The worldwide financial crisis revealed that some of the basic consensuses concerning the macroeconomic policy framework and the roles of the central banks were no longer tenable. This prompted rethinking of central bank objectives, strategies and policy instruments, with particular focus on the...

In early 2020, the Bank for International Settlements (BIS) Representative Office for the Americas contacted a group of nine central banks that includes the members of the Consultative Council of the Americas (CCA) except the US Federal Reserve (Argentina, Brazil, Canada, Chile, Colombia,...

We review the literature on the empirical characteristics of the global financial cycle and associated stylized facts on international capital flows, asset prices, risk aversion and liquidity in the financial system. We analyse the co-movements of global factors in asset prices and capital flows...

Before the 2008 crisis, the cross-sectional skewness of banks' leverage went up and macro risk concentrated in the balance sheets of large banks. Using a model of profit-maximizing banks with heterogeneous Value-at-Risk constraints, we extract the distribution of banks' risk-taking parameters...

There has been substantial research on the benefits of accumulating foreign reserves, but less on the relative merits of how these reserves are accumulated. In this paper we explore whether the form of accumulation affects country risk. We first present a model of endogenous sovereign debt...

Increasing the diversity of policy committees has taken center stage worldwide, but whether and why diverse committees are more effective is still unclear. In a randomized control trial that varies the salience of female and minority representation on the Federal Reserve's monetary policy...