In the last decade, there has been a crisis of monetary regulation of the world economy. This is confirmed by the fact that measures of monetary stimulation and assistance to the banking systems of the EU and the United States do not solve the accumulated problems even in developed countries,...

Both during the Great Depression and the Great Recession, monetary policy deviated from its normal course whereby the central bank would aim to provide credit to solvent institutions while allowing insolvent institutions to fail. In both cases, monetary policy was shaped by ideology that...

Not since the Great Depression have monetary policy matters and institutions weighed so heavily in commercial, financial, and political arenas. Apart from the eurozone crisis and global monetary policy issues, for nearly two years all else has counted for little more than noise on a relative...

This paper analyzes the impact of strained government finances on macroeconomic stability and the transmission of fiscal policy. Using a variant of the model by Curdia and Woodford (2009), we study a "sovereign risk channel" through which sovereign default risk raises funding costs in the...

The Federal Reserve's policies have large and growing fiscal effects that most tax analysts are unaware of. For example, its deposits to the Treasury amount to almost 4 percent of federal revenues. And in the National Income and Product Accounts, the Fed accounts for almost 25 percent of all...

During Russia's transition, debates raged over the formation of a market economy and the role of the state. Behind these debates lay both the control of oligarchs over strategic branches of the economy that export raw materials and the experience of the 1998 crisis that drew attention to the...

The Commission's annual Richard Snape Lecture was presented by Professor Yu Yongding from the Chinese Academy of Social Sciences (Beijing) on 25 November 2009 in Melbourne.In an address titled ‘China's Policy Responses to the Global Financial Crisis' Professor Yu described how the Chinese...

This paper studies the relationship between investments in High-Performance Computing (HPC) instrumentation and research competitiveness. Measures of institutional HPC investment are computed from data that is readily available from the Top 500 list, a list that has been published twice a year...

The U.S. Federal Reserve has committed hundreds of billions of dollars in unprecedented lending activities and purchases of mortgage-backed securities based upon its authority under the Federal Reserve Act, and particularly upon its interpretation of Section 13(3), a formerly untested and unused...