March 2014 issue contents

Cover and contents

Real Term Structure and Inflation Compensation in the Euro Area
  by Marcello Pericoli

Financial Frictions and Optimal Monetary Policy in an Open Economy
  by Marcin Kolasa and Giovanni Lombardo

Does Monetary Policy Affect Bank Risk?
  by Yener Altunbas, Leonardo Gambacorta, and David Marques-Ibanez

ECB Reaction Functions and the Crisis of 2008
  by Stefan Gerlach and John Lewis

Are Bayesian Fan Charts Useful? The Effect of Zero Lower Bound and Evaluation of Financial Stability Stress Tests
  by Michal Franta, Jozef Baruník, Roman Horváth, and Katerina Smídková

Central Bank Transparency and Independence: Updates and New Measures
  by N. Nergiz Dincer and Barry Eichengreen