"Financial Instability and Monetary Policy," speech delivered at the Risk USA 2007 Conference, New York, November 5. Rotemberg, Julio J., and Michael Woodford (1997). "An Optimization-Based Econometric Framework for the Evaluation of Monetary Policy," NBER Macroeconomics Annual, vol. 12 (no. 1), pp. 297-346. Schmitt-Grohé, Stephanie, and Martin Uríbe (2005). "Optimal Fiscal and Monetary Policy in a Medium-Scale Macroeconomic Model," NBER Macroeconomics Annual, vol.
Another significant change is that membership in the Board of Directors of this bank is no longer motivated by the wish to obtain credit under preferential terms, but by a wish to see the institution’s profits and value of its shares go up. Not to mention risk management, credit approval procedures, internal controls, etc.