Serie: Documentos de Trabajo. 1004.
Autor: Gabriel Perez-Quiros y Hugo Rodríguez Mendizábal.
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Resumen
This paper analyzes the role of standing facilities in the determination of the demand for reserves in the overnight money market. In particular, we study how the asymmetric nature of the deposit and lending facilities could be used as a powerful policy tool for the simultaneous control of prices and quantities in the market for daily funds.