... con-18ECB Working Paper Series No. 393 September 2004W ORKING PAPER SERIES NO. 393 / SEPTEMBER 2004 THE DETERMINANTS OF THE OVERNIGHT INTEREST RATE IN THE EURO AREA by Julius Moschitzclusion on the ... taken from the €100 banknote.W ORKING PAPER SERIES NO. 393 / SEPTEMBER 2004 THE DETERMINANTS OF THE OVERNIGHT INTEREST RATE IN THE EURO AREA 1by Julius Moschitz21 I am very grateful to ... confirm that the interest rate, within the sample, is integrated of order one. Furthermore, it is co-integrated with the policy rate, i∗t. Therefore, the interest rates, it,ismodelledinfirst differences,...