Using futures data for the period 1990 - 2008, this paper finds evidence that expansionary monetary policy surprises tend to increase crude and heating oil prices, and contractionary monetary policy shocks increase gold and platinum prices. Our analysis uncovers substantial heterogeneity in the...

One of the key lessons to come from the global financial crisis (GFC) was that regulation in many jurisdictions was missing an overarching policy framework for financial stability. In response, reformers have increasingly looked to macroprudential policies to plug this regulatory gap. One common...

This paper describes how behavioral elements are relevant to financial supervision,regulation, and central banking. It focuses on (1) behavioral effects of norms (social, legal,and market); (2) behavior of others (internalization, identification, and compliance); and(3) psychological biases. It...

Rapid credit growth induced by sudden capital inflows may negatively affect a country's economic performance, with the resulting outflows turning into a financial crisis. The purpose of this study is to determine whether controlling the credit channel of monetary policy could be used as a...

This paper proposes a numerically evaluated open-economy multiperiod general equilibrium model for macro-prudential analysis of monetary and regulatory policies, where optimal decisions by internationally linked financial intermediaries are key determinants of international financial flows and...