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WORKING PAPER SERIES NO 1350 / JUNE 2011: THE OPTIMAL WIDTH OF THE CENTRAL BANK STANDING FACILITIES CORRIDOR AND BANKS’ DAY-TO-DAY LIQUIDITY MANAGEMENT

The Federal Reserve is a key participant in the money market. The Federal Reserve controls the supply of reserves available to banks and other depository institutions primarily through the purchase and sale of Treasury bills, either outright in the bill market or on a temporary basis in the market for repurchase agreements. By controlling the supply of reserves, the Federal Reserve is able to influence the federal funds rate. Movements in this rate, in turn, can have pervasive effects on other money market rates. The Federal Reserve's purchases and sales of Treasury bills—called "open market operations"—are carried out by the. | EUROPEAN CENTRAL BANK EUROSYSTEM WORKING PAPER SERIES NO 1350 I JUNE 2011 THE OPTIMAL WIDTH OF THE CENTRAL BANK STANDING FACILITIES CORRIDOR AND BANKS DAY-TO-DAY LIQUIDITY MANAGEMENT by Ulrich Bindseil and Juliusz Jablecki EUROPEAN CENTRAL BANK EUROSYSTEM WORKING PAPER SERIES NO 1350 I JUNE 2011 THE OPTIMAL WIDTH OF THE CENTRAL BANK STANDING FACILITIES CORRIDOR AND BANKS DAY-TO-DAY LIQUIDITY MANAGEMENT 1 by Ulrich Bindseil 2 and Juliusz Jablecki 3 NOTE This Working Paper should not be reported as representing the views of the European Central Bank ECB . The views expressed are those of the authors and do not necessarily reflect those of the ECB. In 2011 all ECB publications feature a motif taken from the 100 banknote. This paper can be downloaded without charge from http www.ecb.europa.eu or from the Social Science Research Network electronic library at http ssrn.com abstract_id 1852266. Views expressed in this paper are views of the authors and not necessarily the ones of the respective central banks. We would like to thank our colleagues Frank Betz Jérome Henry Jean-Louis Schirmann Leo von Thadden Ralph Weidenfeller and in particular Philipp Konig from the ECB as well as Blaise Gadanecz and Petra Gerlach from the BIS for helpful discussions and relevant observations. We also thank participants of a seminar held in the ECB on 19 October 2010 as well as the editors of the ECB Working Paper Series for insightful comments. Special thanks go to an anonymous referee whose constructive suggestions were very useful in carrying out revision of the paper. 2 European Central Bank Kaiserstrasse 29 D-60311 Frankfurt am Main Germany email ulrich.bindseil@ecb.europa.eu 3 Corresponding author National Bank of Poland and Faculty of Economic Sciences Warsaw University e-mails juliusz.jablecki@nbp.pl juliusz.jablecki@gmail.com European Central Bank 2011 Address Kaiserstrasse 29 60311 Frankfurt am Main Germany Postal address Postfach 16 03 19 60066 Frankfurt am Main Germany .