Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments January 2023 erstellt
Beschreibung:
This article provides a model of the operational framework of monetary policy, able to show that the “floor system”, introduced with QE policies, is superior to the traditional “corridor system”. The floor system can potentially enhance the ability of the central bank to keep the money market rates in line with their target level: this prediction is confirmed by an empirical analysis of the money market in the euro area. Moreover, it endows central banks with one more degree of freedom, since the interest rate and the balance sheet policies become two independent instruments