Money Markets, Collateral and Monetary Policy
---- Acknowledgments ----
We would like to thank Saki Bigio, Stefano Corradin, Nicolas Crouzet, Nobuhiro Kiyotaki, John Leahy, Enrique Mendoza, Giorgio Primiceri, Vìctor Rìos Rull, Pedro Teles, our discussants Juliane Begenau, Nicolas Caramp, Ikeda Daisuke, Luigi Paciello, Farzad Saidi, Saverio Simonelli and Ivan Werning, seminar participants at the Bank of Portugal, European Central Bank, Norges Bank, University of Heidelberg, Nova University, and participants at the 2018 Summer Institute on Capital Markets and the Economy, the Federal Reserve Bank of San Francisco conference on Macroeconomics and Monetary Policy, the Barcelona GSE Summer Forum, the CSEF conference on Macroeconomic Issues after the Crisis, the 2017 Hydra Workshop on Dynamic Macroeconomics, the ECB workshop on Money Markets, Monetary Policy Implementation and Central Bank Balance Sheets, ESSIM 2017, SED 2017, and EEA 2016, for useful comments and discussions. We are grateful to Johannes Pöschl, Luca Rossi and Maksim Bondarenko for excellent research assistance. The previous version of the paper was circulated under the title “The Macroeconomic Impact of Money Market Disruptions”. The views expressed here are those of the authors and do not necessarily reflect those of the European Central Bank, the Eurosystem, or the National Bureau of Economic Research.