Financial Structure, Macroeconomic Stability and Monetary Policy

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Bank Ownership and Lending Behavior (2004, unknown): “This suggests that state-owned banks could play a useful role in the transmission of monetary policy (this is in contrast with the findings of Cecchetti and Krause, 2001, who, however, focus on a different test).”
Assessing the Sources of Changes in the Volatility of Real Growth (2006, background): “As two of us discuss in Cecchetti and Krause (2001), the acumen of policymakers is irrelevant if they are operating in an institutional environment in which monetary policy is ineffective.”
Financial Openness and Business Cycle Volatility (2002, background): “Dalsgaard et al. (2002) look at data for 13 OECD countries for the years 1960-2000 and argue that the recent decline in business cycle volatility has not been due to an increased synchronization of cycles.”
Inflation Uncertainty, Output Growth Uncertainty and Macroeconomic Performance (2006, background): “Nevertheless, one may argue that Central Banks are also interested in minimizing the variability of inflation and output around their target levels (see, e.g. Cecchetti and Krause, 2001).”