This paper seeks to inform about a feature of monetary policy that is largely overlooked, yet occupies a central role in modern monetary and financial systems, namely central bank collateral frameworks. Their importance can be understood by the observation that the money at the core of these...

There is a need to find better models and indicators for large disruptive events, not least in order to be more prepared and mitigate their effects. In this paper we take a step in this direction and discuss the performance of a financial stress indicator with a specific focus on the euro area....

Pt. 1. 2008: after the crash. The worst market crisis in 60 years ; The perilous price of oil ; Paulson cannot be allowed a blank check ; Recapitalise the banking system ; How to capitalize the banks and save finance ; America must lead a rescue of emerging economies -- pt. 2. 2009: The right...