Research
IMF paper on goal-independent central banks
The IMF Working Paper "Goal-independent central banks: Why politicians decide to delegate" develops a model which explains why the expected negative relationship between central bank independence and inflation is not empirically robust.
The systemic importance of payments systems
Central banks are increasingly aware of the importance of payments systems to the maintenance of financial stability, the authors of this working paper find.
Building Asia's bond markets
The BIS in Basel has published a collection of papers by scholars, researchers, central bankers and market participants on issues and prospects in Asia's bond markets.
Explaining Fed watchers' mistakes
The authors of this ECB working paper argue that the heterogeneity in the views of private sector Fed watchers is explained by the educational employment backgrounds, as well as by where they are located.
Lower growth, inflation forecast in US - survey
The rate of growth in US output over the next few quarters looks slower now than it did just three months ago, according to 51 forecasters surveyed by the Federal Reserve Bank of Philadelphia.
Focus on distortions - Blanchard
In his Mundell-Fleming Lecture, MIT economist Oliver Blanchard suggests that the outcome of potential government intervention to address current global imbalances is uncertain.
Columbian paper on cb staff costs
This research paper by the Columbian central bank finds that a central banks' labour demand is strongly determined by the country's population, economic development level and changes in operative functions, as well as by staff costs.
Chicago Fed inflation conference report
The December 2006 "Chicago Fed Letter" summarises the findings of a conference hosted by the Federal Reserve Bank of Chicago's Inflation Research Center on price stability.
Explaining US imbalances
In this new NBER working paper, Fabrizio Perri and Alessandra Fogli argue that an external imbalance is a natural consequence of the decline in the volatility of the US business cycle.
Unplanned system trumps Bretton Woods - paper
According to this new NBER working paper by Andrew Rose, the current international monetary system of independent central banks targeting domestic inflation is more stable than the post-war Bretton Woods system of fixed exchange rates.
How far apart are two ACUs from each other?
The Bank of Japan Working Paper "How far apart are two ACUs from each other?: Asian Currency Unit and Asian Currency Union" examines the future evolution of the Asian currency arrangements from broader perspectives, including the optimal currency area…
Asian bond markets: issues and prospects
The BIS published papers on Monday 7 November presented at a BIS/Korea University conference of central bankers, scholars and market participants held in Seoul on 21-23 March 2004.
Transmission mechanisms of monetary policy-Armenia
The IMF Working Paper "Transmission mechanisms of monetary policy in Armenia: Evidence from VAR analysis" examines monetary policy transmission in Armenia in light of the authorities' intention to shift to an inflation-targeting regime over the medium…
Financial integration of new EU Member States
The ECB Working Paper "Financial integration of new EU Member States" assesses the degree of financial integration for a selected number of new EU member states between themselves and with the euro zone.
IMF paper on integration of the securities market
The IMF Working Paper "Integration of the securities market infrastructure in the European Union: Policy and regulatory issues" examines the impact of ongoing cross-border integration of securities market infrastructure in the European Union.
Bond markets as conduits for capital flows
The IMF Working Paper "Bond markets as conduits for capital flows: How does Asia compare?" finds that Europe is more financially integrated than other regions, while Asia already seems to have made more progress on this front than Latin America and other…
Paper on influences of demand for IMF resources
The main objective of the IMF Working Paper "How does the global economic environment influence the demand for IMF resources" is to quantify the relationship between the global economic environment and the number of Stand-By Arrangements (SBAs).
Japan's Next-Generation RTGS
This paper from the Bank of Japan's Payment and Settlement Systems Department provides an overview of the RTGS project and discusses how it is expected to enhance the safety and efficiency of the settlement mechanism for large-value payments in Japan.
IMF paper on a Pacific Island common currency
The IMF Working Paper "Pacific Island countries - Possible common currency arrangement" paper examines the potential advantages and disadvantages of adopting a common currency arrangement among the six IMF member Pacific island countries that have their…
Labour productivity developments in the euro area
This European Central Bank Occasional Paper provides a description and a discussion of some important aspects relating to recent productivity developments in the euro area.
Atlanta Fed paper on cross-border banking
The Federal Reserve Bank of Atlanta Working Paper "Cross-border banking: Challenges for deposit insurance and financial stability in the European Union" examines the implications that alternative regulatory structures may have for resolving failed…
Optimal reserve levels in emerging markets
The International Monetary Fund Working Paper "The optimal level of international reserves for emerging market countries: Formulas and applications" presents a model of the optimal level of international reserves for a small open economy that is…
IMF paper on currency unions
Against the background of the theory of optimum currency areas, the IMF paper "Beauty queens and wallflowers - Currency unions in the Middle East and Central Asia" analyzes possible sequences for establishing a currency union (CU) in the Middle East and…
ECB paper on public sector procurement legislation
The ECB Working Paper "National central banks and Community public sector procurement legislation: a critical overview" finds that an examination of the Public Sector Procurement Directive reveals no substantive grounds on which to argue that NCBs should…