the interbank system became more resilient to solvency shocks, but less resilient to liquidity shocks, as banks sharply … during the 19th century to facilitate interregional payments and flows of liquidity and credit. Vast sums moved through the … the system's resilience to solvency and liquidity shocks and whether these shocks might have been contagious. We find that …

Most quantitative easing programmes primarily involve central banks acquiring government liabilities in return for …

intermediaries. While money is valued for its liquidity, its creation requires costly leverage. Inflation, security prices and the …

reveals funding liquidity risk. We can extract an insurance premium from banks' bids which we propose as measure of funding …Funding liquidity risk has played a key role in all historical banking crises. Nevertheless, a measure based on … liquidity risk. Using a unique data set consisting of all bids in the main refinancing operation auctions conducted at the ECB …

This paper explores the evolving relationship between central banks and governments in the European monetary …

supplant central bank money. We draw lessons from the role of public deposit banks in the 1600s, which quelled the hyper …-in‡flation in Europe during the Thirty Years War (1618-1648). As the precursors of modern central banks, public deposit banks …

banks in a unified framework. Since 2007, central banks in advanced economies have experienced pronounced changes in balance … diverse, reflecting diverging policy challenges across regions. By contrast, balance sheets of central banks in emerging …

source of shocks and as something central banks have a responsibility for. These developments have been further complicated … implies institutional reforms to ensure central banks take a longer term perspective when setting policy …

-to-day implementation. This paper documents the key features of 17 central banks' monetary operating frameworks as of early 2007 and … identified, there is no unique "best" way to implement monetary policy. Moreover, central banks everywhere - even in industrial …