Here’s a link to “Central banks and financial crises”, a paper I presented at the Federal Reserve Bank of Kansas City’s symposium on “Maintaining Stability in a Changing Financial System”, at Jackson Hole, Wyoming, on August 21-23, 2008.
Sorry about the length. If I had had more time, I could have written a shorter paper. That’s all for now. Back to the beach until September 1.

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Professor of European Political Economy, London School of Economics and Political Science; former chief economist of the EBRD, former external member of the MPC; adviser to international organisations, governments, central banks and private financial institutions.