housing is accepted as collateral. A calibration to the U.S. economy supports the theoretical results and provides novel …

in modern monetary and financial systems, namely central bank collateral frameworks. Their importance can be understood …, not defined in a market, but by the collateral frameworks and interest rate policies of central banks. Using the … collateral framework of the Eurosystem as a basis of illustration and case study, the paper brings to light the functioning …

Economics at the University of Munich in May 2016. The thesis tells the story of the Eurosystem's collateral framework and its …

addition, it expands the current research agenda by considering a neglected factor: The quality of eligible collateral (QEC … investigates to what extent the quality of eligible collateral is able to explain inflation employing the first comprehensive …

. The existence of a correlation between inflation and the quality of eligible collateral would strongly support fundamental …

The ECB has accepted increasing amounts of rubbish collateral since the crisis started leading to exposure to serious …

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 financial crisis, the ECB has been six times more active in collateral …