The expansion of central bank balance sheets and the changes in their composition during financial crises have been effective in rectifying market malfunction and stabilising financial markets in Japan and elsewhere. However, the unconventional policy measures are accompanied by costs, as they...

On 24-25 June 2010, the BIS held its Ninth Annual Conference, on "The future of central banking under post-crisis mandates" in Lucerne, Switzerland. The event brought together senior representatives of central banks and academic institutions who exchanged views on this topic. This volume...