The collapse of Lehman Brothers in September 2008 led to a severe liquidity crisis in Hungary, which is part of the … European Union but does not use the euro. Hungary’s banking system was vulnerable to short-term liquidity withdrawals by … foreign banks. In October 2008, the Hungarian central bank, Magyar Nemzeti Bank (MNB), created a temporary bilateral repo …

of policy have recently been of greater importance: changes in the supply of bank reserves, changes in the assets … a role for the central bank's balance sheet in equilibrium determination, and consider the connections between these … sense and targeted asset purchases by a central bank, and argue that while the former is likely be ineffective at all times …

Pt. 1. Central banking and monetary policy -- pt. 2. Central bank policy in times of crisis …

interesting and new perspectives on the conduct of monetary policy during the crisis, and provide sharp criticism of central bank …