This issue needs to take into account the fact that undersubscription – that is, aggregate bids falling short of the Bank’s offers – has been occurring frequently in the fixed-rate funds-supplying operation against pooled collateral since the turn of the year.
1265-1307; Alpanda, S., Granziera, E. and Zubairy, S. (2019), “  State dependence of monetary policy across business, credit and interest rate cycles”, Bank of Finland Research Discussion Papers, No 16, September; Aikman, D. et al. (2016), “  Financial Vulnerabilities, Macroeconomic Dynamics, and Monetary Policy”, Finance and Economics Discussion Series, No 2016-055, Board of Governors of the Federal Reserve System, July.