Despite the possibility of overbidding, the Eurosystem has con- tinued using the fixed rate tender in its liquidity management. We document this fact for liquidity-absorbing fine-tuning operations, the USD term auc- tion facility, and EUR/CHF foreign exchange swaps. The mechanism is then studied...

In the face of mounting evidence of global warming, which is an irreversible process, central banks, as other policymakers, have to play their part. They need to consider climate risks not only in their internal management, but also when they devise their strategies, conduct their policies and...