Although central banks have recently taken unconventional policy actions to try to shore up macroeconomic and financial stability, little theory is available to

Recently, monetary authorities have increasingly focused on implementing policies to ensure price stability and strengthen central bank independence. Simultaneo

Central banks may operate perfectly well without capital as conventionally defined. A large negative net worth, however, is likely to compromise central bank in

Inflation is regarded by the many as a menace that damages business and can only make life worse for households. Keeping it low depends critically on ensuring t