It is commonly thought that an open economy can accommodate output shocks through either exchange rate or real sector adjustments.We formalise this notion by incorporating labour market rigidities into an 'escape clause' model of currency crises.We show that the absence of structural reform...

In autumn of 2007 Britain experienced its first bank run of any significance since the reign of Queen Victoria. The run was on a bank called Northern Rock. This was extraordinary, for Britain had been free of such episodes because by early in the third quarter of the 19th century the Bank of...

It has been widely accepted that constraints on the wholesale funding of bank balance sheets amplify the transmission of monetary policy through what is called the bank lending channel . We show that the effect of such bank balance sheet constraints on monetary transmission is in fact...

"The second edition of The Ethical Business has been updated with new chapters focusing on the symbiotic relationship between business and the environment. New case studies have been developed to increase the practical application of ethical themes within the workplace. A critical analysis of...