The experience of the past decade illustrates the sensitivity of inflation in emerging markets to rapidly rising food prices.

From 1999 to 2004 Japan unilaterally sold a combined, and unprecedented, 500 billion dollars of yen.

The embrace of ad hoc capital controls to address temporary market inefficiencies on a case-by-case basis, while pragmatic, perpetuates the view that each capital crisis is an isolated example of failed financial institutions.

Disentangling the true drivers of oil prices is a critical first step for allocating resources and designing good policy.

Ultimately, covered bonds and ABS are complements, not substitutes.

On balance, the figure suggests that structural unemployment during economic downturns has increased since 1991.

The changes in international trade and finance are linked to the changes in business cycle correlations.

The housing market crisis is the latest reminder that asset prices can and do run wild at rates capable of negative effects on real economic activity. Not surprisingly, this has reinvigorated debate over whether central banks should respond to asset price bubbles.

Pronounced cycles and booms in asset prices have usually accompanied widening trade deficits.