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

with new Basel III regulations and with central bank policies (liquidity provision, asset purchases and the Securities … with worsening money market conditions, while higher central bank liquidity provision was associated with reduced money … market stress. After 2015, the evidence is consistent with central bank asset purchases inducing scarcity effects in some …

This paper investigates the impact of ample liquidity provision by the European Central Bank on the functioning of the … main euro area payment system. To identify exogenous shocks to central bank liquidity, we exploit the timing of ECB …-facto lender-of-last-resort to the euro area banking system and identify two main effects of central bank liquidity provision on …

The market-oriented approach promoted by the European Central Bank in the design of its refinancing operations creates …

featuring heterogeneous banks, interbank markets for both secured and unsecured credit, and a central bank. The model features a … large declines in lending and output. We show how central bank policies which increase the size of the central bank balance …

sensible theoretical treatment of the interaction between central bank policy and market structures a particularly complex …