Measuring fragmentation in the euro area unsecured overnight interbank money market

Jens Eisenschmidt, Danielle Kedan and Robin Darius Tietz

Economic Bulletin Articles, 2018, vol. 5

Abstract: The overnight money market plays an important role in the implementation and transmission of monetary policy in the euro area. Money market fragmentation is a sign of impairment in the transmission mechanism which merits the close monitoring of a set of suitable indicators. This article discusses concepts and measurement of fragmentation and proposes a new measure of fragmentation from a monetary policy transmission perspective. JEL Classification: D53, E43, E50

Keywords: fragmentation; interest rate corridor; monetary policy; money market; transmission mechanism (search for similar items in EconPapers)
Date: 2018-08
Note: 2696070
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Citations: View citations in EconPapers (6)

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Persistent link: https://EconPapers.repec.org/RePEc:ecb:ecbart:2018:0005:2

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