We use payroll data on 1.2 million bank employee years in the Austrian, German, and Swiss banking sector to identify … document an economically significant correlation of incentive pay with both the level and volatility of bank trading income … share in the capital markets divisions with the strength of incentive pay in unrelated bank divisions like retail banking …

This paper examines the historical evolution of central bank credibility using both historical narrative and empirics … financial stability relying on macro prudential regulation may pose significant challenges for central bank credibility …

intentions to the public; however. no central bank. adheres strictly to targets in the short run. More normatively. the case … some benefits of targeting, as long as there is some commitment by the central bank ultimately to reverse short …

up to the strategies followed by the leading central banks of the era; the Bank of England in the eighteenth and …

In this paper we provide empirical measures of central bank credibility and augment these with historical narratives …

The regulation of bank capital as a means of smoothing the credit cycle is a central element of forthcoming macro …--on both questions, using a unique dataset. In the UK, regulators have imposed time-varying, bank-specific minimum capital …