope and quality of data available in the Eurosystem. The deviations in volumes and interest rates are driven by the asymmetric measurement of transactions, affecting individual classes of banks, cross-border loans and specific types of loans. These differences are significant in terms of magnitude and affect overall rates and volumes. Even fundamental questions like the share of cross-border transactions depend on the data source and its scope. Understanding the institutional nuances of each data source can lead to more informed policy decisions. Our findings offer guidance for policymakers and researchers in selecting the most appropriate dataset for specific research questions, providing a framework for the effective use of diverse money market data sources, while also detailing the scope of each dataset.