the central bank will lose its traditional instruments of monetary policy. Open market operations and advances to banks … possible avenues for the future role of the central bank. In the first one the central bank becomes dependent on the treasury … to avoid bank runs. Simultaneously, supervision would allow the central bank to impose reserve requirements and to …

literature is that being transparent about operations and beliefs hinders the central bank in achieving the best outcome. In … other words, a central bank needs flexibility and therefore cannot be fully transparent. Using a forward-looking New …-Keynesian model, we find exactly the opposite. A central bank that is conservative improves output stabilization by being transparent …

The recent global financial crisis has ignited a debate on whether easy monetary conditions can lead to greater bank … cutoff depends on the degree of bank competition. It is therefore expected to vary across countries and over time. …

where deregulation raises risks in banking. The central bank is assumed to maximize an objective function an argument of … which is the probability of bank failure. It is then shown that the usual trade-offs between policy objectives imply that … otherwise be the case. Because of restricted entry into banking, deregulation will also call for some inflation. The framework …

Since the collapse of the Soviet Union, the trade of its successor states has spiralled downward. The European Payments … an inappropriate framework for organizing the former Soviet Union's trade and payments. The only multilateral clearing … convertibility and against current proposals for an Interstate Bank. …