We identify a new channel of the monetary policy transmission that affects asset prices through the secured interbank market. Central bank’s open market operations, by changing the relative amount of securities and reserves, alter the amount of securities that can be used as collateral and, consequently, influence their prices. Ceteris paribus the magnitude of the effect depends on assets’ pledgeability properties (haircuts). We analyze the relation between yields of euro area government bonds, the haircuts applied to these assets and the relative amount of bonds and central banks reserves. The empirical evidence confirms that this channel is economically relevant.

中文翻译：

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非常规货币政策的资产质押渠道

我们确定了通过担保银行间市场影响资产价格的货币政策传导的新渠道。中央银行的公开市场操作，通过改变证券和准备金的相对数量，改变可用作抵押品的证券数量，从而影响其价格。在其他条件不变的情况下，影响的大小取决于资产的可抵押性属性（理发）。我们分析了欧元区政府债券的收益率、适用于这些资产的折扣以及债券和央行储备的相对数量之间的关系。经验证据证实该渠道具有经济相关性。