文章基本信息

标题：Declining valuations and equilibrium bidding in central bank refinancing operations
本地全文：下载
作者：Christian Ewerhart ; Nuno Cassola ; Natacha Valla 等
期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2006
出版社：European Central Bank
摘要：It is argued that bidders in liquidity-providing central bank operations should typically possess declining marginal valuations. Based on this hypothesis, we construct an equilibrium in central bank refinancing operations organised as variable rate tenders. In the case of the discriminatory pricing rule, bid shading does not disappear in large populations. The predictions of the model are shown to be consistent with the data for the euro area.
关键词：Open market operations; uniform price auction; discriminatory;auction; Eurosystem.