Systemic risk now occupies centre stage in discussions of bank regulatory reform. Systemic risk is often seen as a problem of size, operational complexity, interconnectivity and contagion. It is less often discussed in terms of the institutional framework of legal rules and principles within...

Systemic risk now occupies centre stage in discussions of bank regulatory reform. Systemic risk is often seen as a problem of size, operational complexity, interconnectivity and contagion. It is less often discussed in terms of the institutional framework of legal rules and principles within...

The works of Adam Smith are habitually oversimplified. But in this piece, the author takes a deeper journey into the meaning of Smith to draw interesting lessons about the current economic crisis and future reforms.

type="short" <p>This symposium item belongs to a section headed: SYMPOSIUM: THE GREAT DEPRESSION AND THE EUROZONE CRISIS: LEARNING FROM THE PAST, which also includes What Does the 1930s' Experience Tell Us about the Future of the Eurozone? by Nicholas Crafts (DOI: <url href="http://onlinelibrary.wiley.com/doi/10.1111/jcms.12145/abstract">10.1 111/jcms.12145</url>), Gold...</p>

This article recaps an event held at the Bank of England on 2-3 July 2014. The article covers three main points. First, it situates the event within the context of the Bank’s new approach to data as set out in the Bank’s Strategic Plan. Second, it summarises and reflects on major themes from...

Interpreting movements in monetary aggregates is an important part of the assessment of inflationary pressures in the UK's current monetary policy framework. This paper is the first part of a follow-up study to Fisher and Vega in 1993, examining the determinants of personal sector holdings of M4...

This paper constructs a consistent series for the market value of UK government debt over almost 300 years, analysing how monetary and fiscal policy affect the path of the UK price level. Specifically, it examines the interactions between debts, deficits, the monetary base and the price level....

This paper formed part of the Bank of England's contribution to a study by the G10 Deputies on saving, investment and real interest rates. It investigates a technique which allows economic times series to be decomposed into common trends and common cycles. This is applied to the movements of...

In this paper a structural empirical model of the UK monetary transmission mechanism is estimated, which can be used for policy analysis and forecasting. A small system is estimated containing eight variables that theoretically have an important role in the transmission mechanism. The paper then...