The Federal Reserve System has recently accepted exposure to a considerable amount of
private sector credit risk, partly on its balance sheet, through the riskier collateral it now …

Governments through the ages have appropriated real resources through the monopoly of
the 'coinage'. In modern fiat money economies, the monopoly of the issue of legal tender is …

Transparency is a central element in most aspects of the design and operation of inflation
targeting regimes. This paper focuses on three elements of inflation targeting most closely …

This paper presents a survey of the literature on the measurement of central bank autonomy.
We distinguish inputs that constitute the building blocks in the literature, and the literature …

Conventional economic policy models focus only on selected elements of the central bank
balance sheet, in particular monetary liabilities and sometimes foreign reserves. The …

The financial health of central banks and its relation to policy outcomes has recently been
recognized as an important policy issue. While case study evidence clearly indicates that …

This paper examines empirically whether central bank capital influences the conduct of
monetary policy. To this end, we estimate interest rate rules for a sample of 41 countries and …

This book explores three key areas of central banking and governance-autonomy,
accountability and transparency. It looks at links between the areas, as well as assessing the …

This paper reviews how central banks allocate seigniorage, based on systematic cross-
country comparisons of their financial accounts. Central banks are classified as weak or …

We develop a stylized balance sheet framework to help identify 'quasi-fiscal'components of
central bank crisis interventions and show how sources of fiscal risk are created from both …