struggling to escape liquidity quicksands and stubbornly low or negative growth and employment trends. At the center of the … monetary policy pivot point. Since November 2011, the ECB has taken on an arguably activist liquidity-provider role relative to … integration. In December 2011, the ECB made clear its intention to inject massive liquidity when faced with crises of scale in …

provide more secured loans to replace unsecured lending, which is not consistent with speculative or precautionary liquidity …

We study the impact of tiered payments originating from client banks on the liquidity consumption (relative intraday … liquidity use) of settlement banks. Estimates of a panel data model, employing wholesale payments in euro, show that a higher … share of tiered payments reduces liquidity consumption by settlement banks. Metrics on timing, delay, and payment priorities …

recourse to the LOLR facility (a) to derive banks' willingness-to-pay for liquidity through a one-week repo and (b) to show … results suggest (i) that banks' willingness-to-pay for liquidity indeed reflects refinancing conditions in the interbank …

We study the impact of tiered payments originating from client banks on the liquidity consumption (relative intraday … liquidity use) of settlement banks. Estimates of a panel data model, employing wholesale payments in euro, show that a higher … share of tiered payments reduces liquidity consumption by settlement banks. Metrics on timing, delay, and payment priorities …

liquidity-saving mechanism (queue). Participants in our model face a liquidity shock and different costs for delaying payments …. They trade off the cost of delaying a payment against the cost of borrowing liquidity from the central bank. The … to show that the design of a liquidity-saving mechanism has important implications for welfare, even in the absence of …