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Central Banks and Competition Authorities : Institutional Comparisions and New Concerns
Vickers, John - 2013
The establishment of independent authorities for monetary policy and for competition policy was part of the institutional consensus of the Great Moderation. The paper contrasts how policy has operated in the two spheres, especially as regards the role of law. It then discusses the application of...
Persistent link: https://www.econbiz.de/10013094087
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Central Banks : Between Internationalisation and Domestic Political Control
James, Harold - 2013
The paper examines the exercise, the efficiency, and the legitimacy of the monetary policy-making process. The goal of central bank autonomy in recent times is the outcome of a demand for price stability. The realisation of autonomy is also a consequence of the fragmentation of national decision...
Persistent link: https://www.econbiz.de/10013094092
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Central Banking Post-Crisis : What Compass for Uncharted Waters?
Borio, Claudio E. V. - 2014
The global financial crisis has shaken the foundations of the deceptively comfortable pre-crisis central banking world …
Persistent link: https://www.econbiz.de/10013067255
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Macroprudential Policy and Bank Risk
Altunbas, Yener - 2017
This paper investigates the effects of macroprudential policies on bank risk through a large panel of banks operating in 61 advanced and emerging market economies. There are three main findings. First, there is evidence suggesting that macroprudential tools have a significant impact on bank...
Persistent link: https://www.econbiz.de/10012953769
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Monetary Facts Revisited
Gertler, Pavel - 2016
facts: (i) the long-run link between money growth and inflation and (ii) the link between credit growth and financial crises …. The analysis reveals that the former has weakened over time, while the latter has become stronger. Moreover, the money-inflation … two monetary facts. The money-inflation link is weaker in regimes characterised by low inflation and highly liberalised …
Persistent link: https://www.econbiz.de/10012989876
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Globalisation and the Determinants of Domestic Inflation
White, William R. - 2014
The remarkable stability of low domestic inflation in many countries requires explanation. In this paper, a number of … continuing low inflation, but also its coexistence with rapid growth and low real interest rates. Unfortunately, the analysis … also leads to the conclusion that rising inflation, unwinding financial imbalances, or both, could easily follow the …
Persistent link: https://www.econbiz.de/10014218878
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Fiscal Sustainability and the Financial Cycle
Borio, Claudio E. V. - 2016
A frequently neglected aspect of financial booms and busts - financial cycles - is their impact on fiscal positions. And yet, the latest financial crisis and history show that these cycles can wreak havoc with public finances. After reviewing the impact of financial cycles on fiscal positions,...
Persistent link: https://www.econbiz.de/10012996412
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Monetary Policy in a Downturn : Are Financial Crises Special?
Bech, Morten L. - 2014
Accommodative monetary policy during the financial crisis was instrumental in preventing a deeper recession. Views differ, however, on how long such measures should be kept in place. At the heart of this debate is the notion that a protracted period of policy accommodation could create...
Persistent link: https://www.econbiz.de/10013065335
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Rescue Packages and Bank Lending
Brei, Michael - 2014
This paper examines whether the rescue measures adopted during the global financial crisis helped to sustain the supply of bank lending. The analysis proposes a setup that allows testing for structural shifts in the bank lending equation, and employs a novel dataset covering large international...
Persistent link: https://www.econbiz.de/10013067136
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Rediscovering the Macroeconomic Roots of Financial Stability Policy : Journey, Challenges and a Way Forward
Borio, Claudio E. V. - 2014
The recent financial crisis has triggered a major rethink of analytical approaches and policy towards financial stability. The crisis has encouraged a sharper focus on systemic risk, the inclusion of a financial sector in macroeconomic models, a shift from a microprudential to a macroprudential...
Persistent link: https://www.econbiz.de/10013067256