I study whether monetary gold hoarding was the main cause of the Great Depression in a structural VAR analysis. The notion that monetary forces played an important role in bringing about the depression is well established in the narrative literature, but has more recently met some skepticism by...

This paper investigates how declines in the deposit facility rate set by the ECB affect euro area banks' incentives to hold reserves at the central bank. We find that, in the face of lower deposit rates, banks with a more interest-sensitive business model are more likely to reduce reserve...

One of the main concerns associated with central bank digital currencies (CBDC) is the disintermediating effect on the banking sector in general, and the risk of bank runs in times of crisis in particular. This paper examines the implications of an interest-bearing CBDC on banking crises in a...

1. Central banks' capital : an introduction / Peter Sinclair and Sue Milton -- 2. Central bank finances and independence : how much capital should a central bank have? / Alex Cukierman -- 3. Central bank financial strength and macroeconomic policy performance / Peter Stella -- 4. Financing the...

This collection takes the reader through historical, theoretical and factual discussions on why central banks exist and the role -- actual and intended -- they have in assisting their home nation in achieving monetary and financial stability

Have bank regulatory policies and unconventional monetary policies - and any possible interactions - been a factor behind the recent "deglobalisation" in cross-border bank lending? To test this hypothesis, we use bank-level data from the United Kingdom - a country at the heart of the global...