Ireland working paper examines effect of ECB policy on interbank repo market

Euro sign, Frankfurt

A working paper written by economists from the Central Bank of Ireland, the Federal Reserve Bank of New York and Barclays Capital, examines the relationship between monetary policy operations and interbank trading of funds using sovereign bonds as collateral, to inform a discussion of the merits of returning to variable rate operations.

In ECB monetary operations and the interbank repo market, Peter Dunne from the Irish central bank, Michael Fleming of the New York Fed, and Andrey Zholos of

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