Money and central banks -- How monetary policy works : the mainstream model -- Three questions on the mainstream model -- The zero lower bound problem -- Financial stability and the lender of last resort function of central banks -- Will paper currency disappear and will this be a problem? --...

Trust in the central bank is an essential ingredient for a successful conduct of monetary policy. However, for many central banks trust has recently declined, for instance in the wake of the post-pandemic inflation surge, due to large errors in central banks' inflation forecasts, or given...

Using business survey data on German manufacturing firms, this paper provides tests for hypotheses formulated in capital market imperfection theories that predict distributional effects in the transmission of monetary policy. The business conditions of small firms are found to be somewhat more...