The market for central bank reserves is mainly over-the-counter and exhibits a core-periphery network structure. This … trade in the interbank market. Relationships matter for banks’ bidding strategies at the central bank auction and introduce … anomalies in the level of interest rates—namely, that banks sometimes trade above (below) the central bank’s lending (deposit …

of central banks. Because of their market-moving potential, it is particularly important how they are drafted. Often …, central banks start from the previous statement and update the earlier text with only small changes. This way, it is … straightforward to compare statements and see how the central bank's thinking has evolved. This paper studies to what extent such …

the macroeconomic effects of the European Central Bank's (ECB's) quantitative easing (QE) programme. Using data on …