AbstractThe following sections are included:IntroductionThe Central Bank's Legitimacy When It Has a Financial Stability RoleThe political nature of the central bank's financial stability roleThe perceived legitimacy of the Eurosystem as provider of financial stabilityThe Eurosystem's output...

AbstractThe following sections are included:IntroductionFinancial Instability in the 1920sConvoy System to Prevent Bank FailuresBank of Japan After the New Bank of Japan Act of 1998Monetary Policy and Prudential PolicyLessons from the Experiences of the Bank of JapanReferences

AbstractWe have before us in the session three different and yet complementary “takes” on what is meant by the social productivity of the financial sector, and three calls, directly or indirectly, for further research. Ross Levine looks at the ways that finance adds to social welfare by...

AbstractThe following sections are included:The Analysis and ResultsPolicy ImplicationsReferences

AbstractThe following sections are included:IntroductionThe Cause of the Global Financial CrisisCausesFlexible Inflation Targeting (FIT) and BubbleDigression: The Japanese Bubble ExperienceMiddle Ground: Should the Central Bank Target Asset Prices?Collecting and Calculating Housing Price...

AbstractThe following sections are included:Eurozone in Balance Sheet RecessionDestabilizing Intra-Eurozone Capital FlowsAn Endgame SolutionNavigating the Transition PeriodECB Could Buy More Government Bonds to Counter Lender-Side ProblemsConclusionReference

AbstractIn 1867, when the American economy was still largely agricultural, Horace Greeley, the editor of the New York Tribune, threw out the following challenge in a lecture that he gave in Lower Manhattan: “There are 500,000 farmers, probably, in the State of New York today, who, if you were...

AbstractThe following sections are included:IntroductionFinance, Output Growth, and Output VolatilityFinance, Output Growth, and Output SkewnessConclusionReferences

AbstractThe following sections are included:IntroductionEvidence of Scale Economies at the Largest Financial InstitutionsHow are Economies of Scale Typically Measured and Why Do They Elude Many Investigations?How are Scale Economies Measured While Accounting for Endogenous Risk-Taking?Do...

AbstractThe following sections are included:Lessons LearnedImplications for the Federal ReserveConclusionReferences