This paper examines the policies that led to the financial crisis of 2008 and the suggested policies aimed at preventing such a crisis from ever happening again. It warns that top-down changes to macroeconomic policy may be altering the underlying micro-foundations of the economy, leading to...

The 15th BIS Annual Conference took place in Lucerne, Switzerland, on 24 June 2016. The event brought together a distinguished group of central bank Governors, leading academics and former public officials to exchange views on the topic "Long-term issues for central banks". The papers presented...