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The investment of the ECB reserves in US dollars and yen, delegated to a network of portfolio managers in the Eurosystem's national central banks, involves a periodic assessment of performance against a common benchmark, controlled by the ECB and subject to revision on a monthly basis. Monetary...
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This paper offers an encompassing analysis of the ECB's collateral criteria between 2001 and 2013. A comprehensive database of changes to collateral criteria is compiled and structured by asset classes. The main findings can be summarized in three stylized facts: (1) Since the outbreak of the...
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