Research
Constructing a sovereign balance sheet
In this article two IMF economists discuss a "new tool in surveillance, the public sector balance sheet, [which] can help diagnose vulnerabilities that are not immediately visible in the budget."
Chicago Fed paper on mobile payments
Will mobile payments go the way of the stalled smart-card revolution of the 1990s? This Chicago Fed letter looks at these new payments fit into the larger payment system.
ECB: Inflation-linked bonds benefit central banks
In a recent occasional working paper the European Central Bank argues that "the issuance of inflation-linked bonds has explicit benefits for central banks."
Ball: globalisation does not affect inflation
A recent paper by Laurence Ball for the National Bureau of Economic Research suggetss that "globalisation has had little effect on the rate of inflation in the United States."
The benefits of the SARB's transparency
This IMF Working Paper suggests that the increased transparency of monetary policy in South Africa since the late-1990s has helped to improve the accuracy of inflation and interest rate forecasts.
The importance of monetary aggregates
This ECB working paper presents a strong argument in favour of using monetary aggregates as an analytical tool for predicting future inflation.
Why is the dollar so high?'
In this paper, Martin Feldstein, once considered a frontrunner to replace Alan Greenspan as chairman of the US Federal Reserve, argues that a decline of the real value of the dollar that is large enough to reduce the current account deficit significantly…
A user's guide to derivatives data
This research note by US Federal Reserve discusses the potential use of newly-collected data on cross-border derivatives.
Research on negative savings rates
This research by the New York Fed suggests that the macroeconomic risks and those to individual households' well-being, associated with negative personal savings rates are overstated.
A primer on Islamic finance
This IMF working paper provides a review of the current state of market development in Islamic finance and examines the legal and economic implications of shariah compliance.
Assessing financial soundness indicators
This paper analyses the relationship between selected macroeconomic and financial soundness indicators (FSIs) such as capital adequacy, asset quality and profitability.
Governors matter - new paper
This new working paper from the Peterson Institute for International Economics looks at whether or not monetary policy expectations are affected by the appointment of a new central bank governor.
Monetary operations in China
This Bank of Japan Working Paper suggests that the People's Bank of China's money market operations have been focused mainly on China-US interest rate differentials for the sake of stability in the Renminbi exchange rate after the July 2005 reform.
Latest St Louis Fed Review published
The Federal Reserve Bank of St. Louis has published its May/June issue of its Review, a journal covering national and international economic developments, particularly focusing on their monetary aspects.
Papers for Kansas Fed payments event
Non-banks are becoming increasingly prominent in payments systems around the world. The three-day conference look at the implications of this heightened presence for innovation, competition and risk.
Kansas Fed papers: Nonbanks in payments system
The Federal Reserve Bank of Kansas City has published preliminary papers from the "Nonbanks in the Payments System: Innovation, Competition, and Risk," conference held May 2-4 in Santa Fe, N.M.
BIS Paper on globalisation and inflation
The BIS Working Paper "Globalisation and inflation: New cross-country evidence on the global determinants of domestic inflation" published 11 May argues that prevailing models of inflation are too "country-centric", in that they fail to take sufficient…
IMF Paper: Global imbalances & financial stability
This IMF Working Paper discusses two opposing views on global imbalances: The "traditional view", which regards the imbalances as a threat to global economic and financial stability, and the "new paradigm" view.
IMF paper: Jordan's international reserve position
This IMF Working Paper uses several traditional measures of reserves adequacy to compare Jordan's reserve holdings with other emerging market countries.
BoC paper on new accounting standards
The Bank of Canada Discussion Paper "Implications of new accounting standards for the Bank of Canada's balance sheet" looks at the new accounting standards implemented by the CICA for the valuation and reporting of financial instruments.
RBA paper on forecasting with factors
The Reserve Bank of Australia Research Discussion Paper "Forecasting with factors: The accuracy of timeliness" demonstrates that factor-based forecasts for key Australian macroeconomic series can outperform standard time-series benchmarks.
IMF paper on Reserve Bank of Zimbabwe's losses
The IMF Working Paper 'Central bank quasi-fiscal losses and high inflation in Zimbabwe: A note' says Zimbabwe's failure to address continuing central bank quasi-fiscal losses has interfered with both monetary management and the independence and…
Debit card and cash usage: Cross-country analysis
This Chicago Fed Working Paper finds that while check usage declined and has almost disappeared in some countries, the stock of currency in circulation has not declined as fast.
Term structure transmission of monetary policy
Under bond-rate transmission of monetary policy, the authors of this Bank of Canada Working Paper show that a generalized Taylor Principle applies, in which the average anticipated path of policy responses to inflation is subject to a lower bound of…