Research
NY Fed paper observes pre-FOMC meeting equity drift
New York Federal Reserve study explores what causes US equity markets to move drastically ahead of a FOMC meeting
Buba paper on circulation of German euro banknotes
Bundesbank study estimates two-thirds of Germany-issued euro banknotes are in circulation outside Germany
Global financial linkages amplified US shocks: IMF paper
Fund study says close financial and trade links between Europe and US magnified effects of US housing market bubble
ECB foreign reserve managers need different incentives; working paper
Research suggests new rewards system for foreign reserve managers would help align results with ECB preferred outcomes
Riksbank paper investigates sectoral inflation
Working paper suggests flaws in past research on the topic
Spain learns from the past; working paper
Analysis of monetary system in the 1800s shows contraction in the money supply had a milder effect on the economy than expected
‘Astronomical’ Chinese reserves under scrutiny: Fed paper
Federal Reserve Bank of St. Louis working paper highlights drawbacks to current global-imbalance literature when trying to assess situation in China
Tail risks and contract design: BoE paper
Bank’s Fisher calls for further debate on where tail risks should be held as leveraged financial institutions pose larger systemic risks
Assessing the effects of fiscal policy with estimated and calibrated models: BoJ paper
Bank of Japan research shows some difference in impact of fiscal policy based on model used to measure it
IMF paper reconsiders association between public debt and long-term yields
Paper focuses on possible spillover effects of large advanced economies’ debt levels to other economies’ borrowing yields, especially in emerging markets
Capital preservation measures create moral hazard: Bundesbank research
Bundesbank dicussion paper finds that capital preservation measures create moral hazard in banks
Philly Fed paper investigates relationship between oil prices and exchange rates
Working paper shows little systematic relation between oil prices and the Canadian-US dollar exchange rate
Baby boomers sell-off may depress equities: SF Fed paper
San Francisco Federal Reserve study says demographic shifts in US may present headwinds for stock markets
Bank of Albania finds no misalignment in value of lek
Bank of Albania study shows adoption of floating exchange rate regime in Albania has maintained equilibrium level of real exchange rate
One-third of higher liquidity provisions were strategic: ECB paper
European Central Bank study says change in some banks’ bidding behaviour during the crisis reflected their strategic response to competitors
Inflation expectations consistent with expected utility theory: NY Fed paper
New York Federal Reserve study shows inflation expectations do affect agents’ economic decision-making process
Unconventional tools can ease interbank lending: ECB paper
European Central Bank study says repo haircuts can help boost interbank lending during crisis
Capital inflows must be better monitored: BoJ paper
Bank of Japan study says framework to monitor capital inflows must be improved to reflect increase in volume
Market discipline averted subprime chaos: Central Bank of Brazil paper
Central Bank of Brazil says subprime mortgage crisis did not cause serious problems in Brazil due to good regulation and transparency
Oil-price volatility driven by speculation: ECB paper
European Central Bank finds evidence of switch in oil-price regime in 2004 towards speculative demand
Fiscal policy in Cemac region strongly procyclical: IMF paper
Fund study finds evidence of procyclical nature of fiscal expenditure in Cemac countries
ECB paper identifies source of slump in global trade
European Central Bank study says numerous components of final expenditure contributed to sharp decline in global trade during financial crisis
High markups can exacerbate downturns: IMF paper
Fund study finds evidence that high markups in South Africa creates monetary policy asymmetries
Bank of Finland paper assesses China’s two-track system
Bank of Finland study explains why monetary policy in China uses a combination of price and quantitative instruments