Bank balance sheet lending is commonly viewed as the predominant form of lending. We document and study two margins of … document the limits of the shadow bank substitution margin: shadow banks substitute for traditional--deposit-taking--banks in … quantitative consequences of several policies on lending volume and pricing, bank stability, and the distribution of consumer …

and central bank conservatism on economic performance. Several striking conclusions emerge. In relatively centralized … of central bank conservatism. A radical-populist central banker who cares not at all about inflation (alternatively, who …

policies of the European Central Bank and even the integrity of the monetary union, and even standard fare in the media and in …

up to the strategies followed by the leading central banks of the era; the Bank of England in the eighteenth and …

In this paper we provide empirical measures of central bank credibility and augment these with historical narratives …

This paper examines the historical evolution of central bank credibility using both historical narrative and empirics … financial stability relying on macro prudential regulation may pose significant challenges for central bank credibility …

expectations. In our model, the key parameter that aggregates heterogeneous expectations captures the central bank's credibility …'s central bank credibility is much lower. For each country, our measure of credibility has declined over time, making forward … public perceived central bank forward guidance statements to be perfectly credible. Moreover, inflation would have declined …