In March 2015, the Eurosystem launched its QE programme. The asset purchases induced a rapid and strong increase in excess reserves, implying a structural liquidity surplus in the euro area banking sector. Against this background, the first part of this paper analyses the Eurosystem’s liquidity management during normal times, crisis times and times of too low inflation. With a focus on the latter, the second part of this paper develops a relatively simple theoretical model in which banks operate under a structural liquidity surplus. The model shows that increasing excess reserves have no or even a contractionary impact on bank loan supply. As the newly created excess reserves are heterogeneously distributed across euro area countries, the impact of QE on bank loan supply may differ across countries. Moreover, we derive implications for monetary policy implementation. Increases in the central bank’s main refinancing rate as well as in the minimum reserve ratio and decreases in the central bank’s deposit rate develop expansionary effects on loan supply – contrary to the case in which banks face a structural liquidity deficit.
Inflation rates in the euro area have reached historic highs due in large part to high energy prices. As the euro area is a net importer of energy, one refers to this inflation as imported inflation. There is a danger that these high inflation rates will become entrenched in inflation expectations. This would not only imply that high inflation rates will persist but it could also cause a dangerous upward price spiral. Consequently, the ECB should communicate more clearly and more credibly that it will counteract this danger and act accordingly as the costs of disinflation will remain higher the longer the ECB waits to act.
Measurements of the production of electrons from heavy-flavour hadron decays in pp collisions at $$ \sqrt{s} $$ s = 13 TeV at midrapidity with the ALICE detector are presented down to a transverse momentum (pT) of 0.2 GeV/c and up to pT = 35 GeV/c, which is the largest momentum range probed for inclusive electron measurements in ALICE. In p-Pb collisions, the production cross section and the nuclear modification factor of electrons from heavy-flavour hadron decays are measured in the pT range 0.5 < pT< 26 GeV/c at $$ \sqrt{s_{\textrm{NN}}} $$ s NN = 8.16 TeV. The nuclear modification factor is found to be consistent with unity within the statistical and systematic uncertainties. In both collision systems, first measurements of the yields of electrons from heavy-flavour hadron decays in different multiplicity intervals normalised to the multiplicity-integrated yield (self-normalised yield) at midrapidity are reported as a function of the self-normalised charged-particle multiplicity estimated at midrapidity. The self-normalised yields in pp and p-Pb collisions grow faster than linear with the self-normalised multiplicity. A strong pT dependence is observed in pp collisions, where the yield of high-pT electrons increases faster as a function of multiplicity than the one of low-pT electrons. The measurement in p-Pb collisions shows no pT dependence within uncertainties. The self-normalised yields in pp and p-Pb collisions are compared with measurements of other heavy-flavour, light-flavour, and strange particles, and with Monte Carlo simulations.
Coalescence is one of the main models used to describe the formation of light (anti)nuclei. It is based on the hypothesis that nucleons close in phase space can coalesce and form a nucleus. Coalescence has been successfully tested in hadronic collisions at colliders, from small (pp collisions) to large systems (A-A collisions). However, in Monte Carlo simulations (anti)nuclear production is not described by event generators. A possible solution is given by the implementation of coalescence afterburners, which can describe nuclear production on an event-by-event basis. This idea would find application in astroparticle studies, allowing for the description of (anti)nuclear fluxes in cosmic rays, which are crucial for indirect Dark Matter searches. In this work, the implementation of an event-by-event coalescence afterburner based on a state-of-the-art Wigner approach is discussed. The results here shown are obtained with the EPOS3 event generator and compared to the measurements performed in pp collisions at the LHC. In particular, the role of the emitting source in the coalescence process is discussed, comparing the results obtained using the direct measurement of the source size with the semi-classical traces implemented in EPOS3.
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