This working paper offers some considerations on the monetary policy framework of the European Central Bank. The trade …

This paper presents a small open economy model to analyze the role of central bank liquidity management in implementing … that the central bank uses to manage liquidity in the economy, which creates a role for the central bank balance sheet in … list of eligible collaterals accepted at the liquidity facilities operated by the central bank. These policies have been …

Evidence on the effects of negative interest rates on bank lending is inconclusive so far. By applying a difference … the introduction of a negative deposit facility rate by the European Central Bank led to an increased credit supply by …

monetary policy surprises from the European Central Bank. Using the Rigobon (2003) identification through heteroscedasticity … European Central Bank in order to predict the consequences of its monetary policy on the inflation objective. …

framework in which fractional reserve banks emerge in equilibrium, where bank assets are funded with liabilities made demandable … in government money, where the terms of bank deposit contracts are affected by the liquidity insurance available in … financial markets, where banks are subject to runs, and where a central bank has a meaningful role to play, both in terms of …

We study the vulnerability of 130 banks directly supervised by the European Central Bank's Single Supervisory Mechanism … healthier segments of the economy. But instead of emphasising bank recapitalisation, as in past years, we believe the task is to …