We argue that there are sound theoretical reasons for believing that an inflation targeting central bank might improve macroeconomic performance by reacting to asset price misalignments over and above the deviation of, say, a two-year ahead inflation forecast from target. In this paper, we first...

This volume is a collection of the speeches, presentations and papers from a conference on "The International Financial Crisis and Policy Challenges in Asia and the Pacific". The event was co-hosted by the People's Bank of China (PBC) and the Bank for International Settlements (BIS) to mark the...

Significant deviations from covered interest parity were observed during the financial crisis of 2007-2009. This paper finds that before the failure of Lehman Brothers the market-wide funding liquidity risk was the main determinant of these deviations in terms of the premiums on swap-implied US...

Devisenkursbewegungen und internationale Inderdependenz von Aktienmärkten In diesem Beitrag werden Verbindungen zwischen Aktien- und Devisenkursbewegungen untersucht. Im ersten Teil zeigt eine empirische Untersuchung für sieben Industrieländer auf der Grundlage von Daten ab 1974 eine Reihe...