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<p>Considerable resources have been devoted to gathering data for measuring money market activity. However, little is known about the differences between available data and the structural effects of methodological choices. We use the novel dataset MMSR and compare it to microdata-derived payments data as well as aggregate survey data. MMSR has improved the scope and quality of data available in the Eurosystem. The deviations in volumes and interest rates are driven by the asymmetric measurement of transactions, affecting individual classes of banks, cross-border loans and specific types of loans. These differences are significant in terms of magnitude and affect overall rates and volumes. Even fundamental questions like the share of cross-border transactions depend on the data source and its scope. Understanding the institutional nuances of each data source can lead to more informed policy decisions. Our findings offer guidance for policymakers and researchers in selecting the most appropriate dataset for specific research questions, providing a framework for the effective use of diverse money market data sources, while also detailing the scope of each dataset.</p>

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“The Devil is in the Details, but so is Salvation”– Different Approaches in Money Market Measurement

  • 期刊论文

  • 出版模式：

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  • 发表日期：

    2025年7月29日

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  • Alexander Müller,
  • Jan Paulick

摘要

Considerable resources have been devoted to gathering data for measuring money market activity. However, little is known about the differences between available data and the structural effects of methodological choices. We use the novel dataset MMSR and compare it to microdata-derived payments data as well as aggregate survey data. MMSR has improved the scope and quality of data available in the Eurosystem. The deviations in volumes and interest rates are driven by the asymmetric measurement of transactions, affecting individual classes of banks, cross-border loans and specific types of loans. These differences are significant in terms of magnitude and affect overall rates and volumes. Even fundamental questions like the share of cross-border transactions depend on the data source and its scope. Understanding the institutional nuances of each data source can lead to more informed policy decisions. Our findings offer guidance for policymakers and researchers in selecting the most appropriate dataset for specific research questions, providing a framework for the effective use of diverse money market data sources, while also detailing the scope of each dataset.