Research
Crisis accelerated EMU development: ECB paper
European Central Bank study says financial crisis gradually sped up institutional development of Economic and Monetary Union
Debt tolerance levels in Central America: IMF paper
Fund study shows level of debt reduction needed to achieve investment-grade credit-rating status
NBD paper assesses impact of credit card surcharge on cash payments
National Bank of Denmark study shows new credit card surcharge did not cause shift towards greater cash payments
IMF paper on enhancing DSGE modelling
Fund study identifies benefits from adopting a richer set of data in dynamic stochastic general equilibrium models
Bank of Portugal paper reviews effects of transport costs on trade
Bank of Portugal study rejects the pure iceberg cost approach used to measure transport costs for exporters
San Francisco Fed paper identifies strong QE signalling channel
San Francisco Federal Reserve study finds strong signalling effect from Federal Reserve’s quantitative easing programme
US and Japan generate largest spillover effects: IMF paper
Fund study finds slow-growing countries benefit most from growth spillover effects from US and Japan
Modern macroeconomics failed to take into account defaults: BoJ paper
Bank of Japan study co-authored by professor Charles Goodhart says modern macroeconomics must incorporate defaults into their models
Riksbank was ‘wrong’ to raise rates: Svensson
Riksbank deputy governor Lars Svensson says Riksbank miscalculated repo rate path and should have followed Federal Reserve with accommodative stance
Public capital productivity is high: IMF paper
Fund study shows that public capital investments explain variations in economic growth in middle- and low-income countries
Financial openness provides incentive for remittances: Netherlands Bank paper
Netherlands Bank study shows greater financial openness attracts higher levels of remittances
Dallas Fed paper identifies sizeable asymmetries in FX and bond markets
Dallas Federal Reserve paper highlights asymmetries between returns of government bond and exchange rates
Housing bubble fuelled by light-touch regulation: IMF paper
Fund study shows light-touch regulation of independent mortgage originators fuelled the US housing bubble
IMF paper identifies most systemically important jurisdictions
Fund study says risk-based surveillance should focus on systemically important jurisdictions
Semi-government bond markets provide liquidity benefits: RBA paper
Reserve Bank of Australia study says semi-government bond market is important feature of Basel III liquidity reforms
Boston Fed paper reviews Argentina's economic collapse
Boston Federal Reserve study shows higher input costs exacerbated macroeconomic downturn in Argentina during the early 2000s
NY Fed paper identifies causes of US housing bubble
New York Federal Reserve study shows US housing boom was driven by lower lending standards and overly optimistic investors
Bank of Israel paper reviews bond market reforms
Bank of Israel study shows success of reforms to local secondary government bond market were mixed
Domestic factors major contributor to global crisis: ECB paper
European Central Bank study says contribution of systemic contagion effects from US markets towards global crisis are overplayed
Financial stability reports effective communication tool: NBP paper
National Bank of Poland study says central bank communication can reduce market volatility through financial stability reports
BoC paper experiments with price-level targeting
Bank of Canada study finds evidence in support of well-anchored inflation expectations in a price-level targeting regime
Survey-based measures offer benefits over factor models: ECB paper
European Central Bank study says survey-based measures provide substantial forecasting benefits during recessions
Target2 offers useful liquidity monitoring tool: Netherlands Bank paper
Netherlands Bank study says Target2 payments systems can identify early signs of bank illiquidity
Early monetary exit risks return to recession: KC fed paper
Kansas City Federal Reserve study shows an early monetary policy exit can lead to a double-dip recession