operations. To this end, we propose a novel risk measurement framework to empirically study the time-variation in central bank …We address the question to what extent a central bank can de-risk its balance sheet by unconventional monetary policy … generated beneficial risk spill-overs across monetary policy operations, causing overall risk to be nonlinear in exposures. Some …

reform and research. We primarily focus on issues relating to transparency and the measurement of risk and how these are … risk being measured. In the aftermath of the crisis many have called for increased transparency; we suggest that while …