In this study we attempt to shed some light on the theoretical and empirical discussions regarding the role of monetary aggregates in monetary policy formulations. We also assess the developments in the aftermath of the global financial crisis and emphasize the role of monetary aggregates in...

This paper views the policy response to the recent financial crisis from the perspective of Milton Friedman's monetary economics. Five major aspects of the policy response were: 1) discount window lending was provided broadly to the financial system, at rates that were low in relation to the...

This paper compares the effectiveness, efficiency and robustness of standard and non-standard monetary policy tools, such as the banks' refinancing interest rate, penalty interest rate on deposit facility holdings and minimum reserve requirements on attracted deposits. The assessment is...

This Article considers the scope of the Federal Reserve's emergency loan-making powers and analyzes their use during the recent financial crisis. It argues that many of the Fed's responses to the crisis exceeded the bounds of its statutory authority.In unusual and exigent circumstances, § 13(3)...

The Cypriot banking system has suffered a severe blow last Friday night, after the results of the Eurogroup meeting were announced. Life in the banking system is different since Saturday morning: solutions that were feasible until last Friday (e.g. bank resolutions) might not be feasible this...

This paper compares the effectiveness, efficiency and robustness of standard and non-standard monetary policy tools, such as the banks' refinancing interest rate, penalty interest rate on deposit facility holdings and minimum reserve requirements on attracted deposits. The assessment is...

Many commentators have argued that if the Federal Reserve had followed a stricter monetary policy earlier this decade when the housing bubble was forming, and if Congress had not deregulated banking but had imposed tighter financial standards, the housing boom and bust - and the subsequent...

This monograph challenges the myth that the recent banking crisis was caused by insufficient statutory regulation of financial markets. Though it finds that statutory regulation failed, and that market participants took more risks than they should have done, it appears that statutory regulation...

Three conditions are suggested for establishing a stable financial system: 1. Only digital money is used. 2. The Internet of Things (IoT) uses a sustainable service of nature essential to maintain the well being of the environment and humans in each region of the planet to automatically...

This paper estimates the impact of reserve requirements (RR) on credit supply in Brazil, exploring a large loan-level dataset. We use a difference-in-difference strategy, first in a long panel, then in a cross-section. In the first case, we estimate the average effect on credit supply of several...