We study the effects of shadow banking panics in a macroeconomic model with a rich financial system, including deposit-financed retail banks and wholesale-financed shadow banks. The model can quantitatively match the dynamics of key variables around the US financial crisis. Wholesale funding...

Locating the appropriate degree of interaction between fiscal and monetary policy plays an important role in ensuring economic stability. Their joint impact is, however, still unclear. We observe significant differences in the transmission of shocks, in particular between the Great Recession and...

Since the start of the global financial crisis, per-capita income growth has stagnated in many advanced economies. Some scholars have interpreted the lack of growth as a temporary phenomenon caused by the legacy of the crisis. Others view the lower long-term growth as a consequence of an...

The notes in this compilation prepared by key monetary experts explore the different ways in which globalisation could have an impact on inflation and monetary policy transmission channels. The growing integration of production processes, commodity price shifts and the reduced ability of wage...

At the press conference following the ECB Governing Council meeting of 3 December 2015, the President of the ECB Mario Draghi reiterated the readiness of the ECB to adopt, if necessary, additional measures - in terms of size, composition and duration of the of the asset purchase programme EAPP -...

At the press conference following the ECB Governing Council meeting of 3 December 2015, the President of the ECB Mario Draghi reiterated the readiness of the ECB to adopt, if necessary, additional measures - in terms of size, composition and duration of the of the asset purchase programme EAPP -...

The notes in this compilation review the main features (size, structure, etc.) of sovereign bond markets in euro area Member States and discuss, in the relation to expanded asset purchase programme (EAPP) of the ECB, the financial risks the Eurosystem is potentially taking on its balance sheet...

The notes in this compilation review the main features (size, structure, etc.) of sovereign bond markets in euro area Member States and discuss, in the relation to expanded asset purchase programme (EAPP) of the ECB, the financial risks the Eurosystem is potentially taking on its balance sheet...