We provide evidence that liquidity premia on assets that are more relevant for private agents' intertemporal choices … specification of liquidity premia based on assets' differential pledgeability to a basic New Keynesian model to replicate this … guidance period and are substantially smaller than if liquidity premia were neglected. This indicates that there are no …

’ funding structures jointly with that in their excess liquidity holdings. We find evidence that banks highly exposed to the …, importantly, the explicit consideration of the role of excess liquidity in our analysis. …

. Therefore, the analysis suggests that there is a lower bound for the amount of liquidity provided through short-term operations …