The European Central Bank's asset purchase programs, while intended to stabilize the economy, may have unintended side …

hold reserves at the central bank. We find that, in the face of lower deposit rates, banks with a more interest …

The dynamic effects of ECB announcements, disentangled into pure monetary policy and central bank information shocks … bank information shocks exhibit strong heterogeneities across currency pairs. This disparity can be rationalized by an …

Central bank announcements move financial markets. The response of inflation and growth expectations, on the other hand … seemingly puzzling results for the euro area and provide evidence that they are due to central bank information effects. That is …

monetary disturbances as shocks to central bank gold demand. Based on a monetary DSGE model, the world gold reserve ratio (the … ratio of central bank gold holdings to monetary liabilities) is used to describe monetary conditions. This permits the use …

This paper examines the relationship between central bank funding and credit risk-taking. Employing comprehensive bank …-firm-level data from the German credit registry during 2009:Q1-2014:Q4, we find that borrowing from the central bank is associated … with rebalancing of bank portfolios towards ex-ante riskier firms. We further establish that this relationship is …