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 …

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 …

Central banks normally accept debt of their own governments as collateral in liquidity operations without reservations …'s collateral framework can give rise to cliff effects and multiple equilibria in bond yields and increase the vulnerability of …

bank's choice of collateral standards in its lending facilities. Optimism on the side of banks, entailing a higher … collateral value of bank loans, can lead to excessive lending and bank default. Pessimism, though, can entail insufficient … lending and productivity losses. With an appropriate haircut on collateral, the central bank can perfectly neutralize the …

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 …