BIS Working Papers No 193 (2006)
Procyclicality in the financial system: do we need a new macrofinancial stabilisation framework?
n.a.
Theoretical Study of the Townes-Merritt Effect in Level Crossing Experiments. (1998)
The aim of this study is to develop the theory to describe the effect of an external nonresonant electromagnetic field on level crossing experiments. The primary motivation rests in the possibility...
Theoretical Study of the Townes-Merritt Effect in Level Crossing Experiments. (1998)
A high resolution spectroscopic technique using a nonresonant RF field in a level crossing experiment is proposed. Absorption sidebands, originally observed by Townes and Merritt (1947), are analyzed...
Computational Studies on Acetylcholinesterase: Results from a FY 2002 DoD Challenge Project (1998)
Wright, J. B., Hurley, Margaret, Lushington, Gerald, White, William R.
This report documents the initial phases (model development) of a DoD Challenge project investigating the interactions of organophosphorus compounds with acetylcholinesterase. This project entails...
Are changes in financial structure extending safety nets?
Significant attention has recently been directed to the optimal policy response when financial excesses threaten. This paper rather addresses issues pertinent to the appropriate policy response once...
Whither monetary and financial stability? the implications of evolving policy regimes
This paper was presented at the Federal Reserve Bank of Kansas City's Symposium on "Monetary Policy and Uncertainty: Adapting to a Changing Economy" at Jackson Hole, Wyoming on 28-30 August 2003. The...
Procyclicality in the financial system: do we need a new macrofinancial stabilisation framework?
The successful pursuit of the objective of low inflation by central banks in recent decades has also delivered low variability of both inflation and output. At the same time, numerous financial and...
No one in the industrial countries should now question the substantial economic benefits associated with reducing inflation from earlier, high levels. At the same time, history also teaches that the...
International agreements in the area of banking and finance: accomplishments and outstanding issues
The deregulation of domestic financial markets, in association with technological progress, has led to an explosion of cross-border financial transactions and the cross-border establishment of...
The Euro and European financial markets
Robert N. McCauley, William R. White
This study argues that the introduction of the euro would have a more immediate and direct impact on European bond markets than on European banking markets. The single currency would create a single...
The coming transformation of continental european banking?
This paper first provides a broad overview of current conditions in the banking industry in some of the countries that will participate in European economic and monetary union. It then goes on to...
Evolving international financial markets: some implications for Central Banks
Internationally integrated capital markets can have significant effects on the way central bankers pursue both monetary (macroeconomic) and financial stability. With respect to the former, countries...
What have we learned from recent financial crises and policy responses?
This paper draws some policy lessons from recent financial crises. Three forms of financial instability are distinguished: short-term volatility, medium-term misalignments including excessive...
Recent initiatives to improve the regulation and supervision of private capital flows
In this paper, an attempt is made to put the changing attitudes of policymakers towards international capital flows into a broader economic and historical context. The paper then goes on to suggest...
Globalisation and the determinants of domestic inflation
The remarkable stability of low domestic inflation in many countries requires explanation. In this paper, a number of competing hypotheses are evaluated on a stand-alone basis, and all are found to...
William R White, David Gruen, Sona Shrestha
productivity growth; information technology; NAIRU
Whither monetary and financial stability : the implications of evolving policy regimes
Claudio Borio, William R. White
Monetary policy ; Inflation (Finance) ; Financial markets
While it is tempting to focus on new financial innovations in helping explain recent financial turmoil, more traditional causes should not be overlooked. As on many previous occasions, very rapid...
Should monetary policy "lean or clean"?
It has been contended by many in the central banking community that monetary policy would not be effective in "leaning" against the upswing of a credit cycle (the boom) but that lower interest rates...
Some Alternative Perspectives on Macroeconomic Theory and Some Policy Implications
An initial version of this paper was presented at a meeting of the Euro50 group in Paris on 20, November, 2009. It has benefitted from comments by David Laidler and Axel Leijonhufvud, neither of whom...