In this paper, Benedicta Marzinotto and Jörg Rocholl focus on the tightening of credit conditions for banking rules (Basel III), particularly the estimated macroeconomic costs range, monetary policy and the aggregate costs of the measures. The authors report that the monetary policy response to...

The extensive public support measures for the financial sector have been key for the management of the current financial crisis. This paper gives a detailed description of the measures taken by central banks and governments and attempts a preliminary assessment of the effectiveness of such...