fiat money system has widened the scope for central bank policies, which are no longer constrained by legal obligations … attached to central bank money. The paper first surveys the evolution of financial-stability and macroeconomic …

This study assesses the European Central Bank’s (ECB) crisis management performance and potential for crisis resolution … crisis conditions, and how the bank has actually used its leeway since 2007-or might do so in the future. The study finds … managing the euro crisis, but that in general the bank did "too little, too late" to prevent the euro area from slipping into …

turn, would require the central bank to rethink its monetary policy to the extent that traditional relationships between … information technology and other factors associated with the new economy do not threaten the capacity of central banks to … transmission mechanism in a 'new economy' environment. We argue that, although the form of central bank instruments and current …

In this paper, we analyze the relationship between certain characteristics of incumbent central bank governors and …. First, the tenures of central bank governors who are affiliated with a political party are characterized by a relatively …

by Board members. Nevertheless, media coverage of Fed president speeches is more likely if central bank communication is …

, minority voting supporting a higher Bank Rate decreases the likelihood of further asset purchases. -- Asset Purchases ; Bank of …

projections are updated only quarterly and thus, may become stale when new information enters the market. We use data from New … interest rate uncertainty. Confirming the stabilizing effect of fresh central bank announcements, we show that interest rate … expectations deviate from the rate projected by the central bank. Counterfactual analysis suggests that the efficiency of …

We study how financial market participants process news from four major central banks - the Bank of England (BoE), the … Bank of Japan (BoJ), the European Central Bank (ECB), and the Federal Reserve (Fed), using a novel survey of 450 financial … learn about central bank events than on self-monitoring. In general, the Fed is watched most closely, followed by the ECB …