ECB paper models central bank liquidity provision


A working paper published by the European Central Bank on Friday presents a model to evaluate the optimal liquidity provision by central banks.

The paper – Central Bank Liquidity Provision, Risk-Taking and Economic Efficiency, by Ulrich Bindseil and Juliusz Jabłecki – notes that since the financial crisis, central banks have made changes to their collateral frameworks to "extend the ability of banks to take recourse to central bank credit operations".

The authors create a model to illustrate the

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