The aim of the paper is to shed light on how two factors – central bank’s design and central bankers’ preferences – progressively assumed a crucial role in the evolution of monetary policy economics in the last four decades. The two factors jointly identify the importance of central bank...

Can the inertia in the monetary policymaking be attributed to psychological drivers? Our model shows two results. First, our baseline model with individual loss aversion explains inertia in a monetary policy committee (MPC) where holds a de jure majority rule. Second, our second model shows that...

What are the pros and cons of involving external auditors in banking supervision? Which are the concrete rules of the game all around the world? How to evaluate them? The aim of this paper is to shed light on the relationship between the quality of banking supervision and the involvement of...

The 2010 UEFA Club Licensing and Financial Fair Play Regulations (FFPR) constitute an enhancement of the Club Licensing System, originally introduced in 2004-2005 with the aim to regulate the world of European football and create a more competitive and level playing field. The aim of this paper...

What are the pros and cons of involving external auditors in banking supervision? This paper investigates the relationship between banking supervision and the involvement of external auditors from a theoretical and empirical perspective. We first provide a simple principal-agent framework that...

The aim of the paper is to analyze theoretically and empirically the impact the macroeconomic cycle has on the accumulation of capital by organized crime, using estimates for the global drug market. So far the economic literature has neglected the relationships existing between illegal markets,...

In 2009 the Union of European Football Associations (UEFA) launched its Financial Fair Play Regulations (FFPR) aimed at preventing professional football clubs from overspending in the quest of sporting success to the detriment of their long‐run financial sustainability. The rationale and the...

This paper analyses the gender representation in monetary policy committees, offering three contributions. We propose the first index to evaluate the gender representation in monetary policymaking – i.e. the GMP Index – for a sample of 112 countries as of 2015. Second, we investigate the...

The aim of this paper is to review the results of the existing literature on the relationships between behavioral economics and monetary policy. The description illustrates how the behavioral insights has been so far used in explaining how non-standard agent choices can shape in general the...

In 2002 in reviewing the role of the Federal Reserve System (FED) the United States General Accounting Office declared that "We found no widely accepted, analytically based criteria to show whether a central bank needs capital as a cushion against losses or how the level of such an account...