In this paper a new instrument for monetary policy shocks is presented. Exogenous variation of the policy rate may come from frictions of collective decision-making. Dissenting votes indicate how far the final decision of the decision making body is from the mean of the members' individually...

As the Basel III package nears completion, the emphasis is shifting to monitoring its implementation and assessing the impact of the reforms. This paper presents a simple conceptual framework to assess the macroeconomic impact of the core Basel III reforms, including the leverage ratio surcharge...

A forward-looking view on bank resilience can be obtained through a combination of regulatory capital ratios, market valuations and insights from stress tests.Banks appear to have avoided the losses that once seemed likely given the severity of the pandemic shock, due in large part to policy...