Central banks normally accept debt of their own governments as collateral in liquidity operations without reservations …'s collateral framework can give rise to cliff effects and multiple equilibria in bond yields and increase the vulnerability of …. This gives rise to a valuable liquidity premium that reduces the cost of government finance. The ECB is an interesting …

Central banks normally accept debt of their own governments as collateral in liquidity operations without reservations … bank's collateral framework can give rise to cliff effects and multiple equilibria in bond yields and increase the …. This gives rise to a valuable liquidity premium that reduces the cost of government finance. The ECB is an interesting …

Central banks normally accept debt of their own governments as collateral in liquidity operations without reservations …'s collateral framework can give rise to cliff effects and multiple equilibria in bond yields and increase the vulnerability of …. This gives rise to a valuable liquidity premium that reduces the cost of government finance. The ECB is an interesting …

Central banks normally accept debt of their own governments as collateral in liquidity operations without reservations … bank's collateral framework can give rise to cliff effects and multiple equilibria in bond yields and increase the …. This gives rise to a valuable liquidity premium that reduces the cost of government finance. The ECB is an interesting …

Central banks normally accept debt of their own governments as collateral in liquidity operations without reservations …'s collateral framework can give rise to cliff effects and multiple equilibria in bond yields and increase the vulnerability of …. This gives rise to a valuable liquidity premium that reduces the cost of government finance. The ECB is an interesting …

as the amount and the type of assets that are accepted as collateral for money. When the policy rate is sufficiently low …, this set-up gives rise to an (il-)liquidity premium on non-eligible assets. Then, a quantitative easing policy, which …