This paper seeks to inform about a feature of monetary policy that is largely overlooked, yet occupies a central role … in modern monetary and financial systems, namely central bank collateral frameworks. Their importance can be understood … by the observation that the money at the core of these systems, central bank money, is injected into the economy on terms …

There is much discussion today about a possible digital euro (PDE). Is this attention exaggerated? Are "central bank …

distribution in the European Central Bank (ECB) council. We show that, in a model where labor unions internalize the inflationary …