This paper reviews the role and effects of the collateral framework which central banks, and in particular the Eurosystem, use in conducting temporary monetary policy operations. First, the paper explains the design of such a framework from the perspective of risk mitigation, which is the...

This paper is the transcript of a speech providing the European Central Bank's Perspective on the lender of last resort function, delivered at the workshop which brought together a small group of academics, policy advisers and former and active central bankers at the Bank for International...

This paper presents detailed information about national credit support programs, including guarantees for bank loans, implemented in the context of COVID-19 fiscal policy in 2020 in the largest national economies of the European Union and in the United Kingdom. The information was collected...

Economists and central bankers no longer consider monetary aggregates relevant for inflation forecasts. We explain this neglect by advancing and testing the hypothesis that monetary aggregates are only relevant for inflation in unsettled monetary and inflationary conditions. When inflation is...