In response to the intensification of the financial crisis in Autumn 2008, the Bank of England,
in common with other central banks, loosened monetary policy using both conventional and …

The recent financial crisis has triggered a major rethink of analytical approaches and policy
toward financial stability. The crisis has encouraged a sharper focus on systemic risk, the …

As countries around the world grapple with Covid-19, their economies are grinding to a halt.
For the first time since the Great Depression both advanced economies and developing …

We consider how a central bank digital currency (CBDC) could transform all aspects of the
monetary system and facilitate the systematic and transparent conduct of monetary policy. In …

Using evidence from four major central banks, we decompose news conveyed by central-
bank communication into news about monetary policy (monetary news), as well as non …

It is high time we rediscovered the role of the financial cycle in macroeconomics. In the
environment that has prevailed for at least three decades now, it is not possible to …

In the intermediation of loanable funds model of banking, banks accept deposits of pre-
existing real resources from savers and then lend them to borrowers. In the real world, banks …

Global current account imbalances have recently been singled out by many as a key factor
contributing to the global financial crisis. Current account surpluses in several emerging …

As part of its response to the global banking crisis and a sharp downturn in domestic
economic prospects, the Bank of England's Monetary Policy Committee (MPC) began a …

This paper assesses the macroeconomic effects of unconventional monetary policies by
estimating a panel vector autoregression (VAR) with monthly data from eight advanced …