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Working Paper

The Eurosystem Money Market Auctions: A Banking Perspective

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This paper analyzes the individual bidding behavior of German banks in the money market auctions conducted by the ECB from the beginning of the third quarter of 2000 to the end of the first quarter of 2001. Our approach takes a variety of characteristics of the individual banks into account. In particular, we consider variables that capture the different use of liquidity and the different attitude towards liquidity risk of the individual banks. It turns out that these characteristics are reflected in the banks’ respective bidding behavior to a large extent. Thus our study contributes to a deeper understanding of the way liquidity is managed in the banking sector.
05.01.2005ISSN 2573-7953 WP 05-06DOI 10.26509/frbc-wp-200506

Working Papers of the Federal Reserve Bank of Cleveland are preliminary materials circulated to stimulate discussion and critical comment on research in progress. They may not have been subject to the formal editorial review accorded official Federal Reserve Bank of Cleveland publications. The views expressed in this paper are those of the authors and do not represent the views of the Federal Reserve Bank of Cleveland or the Federal Reserve System.

Suggested Citation

Bartzsch, Nikolaus, Ben R. Craig, and Falko Fecht. 2005. “The Eurosystem Money Market Auctions: A Banking Perspective.” Federal Reserve Bank of Cleveland, Working Paper No. 05-06. https://doi.org/10.26509/frbc-wp-200506