English, Article, Journal or magazine article edition: Overbidding in Fixed Rate Tenders - An Empirical Assessment of Alternative Explanations Dieter Nautz; Jörg Oechssler

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Bookmark: http://trove.nla.gov.au/version/52466
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Overbidding in Fixed Rate Tenders - An Empirical Assessment of Alternative Explanations
Author
  • Dieter Nautz
  • Jörg Oechssler
Physical Description
  • preprint
Notes
  • This paper investigates various theories explaining banks' overbidding in the fixed rate tenders of the European Central Bank (ECB). Using auction data from both the Bundesbank and the ECB, we show that none of the theories can on its own explain the observed overbidding. This implies that the proposed new rules by the ECB, aimed at neutralizing interest rate expectations, would not eliminate overbidding if the rationing rule in the fixed rate tenders remains unchanged.
  • Overbidding, repo auctions, monetary policy instruments of the European Central Bank
  • RePEc:bon:bonedp:bgse10_2003
Language
  • English
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