No abstract is available.

A Monetary Conditions Index (MCI), a weighted average of the short-term real interest rate and the real exchange rate, is a commonly used indicator of aggregate demand conditions. In-sample evidence for the US, the euro area, Japan and the UK suggests that a Financial Conditions Index (FCI),...

No abstract is available.

No abstract is available.

A central bank will usually be primarily concerned about three aspects of stability. These are the maintenance of:- (1) domestic price stability, (2) external stability of the value of the currency, and (3) overall systemic stability in the financial system. These three objectives are not, of...

The economic unification of Europe is taking a long time.  It has become more challenging with the advent of financial integration and the single currency. Under the pressures of globalisation and, as a necessary by-product, of increased competition, the risk profile of financial systems has...

No abstract is available.

The 1994/95 Hilldale Lecture in Social Studies delivered at the University of Wisconsin in Madison, Wisconsin, November 10th, 1994.