In the revised monetary policy strategy of the European Central Bank (ECB), “price stability is best maintained by … lower bounds on inflation, within which the central bank may decide not to intervene, provided inflation is expected to …

This paper studies the role of a lender of last resort (LLR) in a monetary model where a shortage of bank’s monetary …

countries where firms borrowed more from domestic banks ("domestic bank dependence") than in countries where firms borrowed more … vulnerable to global banking shocks. We confirm, using a calibrated quantitative model, that domestic bank dependence makes …

Because of secrecy, little is known about the political economy of central bank lending. Utilizing a novel, hand … unprecedented government bailout of the central bank, and resulted in loss of shareholder control over the central bank …

financial crisis of the 20th century – the Great Depression. Using balance-sheet and systemic risk measures at the bank level …, we build an econometric model with incidental truncation that jointly considers bank survival, the type of bank closure … (consolidations, absorption, and failures), and changes to bank risk. Despite roughly 9,000 bank closures, risk did not leave the …