We exploit variation in the share of seniors across European banking markets to construct an IV for banks' dependence … funding via targeted longer-term refinancing operations (TLTRO). This effect is stronger when banks face less competition …. Long-term central bank funding further motivates banks to reduce their dependence on debt issuance and increase their money …

central bank's reaction to liquidity stress gives banks incentives to invest in excessive liquidity transformation, triggering …

do they mitigate, and how large are these effects? We show that by purchasing government bonds, central banks induce …

banks play complex, long horizon games and face more than one tradeoff. We account for these issues in a simple infinite … bankruptcy. We term these factors discipline and stability effects, respectively. The central bank’s welfare decreases with … central banks cannot attain both low inflation and financial stability. …

taking up the revived debate on whether central banks should "lean against the wind" or not. Currently, there is no consensus …

central bank. Research hypothesis: The central banks of 27 EU countries are characterized by strong differences in their … degree of involvement in safeguarding financial stability, because central banks in the euro zone are more involved in … safeguarding financial stability than non-EMU central banks in the EU. Using a novel methodology developed by the author, a …

-going financial disintegration and to break the vicious circle that ties up banks and governments in a death grip (liquidity ring …, leaving a significant funding gap for Southern European banks. To break this circle and re-establish a healthy flow of funds … healthy flow of funds among banks. These measures can be split in two complementary interventions: a monetary policy …