BIS working paper-do we need a new macrofinancial stabilisation framework英文资料.pdfVIP

BIS Working Papers No 193 Procyclicality in the financial system: do we need a new macrofinancial stabilisation framework? by William R White Monetary and Economic Department January 2006 Abstract 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 other imbalances (defined here as significant and sustained deviations from historical norms) have emerged. Should thes