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Briefing

Proposals for a Paradigm Shift

Critical Issues

The Risk-Taking Channel of Monetary Policy: Do Low Interest Rates Fuel Low-Quality Lending?

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What Will the "New Normal" Future Look Like?

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Lehman Anniversary: What's Different? What's Still the Same?

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Time for a Paradigm Shift: Do We Need a Higher Inflation Target?

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Is There Too Much or Too Little Liquidity? A Contrarian View

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Outside the Box Approaches to Deal With Boom and Bust in the Era of Financial Innovation

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Overview:

Keiichiro Kobayashi: "The existing theoretical structure of macroeconomics is incapable of addressing macroeconomic performance and the stability of the financial system in an integrated context." The author proposes a paradigm shift to explicitly include credit markets and asset prices. (09/24/09)

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