The great financial crisis of 2007-08 and the recession have generated active debate on the role of financial systems on the real economy. In particular, central banks have shown increased interest in how financial systems can evolve to maximise their contribution to the real economy. Many...

Now there is no part of our economic system which works so badly as our monetary and credit arrangements; none where the results of bad working are so disastrous socially; and none where it is easier to propose a scientific solution. (J. M. Keynes: Speech to the Liberal Party, December 1923, The...

This paper explores the behaviour of inflation forecasts from a variety of sources (ie Consensus and other professional forecasters, international and domestic financial institutions, central banks) with the aim of measuring the size and evolution of forecast disagreements and their proximate...

This short paper is an abbreviated version of Nishizaki et al (2012). Japan has suffered from long-lasting but mild deflation since the latter half of the 1990s. Estimates of a standard Phillips curve indicate that a decline in inflation expectations, the negative output gap, and other factors...

This is one of the contributions which is part of BIS Paper 68 and which was presented at the BIS-sponsored sessions at the Latin American and Caribbean Economic Association (LACEA) meetings in 2010-11, focusing on the drivers and effects of capital flows and the challenges they pose for the...

This is one of the contributions which is part of BIS Paper 68 and which was presented at the BIS-sponsored sessions at the Latin American and Caribbean Economic Association (LACEA) meetings in 2010-11, focusing on the drivers and effects of capital flows and the challenges they pose for the...

This is one of the contributions which is part of BIS Paper 68 and which was presented at the BIS-sponsored sessions at the Latin American and Caribbean Economic Association (LACEA) meetings in 2010-11, focusing on the drivers and effects of capital flows and the challenges they pose for the...

This is one of the contributions which is part of BIS Paper 68 and which was presented at the BIS-sponsored sessions at the Latin American and Caribbean Economic Association (LACEA) meetings in 2010-11, focusing on the drivers and effects of capital flows and the challenges they pose for the...

This is one of the contributions which is part of BIS Paper 68 and which was presented at the BIS-sponsored sessions at the Latin American and Caribbean Economic Association (LACEA) meetings in 2010-11, focusing on the drivers and effects of capital flows and the challenges they pose for the...

This is one of the contributions which is part of BIS Paper 68 and which was presented at the BIS-sponsored sessions at the Latin American and Caribbean Economic Association (LACEA) meetings in 2010-11, focusing on the drivers and effects of capital flows and the challenges they pose for the...