Money is the balance sheet counterpart to bank lending. As such, highly procyclical components of money reflect incremental bank lending that may reverse abruptly as financial conditions deteriorate. Components of monetary aggregates that correspond to cross-border banking sector flows depend...

Central banks have a variety of tools for implementing monetary policy, but the tool that has received the most attention in the literature has been the overnight interest rate. The financial crisis that erupted in the summer of 2007 has refocused attention on other channels of monetary policy,...

The International Journal of Central Banking from time to time will assemble and publish collections of papers on a common topic, especially when the editors see a critical mass of submissions in an active area where quick publication of the papers as a group will encourage discussion, create...

The link between banking integration and financial stability has taken center stage in the wake of the current financial crisis. To what extent is the banking system in Europe integrated? What role has the introduction of the common currency played in this context? Are integrated banking markets...

Questions about transparency and the optimal way to communicate and commit to a monetary policy are both highly practical and fascinating from a research viewpoint. How far can transparency be taken? Is it better for a central bank to provide information about the future path for the interest...