Very high government debt/GDP ratios will increase uncertainty about inflation and the future path of real interest rates. This will reduce substitutability across the yield curve. In such circumstances, changes in the short-term/long-term mix of government debt held by the public will become...

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The Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States was released on January 27 2011. The strong political differences within the commission prevented the draft of a shared report. In addition to the majority report, two dissenting...

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The advent of the financial crisis in August 2007, and its subsequent intensification, has largely eroded the hitherto apparently sharp distinction between monetary and financial stability, and it has led to a revival of central bank co-operation. The purpose of this paper is to describe and...