... con-18ECB Working Paper Series No. 393 September 2004W ORKING PAPER SERIES NO. 393 / SEPTEMBER 2004 THE DETERMINANTS OF THE OVERNIGHTINTEREST RATE IN THE EURO AREAby Julius Moschitzclusion on the ... at 2 1/6 /2 000, 3 0/4 /2 001, 12and 1 3/9 /2 001, 2 8/1 1/2 001, 4 and 1 0/1 /2 002, 1 8/1 2/2 002 and 2 3/0 5/2 003. Long term re financing op erationsare structural measures and usually constant throughout the ... of the interbank market are crucial for understanding the behavior of the interbank rate. So the supply side of the model closely matches the actual structure of the liquidity management in the...