liquidity and market efficiency. The one-day program consisted of an opening speech, six presentations, including three keynotes …

We study whether the mechanism design in the central bank liquidity auctions matters for the interbank money market … interest rate levels and volatility. Furthermore, we compare different mechanisms to sell liquidity in terms of revenue … valuations in the liquidity auctions. The model captures the relevant features of how the European Central Bank sells liquidity …

This study discusses the effects of financial intermediation, banks’ moral hazard and monitoring on monetary policy … transmission in a simple model where borrowers are dependent on loans granted by banks with superior monitoring skills. As distinct … from the prior literature on monetary policy transmission, this study does not regard banks' deposit funding as a reason …