such systems are operated by central banks and are liquidity intensive. Central banks often provide inexpensive liquidity … these questions, central banks need to understand what factors influence the timing of settlement. This paper offers a model … participants' incentives to influence the use of intraday liquidity and the resultant credit exposure of a central bank. The model …

I explore alternative central bank policies for liquidity provision in a model of payments. I use a mechanism design …, the central bank invests in costly enforcement and charges an interest rate to recover costs. I show that the second best … solution is not distortionary. In the second policy, the central bank requires collateral. If collateral does not bear an …

found to significantly affect market interest rates, indicating that central bank "talk" conveys important information to …

DSGE models are a prominent tool for forecasting at central banks and the competitive forecasting performance of these …

Firmly-anchored inflation expectations are widely viewed as playing a central role in the successful conduct of …