In addition, two Bank of Japan economists, Koichiro Kamada and Kentaro Nasu, have recently devised an innovative  9  See Goodhart (1975) for the original account, and also Goodhart and Tsomocos (2011) for its most recent application.
BIS central bankers’ speeches  5  system of Financial Cycle Indexes (FCIXs), which are designed to be early warning indicators.10 These FCIXs are not based on a particular theory, but on the age-old analytic tradition of economic trends and cycles.