An argument that contagion is the most significant risk facing the financial system and that Dodd¬Frank has reduced the government's ability to respond effecti

How the U.S. Federal Reserve began actively intervening in markets Walter Bagehot's Lombard Street, published in 1873 in the wake of a devastating London bank c

The global financial crisis (GFC) has renewed interest in emergency liquidity support (sometimes referred to as “Lender of Last Resort”) provided by central

This open access book gives a concise introduction to the practical implementation of monetary policy by modern central banks. It describes the conventional ins