Research
New core inflation measure proposed in IMF paper
Measure proposed by researchers from IMF and Central Bank of Brazil takes into account both volatility and persistence, ensuring all relevant information is exploited
UK’s FCA declares success in nudging savers towards new products
Occasional paper presents results of trial involving over 20,000 consumers to see if they could be encouraged to seek higher returns; produced ‘notable difference’ in behaviour
Dutch paper examines bank responses to wholesale funding shocks
Working paper published by The Netherlands Bank finds banks with large exposure to government bonds show ‘relatively stronger response’ to wholesale funding shocks
Lower productivity behind growth slowdown in African middle-income countries, IMF paper finds
Slowdown in total factor productivity 'largely responsible' for weaker growth in small middle-income African economies, authors argue
Capital controls may do more harm than good: NBER paper
Working paper attempts to gauge the adverse effects of imposing capital controls, including segmented financial markets, more expensive capital, and reduced investment
Economists at SNB study reuse of collateral
Working paper estimates the level of reuse activity in the Swiss franc report market between 2006 and 2013, before analysing the drivers of it
Bundesbank paper: German banks use specific loan loss provisions counter-cyclically
Banks increase level of loan loss provisions during upswings and decrease them during downturns, authors find; contrasts with results from other countries
Slovenian paper examines government spending in a monetary union
Government consumption expenditure can have’ strong effects’ on private consumption and output in a small and open economy within a monetary union, research finds
World Bank research sees value in ‘acyclical’ remittances
Remittance flows show little correlation with the business cycle and therefore can play an important role in allowing consumption smoothing
Government spend no more effective at ZLB – NBER paper
US government spending did not become more powerful when monetary policy hit a zero lower bound, according to a working paper published by the National Bureau of Economic Research
Israeli research finds monetary policy is ‘dominant factor’ on short-term yields
Paper published by Bank of Israel examines impact of monetary and fiscal policy on government bond yields; finds the influence of government debt has ‘strengthened’ in past decade
IMF paper considers merits of macro-prudential liquidity buffer
Working paper asks whether such a buffer would be desirable, and how it might operate in practice; authors say it would complement other requirements including the LCR and NSFR
BoJ paper outlines enhancements to flow of funds data
Review paper details improvements to flow of funds accounts statistics in Japan introduced since the global financial crisis, and identifies a number of trends that have emerged
Belgian paper examines impact of unit labour costs on exports
Working paper results imply a 10% increase in unit labour costs leads to drop in exports of between 2% and 4%, based on data from 1999 to 2010
Chilean paper analyses recent trends in long-term interest rates
Whether interest rate normalisation will be a smooth process ‘remains to be seen’ as recent developments in fixed-income markets ‘warns of enhanced risks’, research finds
No end in sight for cash payments, Canadian research finds
Despite its costs, cash remains a popular option among Canadians, with younger consumers and merchants showing the highest demand for cash
Polish paper examines impact of different loan types on policy efficacy
Researchers from Polish and Norwegian central banks consider how the different characteristics of residential mortgage markets influence the workings of monetary and macro-prudential policy
Pent-up wage cuts an 'important force' during recovery, San Francisco Fed researchers find
Many firms were unable to reduce wages during the recession, and the 'pent-up' reductions have influenced the recovery, argue authors
Bank of Korea paper examines global liquidity drivers
Researchers at central bank explore transmission of global liquidity shocks from advanced to emerging market economies; warns there is no ‘silver bullet’ response
Bundesbank paper finds bank levy is biting
Big banks have adjusted their behaviour in response to a tax on their liabilities, but less revenue has been raised than expected, Bundesbank researchers find
Impact of ECB unconventional policies depends on bank capitalisation, finds Belgian paper
ECB crisis measures have greater impact on GDP growth in countries where banks are well capitalised, researchers find
BIS paper finds US spillovers impact through long-term rates
Researchers show US monetary policy spills over into Asian economies mainly through long-term interest rates and suggest policy options
BoE research identifies strong impact from long-term unemployment on inflation
Working paper finds evidence that models incorporating linear Phillips curves are underestimating the effect of long-term unemployment on wage inflation
BIS paper finds transmission of low policy rates to lending rates has weakened
There has been a ‘strong increase’ in the gap between the lending rate and the policy rate since the global financial crisis, a BIS working paper suggests