Since August 1995, Japanese banks have had to pay a premium on Eurodollar and Euroyen interbank loans relative to their U.S. and U.K. competitors. This so-called Japan premium provides a market indicator of investor anxiety about the ability of Japanese banks to repay loans. We examine the...

Whether central banks should play an active role in bank supervision and regulation is being debated both in the United States and abroad. While the Bank of England has recently been stripped of its supervisory responsibilities and several proposals in the United States have advocated removing...

Since August 1995, Japanese banks have had to pay a premium on Eurodollar and Euroyen interbank loans relative to their U.S. and U.K. competitors. This so-called Japan premium' provides a market indicator of investor anxiety about the ability of Japanese banks to repay loans. We examine the...

This study examines the misallocation of credit in Japan associated with the perverse incentives of banks to provide additional credit to the weakest firms. Firms are far more likely to receive additional credit if they are in poor financial condition, and these firms continue to perform poorly...

Would a more open and regular evaluation of the monetary policy framework improve policy in the United States? Even when considering a relatively short timeframe that spans the 1960s to the present, it is possible to point to many significant changes to the framework. Some of the changes were...

In a speech at UMass Boston, Boston Fed President Eric Rosengren illustrated how unusually weak this recovery has been, which emphasizes the need for continued accommodative monetary policy.

In a speech in Hartford, Boston Fed President Eric Rosengren said that despite recent improvements in economic conditions, "we remain far from where we need to be."

In a speech to the Boston Economic Club, Federal Reserve Bank of Boston President Eric Rosengren called for a "patient approach" to removing the Fed's accommodative monetary policy, given the high numbers of U.S. workers who want full-time work but are currently working part time. He also cited...