Research
New model for assessing underlying inflationary pressure: Canada
Discussion paper calls for exclusion of components with “exceptionally large price changes” when assessing underlying inflationary pressures
Phasing in Basel III rules eases economic costs: IMF paper
Fund study shows that implementing higher capital and liquidity requirements over a lengthy period of time can help reduce the macroeconomic costs of enforcing such rules
BIS paper highlights change in bank-lending channel
Bank for International Settlements study shows shift in drivers of bank-lending channel in European and United States pre-crisis
IMF paper builds US, euro area financial conditions indexes
Fund paper creates financial conditions indexes to forecast economic activity in the US and euro area
IMF paper on enhancing stress-test framework
Fund study examines simple techniques to improve risk sensitivity in bank stress test exercises
Financial cycles have strong economic implications: IMF paper
Fund study examines whether the close correlation between business and financial cycles is synchronised or coincidental
Overdraft surveys reduce balances in the red: Philly Fed paper
Philadelphia Federal Reserve study examines impact of overdraft surveys on bank balances
Capital constraints limits firm productivity: BoE paper
Bank of England study shows recession in United Kingdom limited firms’ ability to finance production costs
Portfolio correlation bias poses systemic threat: IMF paper
Fund paper finds evidence of systemic threat associated with correlation bias in allocation of investment funds
NY Fed paper proposes two-tier capital model
New York Federal Reserve study suggests creating a two-tier capital model to solve leverage conflicts
RBA paper reviews unconventional monetary policy measures
Reserve Bank of Australia study says use of long-term interest rates and communication about future short-term interest rate path has merit
Precautionary saving motives necessitate monetary stance revisions: BoE paper
Bank of England study says households’ precautionary saving motives justify accommodative policy bias
Measuring output gap in export-oriented economies: IMF paper
Fund study assess methods to measure output gap in countries facing non-traditional demand pressures
Shirakawa on earthquake response efforts
Bank of Japan governor Masaaki Shirakawa says he feared earthquake would lead to deterioration in business sentiment
Bank of Finland on modelling rational expectations
Bank of Finland study discusses modelling rational expectations in monetary policy framework
QE solution at zero bound: NY Fed paper
New York Federal Reserve paper co-authored by Brian Sack shows quantitative easing successfully eased monetary policy at the zero bound
IMF paper explores measures of default probability
Fund paper investigates methods to measure market price of risk and probability of default
Financial cycle dynamics: IMF paper
Fund study finds financial cycles tend to be long, severe and highly synchronised within and across countries
Bank of Canada paper on enhancing GDP forecasts
Bank of Canada study says pooling methodologies can improve accuracy of GDP forecasts
RBNZ paper on global bond yields
Reserve Bank of New Zealand study finds close correlation between domestic and global bond yields
IMF paper on growing threat of moral hazard
Fund study calls for further incentives and rules to stem threat posed by large systemically important financial institutions
Renminbi revaluation effects on India: RBI paper
Reserve Bank of India study says revaluation of renminbi will impact India’s exports sector
IMF paper on debt dilution
Fund study says commitment to reduce debt levels can eliminate risk of debt dilution
BoJ paper on Fed’s communication strategy
Bank of Japan study says change in Federal Reserve’s communication strategy in 1990s helped it better manage expectations