Collateral in Monetary Policy Operations
构建银行资产组合决策模型，估算抵押中央银行贷款的成本，比较美联储与欧元系统在公开市场操作中抵押品资格框架的差异，并分析欧元区不同抵押品动用程序（集中池与指定）的成本差异。
Abstract We present a portfolio decision model for banks that permits us to estimate the costs associated with the need to collateralise loans from the central bank. This allows us to calibrate the difference between a restrictive collateral eligibility framework for open market operations, such as that applied by the FED, with a more flexible approach such as that of Eurosystem. We also document that there could potentially appear relevant cost differences between the various collateral mobilisation procedures (pooling and earmarking) that currently coexist in the eurozone.