the change in eligibility criteria for collateral in central bank refinancing operations. Our results show that market … liquidity tightened after the Lehman collapse but there is no evidence of fire sales in the German banking sector. Instead, we … observe a broad-based flight to liquidity. The European Central Bank's unconventional monetary policy had a strong impact on …

tend not to face higher interest rates because they provide collateral. This paper illustrates these effects in a model and …

investigate how unlimited liquidity provision affects collateral prices. Also, I match banks' trades with their balance sheet and …In times of financial distress, central banks provide unlimited liquidity to avoid fire sales. In response, banks raise … their demand for collateral assets, and the short-term scarcity of collateral securities leads to higher prices, the Fire …

commonly used: central bank liquidity injections and asset swaps. I find that liquidity injections lead to a short run … policies, the model yields the following results: Non-coordinated liquidity injections lead to higher increases with respect to …