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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 ...
Toward an operational framework for financial stability: 'fuzzy' measurement and its consequences
Over the last decade or so, addressing financial instability ¿has risen to the top of national and international policy agendas. Policymakers in general and central banks in particular have been allocating increasing resources to the monitoring of potential threats to financial stability and the ...