欧洲央行-2022年和2023年欧元体系货币政策工具的使用及其货币政策实施框架（英）-2024-59页

OccasionalPaperSeriesTheuseoftheEurosystem’smonetarypolicyinstrumentsanditsmonetarypolicyimplementationframeworkin2022and2023TomHudepohl,SuzanneMalderez(editors)No355Disclaimer:ThispapershouldnotbereportedasrepresentingtheviewsoftheEuropeanCentralBank(ECB).TheviewsexpressedarethoseoftheauthorsanddonotnecessarilyreflectthoseoftheECB.ECBOccasionalPaperSeriesNo3552ContentsAbstract4Non-technicalsummary51IntroductiontotheEurosystem’sMPIsin2022and202372ECBpolicyrates:exceptionallyfasthikesininterestratesandimpactonmoneymarketrates122.1Hikingcycleanddeclineinexcessliquidity122.2Moneymarketdevelopments142.2.1Pass-throughtounsecuredmoneymarketrates152.2.2Pass-throughtosecuredmoneymarketrates16BoxATheevolutionofexcessliquidityanditsimpactonthe€STR193Assetpurchaseprogrammes:movingfromnetpurchasestophasing-out223.1Gradualphasing-outofPEPPandAPPpurchases223.2IntroductionoftheTPI26BoxB(A)symmetricimpactof(unwinding)assetpurchasesonrisk-freeinterestrates284Creditoperations:large-scaleTLTROrepayments324.1Large-scaleTLTROIIIrepayments334.2LowuseofregularrefinancingoperationsandtheMLF364.3FrequencyadjustmentofUSdollarcreditoperations375Collateralframework395.1Gradualphasing-outofcollateraleasingmeasuresandotherframeworkdevelopments395.2Eligibilityandmobilisationofcollateral41BoxCCollateralreleaseafterTLTROIIIrepaymentsandph...