This article argues that long run monetary determination of both commodity and consumer prices may help explain US CPI and commodity price index data since the early 2000s.

The income velocity of circulation has been subject to a trend decline in all the member states of the European Monetary Union since its inception. In this paper, we propose an explanation for this in terms of a measure of the ECB’s inflation fighting credibility. This credibility gain...

During particularly stressed financial or macroeconomic circumstances, banks’ access to liquidity can become severely restricted. The recent financial crisis demonstrated this phenomenon all too plainly, when, in a climate of fear and uncertainty, both the interbank and international money...

This paper discusses some of the puzzles associated with monetary dynamics and proposes possible explanations, primarily the democratisation of financial markets and sounder money.

The relative importance of different retail payment media varies across countries. There are, however, some trends in the data that are evident pan-nationally: cash seems to be playing a lesser role in payment activity; among non-cash forms of payment, there has been a substitution away from...

This article considers how wholesale (also often called large-value) payment systems can be organised, how they have evolved over recent decades and what are the forces currently at play in shaping settlement mechanisms.