Munich in July 2016. The goal of the thesis is to establish the configuration of collateral policy as a tool of central bank … policies in pursuit of different objectives, and to present collateral policies in practice, as well as impact and effects of … collateral policy. The thesis consists of three parts and nine chapters. The first part discusses the role of collateral in …

We analyse the impact of the Liquidity Coverage Ratio (LCR) on the demand for central bank reserves in the euro area … crisis and the associated introduction of new liquidity regulation. …

habitat theory. We find that the effectiveness of these policies are similar to other studies in that the liquidity provided … several studies that point toward counter party risk, not lack of liquidity, as the problem in financial markets at the time …

countries. This paper develops a two-country New Keynesian model { calibrated to represent a high- and a low-liquidity euro area …. These dampening effects are higher in the high-liquidity country. We find similar results in response to a monetary policy …

liquidity recovery. Using novel, micro data of the French banking system on the pool of collateral eligible to ECB open market … operations, we construct a "liquidity mismatch indicator (LMI)" for the aggregate banking sector that highlights the central bank … influence on the bank liquidity condition. Our results show that central bank liquidity and haircut policies have indeed helped …