This paper provides a unique comparative overview of the structure of credit to the non-government sector in 14 industrialised countries and of its evolution over time with a view to casting new light on the implications for the transmission mechanism of monetary policy. The analysis draws on...

Since the Great Financial Crisis, central banks have been facing a triple challenge: economic, intellectual and institutional. The institutional challenge is that central bank independence - a valuable institution - has come in for greater criticism. This essay takes a historical perspective and...