central bank's reaction to liquidity stress gives banks incentives to invest in excessive liquidity transformation, triggering …

banks play complex, long horizon games and face more than one tradeoff. We account for these issues in a simple infinite … bankruptcy. We term these factors discipline and stability effects, respectively. The central bank’s welfare decreases with … central banks cannot attain both low inflation and financial stability. …

taking up the revived debate on whether central banks should "lean against the wind" or not. Currently, there is no consensus …

central bank. Research hypothesis: The central banks of 27 EU countries are characterized by strong differences in their … degree of involvement in safeguarding financial stability, because central banks in the euro zone are more involved in … safeguarding financial stability than non-EMU central banks in the EU. Using a novel methodology developed by the author, a …

central bank's reaction to liquidity stress gives banks incentives to invest in excessive liquidity transformation, triggering …

-crisis mandates" in Lucerne, Switzerland. The event brought together senior representatives of central banks and academic institutions …

. Central banks face a threefold challenge: economic, intellectual and institutional. This essay puts forward a compass to help … central banks sail in the largely uncharted waters ahead. The compass is based on tighter integration of the monetary and …