overnight unsecured loans. Using proprietary bank-level data, we find that interbank rate uncertainty significantly raises … positions and greater access to central bank funding …

Central Bank (ECB). Using high-frequency data, we find that OMT announcements decreased the Italian and Spanish 2-year … France, Germany, Italy, and Spain. The scenario analysis suggests that the reduction in bond yields due to OMT announcements … is associated with a significant increase in real activity, credit, and prices in Italy and Spain with relatively muted …

effect of the expansion of intermediation of interbank transactions across the central bank balance sheet. We exploit data …