TY  - UNPD
A1  - Linzert, Tobias
A1  - Nautz, Dieter
A1  - Bindseil, Ulrich
T1  - The longer term refinancing operations of the ECB
T2  - Europäische Zentralbank: Working paper series ; No. 359
N2  - This paper employs individual bidding data to analyze the empirical performance of the longer term refinancing operations (LTROs) of the European Central Bank (ECB). We investigate how banks’ bidding behavior is related to a series of exogenous variables such as collateral costs, interest rate expectations, market volatility and to individual bank characteristics like country of origin, size, and experience. Panel regressions reveal that a bank’s bidding depends on bank characteristics. Yet, different bidding behavior generally does not translate into differences concerning bidder success. In contrast to the ECB’s main refinancing operations, we find evidence for the winner’s curse effect in LTROs. Our results indicate that LTROs do neither lead to market distortions nor to unfair auction outcomes. JEL classification: E52, D44
T3  - European Central Bank: Working paper series - 359 
KW  - Monetary Policy Instruments of the ECB
KW  - Auctions
KW  - Winner’s Curse
KW  - Panel Analysis of Bidding Behavior
Y1  - 2004
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/1730
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-36811
PB  - Europ. Central Bank
CY  - Frankfurt am Main
ER  -