Central bank collateral frameworks are an often overlooked feature of monetary policy that
play a key role in the monetary and financial system. Readers will discover how central …

We investigate the pass-through of monetary policy to bank lending rates in the euro area
during the sovereign debt crisis, in comparison to the pre-crisis period. We make the …

We investigate the transmission of central bank liquidity to bank deposits and loan spreads
in Europe over the period from January 2006 to June 2010. We find evidence consistent with …

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 …

The global finance crisis prompted central banks in many countries to cut short-term policy
rates to near zero levels. Yet, lending rates did not fall as much as the decline in policy rates …

Policy rates in advanced economies are at record lows and central banks have resorted to
unconventional policy tools, but there are concerns that the low policy rates have not been …

In this paper, we construct a single composite financial stress indicator (FSI), which aims to
predict developments in the real economy in the euro area. Our FSI was shown to perform …

We develop a general term structure framework taking stochastic discontinuities explicitly
into account. Stochastic discontinuities are a key feature in interest rate markets, as for …

After the global financial crisis, policy rates were cut to near-zero levels, yet, bank lending
rates did not fall as much as the decline in policy rates would have suggested. If the crisis …

Trust in policy makers fluctuates significantly over the cycle, evaporating during crises and
affecting the transmission mechanism. Despite this, it is absent from the literature. We build a …