Central bank capital adequacy: the simple analytics and complex politics -- Central Bank Capital and Trust in Money: Lessons from History for the Digital Age -- Accounting policies, distribution rules and the financial performance of central banks -- Fiscal Consequences of Central Bank Losses --...

We show that central bank lending against lower quality collateral can improve conditions in the repo market. For identification we take advantage of a pandemic- related temporary extension of the collateral framework of the European Central Bank (ECB), which allows banks to pledge previously...