Feature
Should monetary policy lean or clean: a reassessment
The current turmoil has undermined the view that central banks can deal with bubbles and imbalances after they burst, argues William White
Wolfgang Schmitz: an innovator of exchange rate policies
In this obituary, Karl Socher recalls the contribution of the former governor of the Austrian central bank to the development the post-Bretton Woods system
Lessons from the crisis for central bank management
Central banks and regulators have failed, argues John Mendzela. Here are seven lessons to help management improve performance and promote cultural change.
Lessons from Japan
Thomas Cargill analyses what the American authorities can learn from Japan’s lost “decade and a half”
What the Icelandic collapse taught us
The reduction of a bloated banking sector presents an opportunity for a return to balanced growth, argues Tryggvi Thor Herbertsson
Of currencies, crises and completions
The crisis presents an opportunity to complete Europe’s journey towards a true monetary union, argues John Nugée
How worried should we be about deflation?
Dean Baker argues that fears over deflation have been greatly exaggerated. Policymakers should rather focus on reducing risk premia
When liquidity and reserve management collide
Ludeˇk Niedermayer analyses the challenges in coordinating market operations and reserve management during the crisis
Reserve currencies and solving the new Triffin dilemma
Ousmène Jacques Mandeng argues that the dominance of official investors in the markets they invest in has limited their ability to liquidate their reserves during the crisis
Reserves and the crisis: a reassessment
Joshua Aizenman analyses the different approaches to the use of reserves during the crisis and what this means for the global financial system
The life and times of Guido Carli
Allesandro Roselli recalls the struggle of the former governor to establish modern banking and finance in Italy
Ten theses on operational risk management
Jean-Charles Sevet outlines ten ways to implement or improve operational risk management in central banks
Optimising cash supply
Central banks need to take a business minded approach to their cash-supply function, argues Brian Lang
Central bank employees and inflation credibility
Perceptions of inflation among central bank employees point to some disturbing trends, Jannie Rossouw, Johan Fourie and Vishnu Padayachee find
Inflation targeting under stress
The increasing global nature of the monetary and financial system presents challenges to inflation targeters, says George Kopits
From the frying pan to the fire
Emerging markets are feeling the pain of the credit crunch. But some are better placed to deal with the consequences, says Barry Eichengreen
How to unblock the credit markets
Cutting interest rates is increasingly ineffective. Central banks need to create market-making windows, argues Ronald McKinnon
How to incentivise the financial system
Robert E. Wright argues that regulators – and those they oversee – need better incentives for prudent behaviour
Three essential questions for reforming finance
Barack Obama should appoint a commission to investigate what went wrong and guard against quick fixes, says Eugene White
Why Europe needs a Financial Stability Fund
Investors need assurances over the debt of European Union member countries, Daniel Gros and Stefano Micossi argue
Shell shocked: American finance in crisis
A legislative overhaul is coming. Robert Litan says a renewed focus on market discipline and the consolidation of regulatory authority are the priorities
New tools for central bankers?
The financial crisis has provided an opportunity to test the usefulness of new and previously unused policy instruments, argues Christopher Ragan
Forum: Tackling asset-price bubbles
Central Banking asked a select panel of former central bankers and advisors if the current crisis calls for a reevaluation of the policy response to asset prices
Obama builds formidable team
Malan Rietveld looks at the new economic brains trust in America and the challenges it will face.