We construct a two-country New Keynesian model in which US government debt has an advantage as a superior collateral … collateral. In times of global stress, the dollar appreciates and the "convenience yield" earned by U.S. government bonds …

advantage as a superior collateral asset in the balance sheets of banks. We show that the model can account for the observed … privilege” as its government bonds are desired by banks both in the U.S. and abroad as superior collateral. In times of global …

The reuse of collateral can support the efficient allocation of safe assets in the financial system. Exploiting a novel … and shock amplification effects of collateral reuse. …

scenarios where bonds are used as collateral, this paper discusses the impact of using bonds as collateral on the bond market by … a combination of theory and practice. The author believes that bond collateral facilitates risk mitigation and …Bonds are widely accepted and used as collateral assets for their inherent stability of value. Based on a review of …

Eurosystem's move from unconditional to conditional collateral eligibility of sovereign bonds, as part of the 2005 Single List …

study the intended and unintended consequences of asset purchases in the repo market with Bund collateral. Bunds that are …The Eurosystem's asset purchase programmes reduced the free float of German Bunds. Market participants feared impaired … market functioning in the Bund market and monetary policymakers unintended consequences for monetary policy transmission. We …

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