De Grauwe, Paul; Ji, Yuemei - 2024
reserves were scarce and the ECB, like other central banks, used a corridor system in which the money market rate could …We study the evolving operating procedures used by the ECB since its creation. During the period up to 2015, bank … central banks to raise the policy rate. The result has been a massive transfer of central banks’ profits (and more) to the …