Research

Paper: The Eurosystem, Fed and Bank of Japan

The ECB Working Paper "The Eurosystem, the US Federal Reserve and the Bank of Japan: similarities and differences" provides a systematic comparison of the Eurosystem, the US Federal Reserve and the Bank of Japan.

Perhaps the FOMC did what it said it did

The Bank of Canada Working Paper "Perhaps the FOMC did what it said it did: An alternative interpretation of the great inflation" uses real-time briefing forecasts prepared for the Federal Open Market Committee (FOMC) to provide estimates of historical…

International finance and income convergence

The IMF Working Paper "International finance and income convergence: Europe is different" says recent studies conclude that the ongoing global financial integration may have had little or no value in advancing economic growth, especially in poor…

Central bank performance under inflation targeting

This Bank of Canada Working Paper analyses the inflation record of inflation targeting central banks. The authors find that a higher inflation target and a larger inflation control range are associated with more variable inflation outcomes.

Structural balances and revenue windfalls

In the ECB Working Paper "Structural balances and revenue windfalls: the role of asset prices revisited" the authors revisit one of the "missing links" between budget balances and the economic cycle, namely the impact of asset prices on fiscal revenues.

BoC paper on world real interest rates

Over the past 15 years, long-term interest rates have declined to levels not seen since the 1970s. The Bank of Canada Working Paper "World real interest rates: A global savings and investment perspective" explores possible shifts in global savings and…

The economic impact of central bank transparency

The Working Paper "The economic impact of central bank transparency: a survey" from De Nederlandsche Bank provides an up-to-date overview of the literature on the desirability of central bank transparency from an economic viewpoint.

Trends in financial market concentration

A study forthcoming in the Federal Reserve Bank of New York's Economic Policy Review concludes that there is no pervasive pattern in the past decade of high or increasing concentration in financial markets.

ECB paper on globalisation and euro area trade

As a major player in world trade, the euro area is strongly influenced by globalisation, but is far from being a passive spectator, according to the ECB Occasional Paper "Globalisation and euro area trade - Interactions and challenges" published March…

BIS Papers on evolving banking systems

BIS Papers from the 'Evolving banking systems in Latin America and the Caribbean: challenges and implications for monetary policy and financial stability', meeting of central banks of open economies in Latin America and the Caribbean, Jamaica, 26-27…

Opacity of a credible central bank and inflation

The Discussion Paper "Can opacity of a credible central bank explain excessive inflation?" from the University of Munich shows that, even in the absence of inflationary bias, a credible central bank may find it optimal to implement an accommodating…

ECB paper on emerging market economies

The ECB Working Paper "What drives business cycles and international trade in emerging market economies?" investigates the role of domestic and external factors in explaining business cycle and international trade developments in fifteen emerging market…

BoE paper on Asia's choice of exchange rate regime

In the Bank of England Working Paper "Does Asia's choice of exchange rate regime affect Europe's exposure to US shocks?" the authors use a stylised three-country model to analyse how the transmission of US shocks to Europe might be affected by Asia's…

ECB paper on market responses to policy decisions

The ECB Working Paper "Using intraday data to gauge financial market responses to Fed and ECB monetary policy decisions" examines bond and stock market volatility reactions in the euro area and the US following their respective economies' monetary policy…

Paper on debt sustainability assessment

According to the Working Paper "Debt sustainability assessment: The IMF approach and alternatives" by Charles Wyplosz of the Graduate Institute of International Studies, debt sustainability is an essential attribute of good macroeconomic policies but its…

Canada paper on electronic trading platforms

This Bank of Canada Working Paper examines the impact of increased transparency, brought about by the introduction of three electronic trading systems, on the brokered interdealer market for Government of Canada benchmark securities.

Canada paper on monetary policy committees

The Bank of Canada Working Paper "Monetary policy committees in action: Is there room for improvement?" reviews economic, experimental, sociological and psychological studies to identify criteria for the optimal institutional setting of a central bank…

What explains the US net income balance?

Despite a significant deterioration in the US net foreign asset position, there has not been a corresponding deterioration in the net income balance. In fact, there has generally been a net income surplus, according to this IMF Working Paper published…

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