of the central bank to be the lender of last resort in the banking system. In this article, I argue that the ECB should …

Central-bank collateral policy governs the convertibility of assets into central-bank money provided directly by the … central bank. Focusing on government bonds, we develop clean identification of variation in such convertibility by exploiting … maturities. Our findings imply that central-bank money is priced in the market and that a central bank can move and shape the …

The European Central Bank's asset purchase programs, while intended to stabilize the economy, may have unintended side …

This paper investigates the European Central Bank's (ECB) monetary policies. It identifies an antigrowth bias in the … bank's monetary policy approach: the ECB is quick to hike, but slow to ease. Similarly, while other players and … institutional deficiencies share responsibility for the euro's failure, the bank has generally done "too little, too late" with …