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Macro-prudential policy and the conduct of monetary policy
The 'Great Contraction' in global economic activity triggered by the financial crisis and the extraordinary fiscal and monetary measures that public authorities had to undertake in order to put the economy back on track by putting public finances under heavy strains and leading to extremely low ...
Financial stability monetary policy and Central Banking: an overview
The financial developments of the last decade had a large impact on the management of risk providing more diversified portfolios to investors. Based on these complex financial contracts investors were able to shift the investment possibilities frontier outward however that movement generated intricate ...
Monetary policy under financial turbulence: an overview
The financial crisis that started in 2007 brought the global economy to the brink and in many respects it is still unfolding especially in Europe. How to understand and deal with the crisis has naturally been the subject of fierce debates that continue today. However some consensus appears to be ...
Heterodox central banking
In response to the current global crisis the U.S. Federal Reserve and other central banks around the world have implemented diverse policy measures including purchasing a wide range of securities lending to financial institutions intervening in foreign exchange markets and paying interest on reserves. ...
Monetary policy at the zero lower bound: the Chilean experience
The global financial crisis that started in 2008 dramatically changed the analysis and implementation of monetary policy worldwide. Central banks were at the center of the stage during that time implementing both conventional and unconventional policies. Not only were monetary policy rates drastically ...
Central banking after the crisis
By the mid-2000s both academics and central banks had come to a remarkable consensus on what central banks’ basic strategy should be. However with the collapse of Lehman Brothers in September 2008 the world of central banking changed forever. The worldwide financial crisis revealed that some of the ...
Defining finacial stability and establishing a framework to safeguard it
The ongoing global financial crisis has been a rude awakening that the current framework for safeguarding financial stability is neither reliable nor effective. The threats to global economic stability caused by the dysfunction of credit and money markets and the weakening of the global banking system ...
Monetary policy and global spillovers: mechanisms, effects and policy measures
Central Banks in emerging markets have been forced in the last decade to deal with spillovers from the crises in the United States and Europe and from the extraordinary measures respectively taken by the Federal Reserve and the European Central Bank. This volume provides a comprehensive study of the ...
Monetary policy in the grip of a pincer movement
Monetary policy has come under strain since the global financial crisis (GFC) of 2007–09. Once the GFC broke out central banks’ swift and determined response was essential to stabilise markets and to avoid a self-reinforcing downward spiral between the financial system and the real economy. But putting ...
The transformation and performance of emerging market economies across the great divide of the global financial crisis
Before the Global Financial Crisis, a drive towards greater central-bank autonomy and transparency, as part of the achievement of greater central-bank credibility that had begun in the advanced economies (AE), spread to the emerging market economies...