This study analyses the effects of monetary and prudential policies taken in response to the
outbreak of the coronavirus pandemic to support bank lending conditions. More precisely …

We investigate the impact of a new bank tax in Poland on bank lending behavior. We find
that banks respond to the tax by tightening credit supply and increasing the costs of credit to …

The notion of an 'independent'central bank has dominated monetary policy debates for the
past three decades. The arguments for the political independence of central banks are …

The last review of the ECB's monetary policy strategy in 2003 followed a period of
predominantly upside risks to price stability. Experience following the 2008 financial crisis …

We study alternative monetary policy strategies in the presence of the lower bound on
nominal interest rates and a low equilibrium real rate using an estimated DSGE model for …

In this paper we study the link between central bank asset purchases and the repo market, to
examine the impact of the Eurosystem's increased footprint in financial markets resulting …

This article provides a simple model of monetary policy implementation, analyzing both the
interest rate steering (IRS) and the quantitative easing (QE) policies. The model shows that …

This chapter provides the motivation and an overview of the book. During the last fifteen
years, several innovations have been introduced in the art of central banking, that go under …

This paper examines the impact of the Eurosystem's increased footprint in financial markets,
resulting from the response to the Covid-19 crisis, on repo rates. We exploit transaction-level …

The objectives and tasks of the European Central Bank (ECB) are defined in Articles 2 and 3
of Protocol (No 4) on the Statute of the European System of Central Banks (ESCB) and of the …