Although there already exists ample research on this question, there are not enough findings yet for an appropriate evaluation of whether or not Basel II has acted procyclically in the current crisis.
A recent study by Ruge-Murcia and Riboni (forthcoming) of Bank of Israel policy before and after its change from a single governor to a committee found that committee decisions were more inertial than individual ones. 9 See, for example, Hendry and Clements (2004). 10 In addition, in more recent times, the Federal Reserve System has placed greater emphasis on other aspects of  diversity.