We investigate the money-market impact of the reform of the operational framework of the European Central Bank that …

in modern monetary and financial systems, namely central bank collateral frameworks. Their importance can be understood … by the observation that the money at the core of these systems, central bank money, is injected into the economy on terms …

The Bank of England, the Federal Reserve (Fed) and the European Central Bank (ECB) have responded to the crisis with … exceptional initiatives resulting in a major increase in their balance sheets. After the ECB's end-2011 launch of three-year bank … differences remain: the Bank of England and Fed have mostly relied on large-scale purchases of government bonds, while the ECB has …