What are the welfare effects of enhanced disclosures of public information – Is it always the case, that frequent and timely publication of economic statistics by government agencies and the central bank are desirable – This question has become one of several interlinked strands of debate on...

We explore the concept of global liquidity based on a factor model estimated using a large set of financial and macroeconomic variables from 24 advanced and emerging market economies. We measure global liquidity conditions based on the common global factors in the dynamics of liquidity...

This paper offers a comprehensive comparison of the structure of banking and financial markets in the euro area. Based on this, several hypotheses about the role of banks in monetary policy transmission are developed. Many of the predictions that have been proposed for the U.S. are deemed...