Most theoretical central bank models use short horizons and focus on a single tradeoff. However, in reality central banks play complex, long horizon games and face more than one tradeoff. We account for these issues in a simple infinite horizon game with a novel tradeoff: higher rates deter...

The worldwide financial crisis revealed that some of the basic consensuses concerning the macroeconomic policy framework and the roles of the central banks were no longer tenable. This prompted rethinking of central bank objectives, strategies and policy instruments, with particular focus on the...

Governance: What and Why?Corporate governance was discussed before the financial crises of earlier this century, but attention to it has increased dramatically since that crisis. What is governance, and why did it suddenly become so interesting?The Oxford English Dictionary gives a comprehensive...