1. Introduction -- 2. Theoretical Framework: Identifying Central Banks' Two-Tier Relationship -- 3. The Global Financial Crisis: The Challenge for Central Banks -- 4. US Federal Reserve System and the Global Financial Crisis -- 5. Bank of England and the Global Financial Crisis -- 6. Bank of...

This study utilizes new data across countries on bank supervision for the years 1999-2016 to examine the impact of supervisory powers and institutional changes in supervision. It examineskey characteristics of the banking sector, such as banking sector fragility, bank stability, activity...

Recent calls on central banks and financial regulators to use the tools at their disposal to help mitigate the negative economic and social impacts of climate policies are based on several false analogies between the energy transition and the "just" energy transition. The same false analogies...

Central banks may engage in large-scale lending and asset purchases to stabilize financial markets and implement monetary policy during crises. The ability of these actions to restore financial market functioning is well documented; however, they come with costs. We provide a literature review of...

This paper explains the nature of interest rates in the U.S. federal funds market after the 2007-09 financial crisis. We build a model of the over-the-counter lending market that incorporates new aspects of the financial system: abundance of liquidity, different regulatory standards for banks,...