-bail-out world, the trade-off between financial stability and the cost of capital, the feasibility for central banks to manage their …

significant idiosyncratic elements, including the threat of an unprecedented involuntary "reintermediation" wave for banks and the …

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

do they mitigate, and how large are these effects? We show that by purchasing government bonds, central banks induce …

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 …