Research
CNB paper models domestic bank liquidity stress tests
Czech National Bank study shows the Czech banking system is resilient to stressed scenarios mimicking the 2008 and 2009 international liquidity crisis
Order flows are strong indicator of forex movement: Norges Bank paper
Norges Bank study shows order flows in Asian and Australasian countries are a strong indicator of potential exchange rate movements
Bank of Spain paper identifies no regulatory bias in telecoms market
Bank of Spain study finds no evidence of a bias towards rural consumers in US residential local telephone market
IMF paper measures the natural rate of interest
Fund study says the transformed money demand and observed output gap provides the best information about the natural interest rate
BIS paper reviews Japan’s attempts to internationalise the yen
Bank for International Settlements study says policy to internationalise the yen in the mid-1980s helped liberalise the country’s economy
Bank of Portugal paper studies public-private sector wage gaps
Bank of Portugal study finds public-sector wage premium in Portugal, Ireland, Greece and Spain were higher than euro area average
Counterparty risks distort insurance protection, says ECB paper
European Central Bank study shows that although hedging aims at sharing risk, it can also lead to risk-taking distortions due to the interplay of counterparty risks
Japan’s QE supported economic activity, says IMF paper
Fund study shows monetary policy transmission mechanism in Japan may have strengthened due to improvements in the banking sector and deleveraging in the corporate sector
Bundesbank paper captures dampening impact of bank lending
Bundesbank study shows one-third negative loan development during fallout of the financial crisis was due to purely bank-related factors
Norges Bank paper on central bank independence in the post-war era
Norges Bank case study shows central banks in the UK and Sweden had a higher degree of operational independence than Norway, despite its legal autonomy from government
Central Bank of Barbados warns of weakness in tourism industry
Central Bank of Barbados Economic Review says tourists vacationing on the island are spending less despite an increase in arrivals
Financial cycles lead downturns, says Bank of Finland paper
Bank of Finland study says connection between financial variables and real activity is stronger during periods of recession
CNB paper reviews inflation-targeting framework
Czech National Bank study evaluates changes to the monetary transmission mechanism in the Czech Republic
Global supply chains explain trade collapse, says ECB paper
European Central Bank study shows intra-group trade reacted more rapidly than arm’s length trade to global trade collapse
RBA paper expects larger spillover effects from mining boom
Reserve Bank of Australia study says rise in mining investment expected to have larger impact on a broader range of prices in Australian economy
Clarity in central bank communications remains strong: Netherlands Bank paper
Netherlands Bank study shows central banks communicate policies effectively, despite high degree of uncertainty and less favourable inflation outlook during recent years
Self-employment fuelled labour recovery, says Central Bank of Chile paper
Central Bank of Chile study shows the recovery in Chile’s labour market was driven by self-employment rather than job creation in the formal sector
Bank of Italy: ECB’s flexible operational framework assisted crisis response
Bank of Italy study compares effectiveness of unconventional monetary policies adopted by the Federal Reserve and European Central Bank in response to crisis
RBI paper highlights vulnerabilities of India's highly interconnected financial system
Reserve Bank of India study says policies to address excessive inter-institutional exposure in India should focus on financing channels of non-banking financial institutions
Counter-cyclical capital buffers rely on good central bank policy: BoC paper
Bank of Canada study finds central bank policy can strongly influence success of counter-cyclical capital measures
BIS paper examines sustainability of pension schemes
Bank for International Settlements study sheds light on effects of global economic downturn on the design of occupational pension schemes
RBI paper highlights shift in credit dynamics over business cycles
Reserve Bank of India study shows the behaviour of credit relative to growth in India changes over different phases of the business cycle
NY Fed paper identifies illiquidity issues in Tips market
New York Federal Reserve study says benefits of inflation-protected Treasury securities are not being fully reaped
RBA paper quantifies risk of pricing distortions in markets
Reserve Bank of Australia study finds household and firm decisions are only marginally influenced by mispriced equity markets