in modern monetary and financial systems, namely central bank collateral frameworks. Their importance can be understood … by the observation that the money at the core of these systems, central bank money, is injected into the economy on terms …

The ECB is a central bank with a high level of transparency. However, it still does not publish voting records or … central bank takes such far-reaching decisions as the unlimited bond buying programme. Then the public has a right to know how …

The central bank's balance sheet has become the main instrument of monetary policy in the aftermath of the GFC and the …, government securities have become the largest asset in the central bank balance sheet, representing the dominant channel for …

, the central bank shifted from implicit to explicit inflation targeting in 2006 and set a medium-term inflation target of 4 … with such policies would help shift the burden away from the central bank's interest rate as the only available instrument …

important benefits and is the responsibility of a central bank. Achieving price stability in a complex and uncertain environment … overheating economy. Associated challenges imply that central bank communication and transparency are key elements of monetary …

whether the central bank chooses to buy domestic or foreign assets, thus resulting in transfers either within or between … compensates for losses (the structure of indemnification agreements). Data from the Federal Reserve, the Eurosystem, and the Bank … of England show that maximum annual losses are between 0.3 and 1.5 percent of GDP. By contrast, the Swiss National Bank …

variation in the supply of central bank liabilities. In effect, the announcement effect has displaced the liquidity effect as … bank to lend or absorb reserves in response to differences between the policy interest rate and the corresponding target. A …, but not on the current level per se, then the central bank can alter the market-clearing interest rate with no change in …