Research
Spillovers more widespread than previously thought – Boston Fed
Many central banks cause spillovers besides the Federal Reserve, researcher says
Fed communication drives house price expectations – NBER paper
Researchers find people’s expectations vary widely and depend on clear explanations
Steeper Phillips curve cannot fully explain inflation surge – IMF paper
Structural factors have led to some steepening but it is not the full story, authors say
ECB paper suggests faster methods for estimating eurozone employment
Nowcasting tools outperform models currently used by ECB, researchers say
Supervisors should take action on interest rate risk – BIS paper
Core regulation alone will not neutralise all current risks, Financial Stability Institute says
Central banks have ‘long way to go’ on gender equality – IMF paper
“Multidimensional survey” finds eight major central banks are unequal on many metrics
Non-banks key to ‘absorbing’ sovereign debt – BIS paper
New database of key players in sovereign debt markets reveals EME reliance on non-banks
Macro-pru helps dampen global shocks – BIS paper
Authors find capital controls are less effective than prudential tools at offsetting shocks
NBER paper proposes ‘resurrecting’ non-linear Phillips curve
Original version of the curve is “strongly non-linear” and helps explain current inflation, authors say
Extended QE creates pessimistic sentiment – Bank of Canada paper
News and social media “significantly” impact market sentiment, researchers say
Monetary policy can matter in poor countries – IMF paper
Study suggests changes to money supply may have impact through exchange rate
Structural reforms could ‘unleash’ Indian growth – IMF paper
Study highlights shift in sources of productivity growth in India
Romer and Romer ask ‘does monetary policy matter?’ – again
Study based on “narrative approach” predicts major impact from recent Fed tightening
Asset purchases stopped mutual fund crisis, ECB paper finds
ECB’s emergency purchases in Covid-19 pandemic prevented asset fire-sale spiral
Canadian RTGS system improves payments efficiency, paper says
Researchers examined transition from a hybrid high-value payment system to RTGS
EMEs now coping better with financial market stress – BIS paper
Authorities have tackled old vulnerabilities, but trouble is springing up elsewhere
ECB paper looks at borrower-based macro-pru limits
Households’ resilience and banks’ capital ratios improved by caps on borrowing
Weather affects eurozone inflation, ECB paper finds
Bloc’s four biggest economies respond differently to changes in temperature and variability
Youth disconnect could create ‘less-skilled workforce’ – Dallas Fed
Declining labour force participation is detaching younger people from work, authors find
IMF research emphasises link between inflation and fiscal policy
Authors call for spending cuts and large, targeted wealth transfers to the poor
Tech could shake up international monetary system – IMF paper
Inertia likely to maintain status quo in near term, but impact of technology “highly uncertain”
Long-term unemployment can affect inflation – BoE paper
Non-linear Phillips curve helps explain finding that breaks with previous literature
BIS paper warns of worsening fiscal and monetary trade-offs
Many governments have sought to shield consumers from price rises, at a high budgetary cost
Dallas Fed warns of global housing ‘slide’
US and German markets are out of touch with fundamentals, authors say