and central bank conservatism on economic performance. Several striking conclusions emerge. In relatively centralized … of central bank conservatism. A radical-populist central banker who cares not at all about inflation (alternatively, who …

Bank balance sheet lending is commonly viewed as the predominant form of lending. We document and study two margins of … document the limits of the shadow bank substitution margin: shadow banks substitute for traditional--deposit-taking--banks in … quantitative consequences of several policies on lending volume and pricing, bank stability, and the distribution of consumer …

countries, central bank holdings of dollar reserves are significantly correlated with the dollar-denominated bank borrowing of … model in which the central bank can deal with private-sector mismatch, and the associated risk of a domestic financial … crisis, in two ways: (i) by imposing ex ante financial regulations such as bank capital requirements; or (ii) by building a …

expectations. In our model, the key parameter that aggregates heterogeneous expectations captures the central bank's credibility …'s central bank credibility is much lower. For each country, our measure of credibility has declined over time, making forward … public perceived central bank forward guidance statements to be perfectly credible. Moreover, inflation would have declined …