Research
IMF: EME bond spreads respond to fundamentals, financial stress
Fund study says emerging market bond spreads are sensitive to financial volatility in short run but macroeconomic fundamentals in long run
BIS: access to CDS markets reduces debt financing in Asia
Bank for International Settlements study shows credit default swap trading lowers bond issuance costs
Boston Fed finds evidence of sticky wages
Boston Federal Reserve paper shows that wage adjustments in the United States are very infrequent
Credit card rewards boost spending: Chicago Fed
Chicago Federal Reserve study shows that credit card cash-back rewards can boost spending but effect on total consumption is relatively minor
BoE: seniority claims good indicator of default
Bank of England study shows claims by senior debt holders a good measure of future default risk
How to overcome structural breaks when forecasting: Bank study
Bank of England research examines methods to overcome the problem of structural breaks in forecasting
BoE paper: capital inflows primary cause of US housing bubble
Bank of England study shows large capital inflows had a greater effect than monetary policy in generating housing bubble in United States
IMF paper: Dutch disease weakens growth
Fund study finds evidence that overvaluation and volatility of the real exchange rate reduces growth
Philly Fed on labour choices and consumption behaviour
Philadelphia Federal Reserve study shows households' consumption preference for labour is bell shaped
IMF: inflation targeting reduces dollarisation
Fund study says inflation targeting framework strengthens monetary policy channel in countries with high levels of dollarisation
Central banks more independent in decentralised states: BIS
Bank for International Settlements study looks at impact of political economy on central bank independence
St Louis Fed: central banks must plan credible QE exit
St Louis Federal Reserve study shows success of quantitative easing depends on central bank's ability to credibly plan for stimulus withdrawal
ECB's emergency liquidity measures eased credit crunch, says CEPR
Centre for Economic Policy Research study shows European Central Bank's response to financial crisis helped ease liquidity strains in wholesale markets
How to ease Basel III costs: BIS
Bank for International Settlements study says banks can increase lending spreads to recoup costs from higher capital requirements
Philly Fed explains inventory build up prior to crisis
Philadelphia Federal Reserve study explains why prices and trade volumes increase first before collapsing in the run up to a crisis
IMF: unequal income distribution raises leverage
Fund study shows high income households’ greater bargaining power induces high leverage and financial crises
IMF: financial innovation has spillover effects on public information
Fund study shows financial innovation reduces incentive to collect private information and increases likelihood of liquidity shocks
Bank of Canada to government: cut tax, don’t spend
Bank of Canada study shows tax cuts are better than government spending for boosting the economy
Norges Bank: universal banking enhances development of corporate debt markets
Norges Bank study shows that universal banking model promotes successful securitisation of corporate debt markets
Buba finds advantages in industry specialisation
Bundesbank study finds significant monitoring benefits from specialisation of cooperative and savings banks
Finland identifies source of business-cycle volatility in Hong Kong
Bank of Finland study says loan-to-value ratio and housing preference shocks are main source driving business cycle volatility in Hong Kong
HKMA measures cost of regulatory reform
Hong Kong Monetary Authority finds positive effect from Basel III
White emphasises use of Austrian school in policymaking
Bank for International Settlements former economic adviser William White says use of Austrian school assumptions about the financial system could help prevent further crises
BoJ: liquidity strains alter investor behaviour
Bank of Japan study shows investors sell or buy a liquid asset more quickly in distressed environments