We study differences in the price paid for liquidity across banks using price data at the individual bank level. Unique … to gauge the extent to which a bank is short or long liquidity. We find that the price a bank pays for liquidity depends … on the liquidity positions of other banks, as well as its own. There is evidence that liquidity squeezes occasionally …

We study differences in the price paid for liquidity across banks using price data at the individual bank level. Unique … to gauge the extent to which a bank is short or long liquidity. We find that the price a bank pays for liquidity depends … on the liquidity positions of other banks, as well as its own. There is evidence that liquidity squeezes occasionally …

We study differences in the price paid for liquidity across banks using price data at the individual bank level. Unique … to gauge the extent to which a bank is short or long liquidity. We find that the price a bank pays for liquidity depends … on the liquidity positions of other banks, as well as its own. There is evidence that liquidity squeezes occasionally …

Using individual data from the Eurosystem’s liquidity providing tenders for the pre-crisis period we investigate banks … bidding in the LTRO. These findings support the hypothesis that banks view obtaining liquidity from the two operations as … that “short” banks, with potentially large net liquidity needs after the LTRO bid more aggressively. Other counterparties …

Repo auctions are used to inject central bank funds against collateral into the banking sector. The ECB uses standard …

Repo auctions are multiunit auctions regularly used by central banks to inject liquidity into the banking sector. Banks …

Repo auctions are used to inject central bank funds against collateral into the banking sector. The ECB uses standard …

Repo auctions are used to inject central bank funds against collateral into the banking sector. The ECB uses standard …

recourse to the LOLR facility (a) to derive banks’ willingness-to-pay for liquidity through a one-week repo and (b) to show … results suggest (i) that banks’ willingness-to-pay for liquidity indeed reflects refinancing conditions in the interbank … market and (ii) that the willingness-to-pay can serve as an early warning indicator for banking distress. …