This article provides a framework for understanding the economic role of central banks and
their democratic legitimacy. I argue that thinking about the democratic challenges of central …

Abstract Since March 2020 the Eurosystem has provided subsidies to Euro-Area banks, via
its Targeted Longer-Term Refinancing Operations (TLTRO). Under this program, banks can …

The performance of alternative institutional mandates in achieving macroeconomic and
financial stability is studied in a model with financial frictions and reserve requirements as …

Advanced-economy central banks are currently experiencing losses. To examine how rate-
tightening cycles affect central bank finances, we study the financial statements of ten …

The research objective is to test the relationship between the liquidity regulation and
monetary policy in construction projects. This research used a qualitative method. In this …

We investigate how liquidity regulations affect banks by examining a dormant monetary
policy tool that functions as a liquidity regulation. For causal inference, we use a regression …

We study the impact of the Basel III liquidity coverage ratio (LCR) on bank capital ratio and
the interbank rate in a traditional banking model. We find that inappropriate parameters …

" Monetary policy operations" is one of the topics that capture the imagination of
policymakers and academics only once in a blue moon. There is no doubt that those who …

We examine how banks' cross-border lending reacts to changes in the intensity of liquidity
regulation using a new dataset on the UK's Individual Liquidity Guidance. An increase in …

The historical evolution of the role of central banks has been shaped by two major
characteristics of these institutions: they are banks and they are linked—in various legal …