..., it highlights the role of central banks by implementing supportive monetary policies and ensuring the proper working of credit markets. It suggests that financial repression (with or without inflation) is unlikely to produce a large payoff as a captive domestic investor base may be difficult to achieve...

..., for example, output bounce-back did not entail an equivalent credit recovery. These episodes of asymmetric bust/recovery are called Phoenix Miracles. The chapter also highlights the efficacy of central banks in preventing a replay of the Great Deflation but it also points out their inability to prevent major...

...The chapter argues that there is a global shortage of safe assets, which puts downward pressure on safe real rates and leads to a stubborn form of liquidity trap (a safety trap). Central banks are contributing to the shortage by accumulating safe assets through international reserve accumulation...

... countries is largely the same, there are differences in the specific instruments deployed that likely depend on economic, historical, and institutional characteristics. Central banks seem to use the policy interest rate to address inflation and overheating concerns associated with capital inflows...

... and central banks acted on an unprecedented scope and scale. The policy response was unique in the variety of the measures taken, including some that had so far been almost unthinkable. Examples include unconventional monetary policy, interventions in financial markets, exchange rate intervention...

...This chapter examines the support provided by central banks and governments to the financial sector during the 2007 financial crisis, with particular emphasis on the extent to which costs differed across countries. More specifically, it considers the types of central bank and government support...

... macroprudential surveillance and domestic implementation of macroprudential policies raises a set of issues which are worth exploring. Central bank s Financial stability Global financial crisis 2007–2009 Macroprudential policies tools instruments and supervision Monetary policy Basel Committee on Banking...