English, Article, Journal or magazine article edition: Liquidity and Irish Interest Rates Patrick Honohan; Charles Conroy

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Bookmark: http://trove.nla.gov.au/version/89280
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Liquidity and Irish Interest Rates
Author
  • Patrick Honohan
  • Charles Conroy
Physical Description
  • preprint
Notes
  • In recent papers (1993a and b) we have focused on the role of expectations in influencing Irish interest rates during the EMS period. Here we examine the role of monetary policy actions more directly, and explore the relation between interest rates, on the one hand, and actions of the monetary authorities in supplying liquidity to, and withdrawing it from, the market on the other. Though it is not clear just how effective recent Central Bank liquidity interventions have been in influencing interest rates, there is evidence of a change in policy towards a more aggressive attempt to stabilize rates after mid-1988. Before then, the reaction of Central Bank intervention to interest rate pressures was very modest (£20 million per one per cent movement in interest rates)and the impact cannot have been great.
  • RePEc:esr:wpaper:wp052
Language
  • English
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