This paper documents that households with higher marginal propensities to consume (MPCs) tend to consume goods with more flexible prices. Consequently, they face more cyclical and volatile inflation ...

We provide a multidimensional characterization of monetary policy frameworks across three pillars: Independence and Accountability, Policy and Operational Strategy, and Communications (IAPOC). We ...

Good afternoon. It’s a great pleasure to be home and speaking before the Montreal Council on Foreign Relations. At first glance, my topic—monetary policy—may not seem suitably global. But central ...

This model may define the next generation of global finance, shaped by digital adoption, institutional evolution and ...

Discover how the monetary conditions index (MCI), which was developed by the Bank of Canada, evaluates economic conditions using interest and exchange rates.

Financial conditions indexes summarize a broad range of financial indicators with the goal of measuring how financial markets affect economic activity. Evidence from event studies with high-frequency ...

By the time this opinion is published, the 2025 Christmas celebration will have come and gone, with millions of Nigerians not knowing it was Christmas due to economic hardships and social uncertainty.

Good morning. I’m very pleased to be in such eminent company, especially that of my former advisor at Stanford, John Taylor. And I’ll begin my presentation with a reference to another pathbreaking ...

Discover how the European Monetary System (EMS) stabilized currencies and laid the groundwork for the euro, creating economic unity in Europe from 1979 onwards.

Monetary policy is one of the most important tools available to a central bank for managing an economy. In India, it is conducted by the Reserve Bank of India (RBI), and every two months, the RBI’s ...

Money doesn't grow on trees, but you're thinking about extending a branch from your desk. It could "grow" from there, in the form of monetary and non-monetary incentives to your employees. As a ...