This selected issues paper on Iceland reports that since mid-2009, Iceland has undergone a heavily frontloaded fiscal consolidation program to bring government finances to a sustainable level. To maintain the adjustment gains achieved during the last 21⁄2 years, the authorities have started...

The global financial crisis in 2008 brought central banking to the centre stage, prompting questions about the role of national central banks and - in Europe - of the multi-country European Central Bank. What can central banks do, and what are their limitations? How have they performed?...

Climate change is one of the biggest risks to the global financial system and to the economies of perhaps every nation upon this planet. Central banks could play a prominent role in protecting us from this economic upheaval. This paper develops an objective Green Central Bank Index. The index is...

Several explanations have been put forward for the observation that massive inflation has not appeared as a result of the explosive monetary growth generated by quantitative easing that was in 2008. Several plausible explanations have been put forward for this observation, but none of them can...

Intro -- Contents -- Contributors -- Acknowledgments -- Introduction -- I Monetary and Exchange Rate Policy in Theory -- 1 Pricing-to-Market, the Interest-Rate Rule, and the Exchange Rate -- 2 Optimal Exchange RateRegimes: Turning Mundell-Fleming's Dictum on Its Head -- 3 Monetary Policy Rules,...