A working paper, published by the Swiss National Bank on October 22, says access to central bank money is an important, and neglected, policy consideration.

The authors, Sebastien Kraenzlin and Thomas Nellen, say the ability to use central bank money has been a main instrument to ease stress in the money markets throughout the financial crisis.

But there is a concern, the paper says, that price segmentation can occur in money markets. The authors analyse price differentiation as a deviation of