Why Did the Banks Overbid?

WHY DID THE BANKS OVERBID?
AN EMPIRICAL MODEL OF THE
FIXED RATE TENDERS OF THE
EUROPEAN CENTRAL BANK
Juan Ayuso and
Rafael Repullo
Banco de España
Banco de España — Servicio de Estudios
Documento de Trabajo n.º 0105
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BANCO DE ESPAÑA / DOCUMENTO DE TRABAJO nº 0105