Feature
Rethinking decoupling
The decoupling hypothesis has been one of the casualties of the crisis, Martina Horáková argues
Improving institutional governance in central banks
John Mendzela urges central banks to be leaders, not laggards, in implementing robust governance principles
Ratings agencies: regulate or downgrade?
Ludˇek Niedermayer worries that regulating ratings agencies will simply increase their influence and create the wrong incentives
Towards new microfoundations for macro
Marcus Miller surveys the challenges facing modern macroeconomics, and suggests ideas whose time may have come.
More dismal than ever
Macroeconomics is in crisis, but central banks can help improve the state of the art, argues Malan Rietveld
Beyond Santiago: status and prospects
Sven Behrendt argues that sovereign wealth funds’ admirable support of sound governance principles needs to be taken a step further
Bank Negara comes of age
Governors from five continents joined Bank Negara Malaysia in February to commemorate its 50th birthday. Claire Jones reports
Getting systemic risk regulation right: an agenda for the US
Robert Litan says systemic regulation can be done, and sets out who should do it in the United States – and how
Lessons for banking reform: a Canadian perspective
Canada’s banks have stood firm throughout the crisis, despite Ottawa’s aversion to prescriptive rule-based regulation
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