Michael Ehrmann, Marcel Fratzscher, Benjamin Born, 29 November 2010

In response to the financial crisis, many central banks are receiving significant new responsibilities for macroprudential supervision. Exploiting the experience of central banks with Financial Stability Reports and other financial stability-related statements, this column argues that such central bank communication can be highly effective, in particular during periods of financial stress.

Donato Masciandaro, Marc Quintyn, 01 August 2009

This column examines the white paper on financial supervision issued by the Obama administration in mid-June. It focuses on the proposal’s preference for interagency cooperation over supervisory consolidation and warns that such an approach, while politically expedient, risks worse governance outcomes.

Carlo Favero, 18 July 2009

Has the Federal Reserve responded too slowly to macroeconomic conditions during the crisis? This column defends the central bank based on new estimates of the policy function, arguing that it has reacted promptly to a gradually evolving macroeconomic situation.

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