ECB paper on central banking operations

A new paper from the European Central Bank models bidding behaviour in central bank open market operations. The study tries to improve understanding of the incentives that have shaped bidding conducted since June 2000 in auctions with a discriminatory pricing rule. The authors conclude that while the ECB's practice of accepting less liquid collateral than secondary markets may increase demand for central bank money, strategic bid shading acts against the price effect. This may provide an

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