Research
Turkey tests new policy on checking accounts
Study by Turkish central bank rejects new policy to increase payment fees for checking accounts
Fed: macro models ignored lower bound of yield curve
San Francisco Fed constructs an augmented version of macro-finance model following financial crisis
Fed: smaller optimal weight should be placed on rental price inflation
San Francisco Fed paper suggests that nature of rental prices warrants change in the way inflation is measured
Turkish study shows economic impact of oil shocks
Central Bank of Turkey paper shows that oil prices have similar impact both globally and on small oil-importing economy
Bank explains UK housing bubble
Bank of England study links rising house prices to lower real long-term rates and lower inflation in the run up to the bubble
RBA: price stickiness overstated in traditional models
Reserve Bank of Australia study shows New-Keynesian Phillips Curve overstates the degree of price stickiness in macro models.
Bank of Canada adapts Black-Scholes model
Bank of Canada uses an adaptation of the Black-Scholes to forecast foreign exchange risks between the US and Canada.
Extra-euro trade growth tops intra-euro trade
Latest trade consistency exercise shows that Extra-euro dominates intra-euro growth in the last decade.
BOE paper: inflation co-movement linked to globalisation
New study into co-movement in inflation across industrialised countries links low-inflation rates to falling commodities prices
Exercise caution with Okun’s law: Bank of Canada paper
Research from the Canadian central bank shows recent evidence does not conform to the original specifications of relationship between output and unemployment
BoJ study: low rates not enough
Bank of Japan study shows that low interest rate commitment was insufficient in stimulating growth
Fed: safety net is too big
Richmond Federal Reserve research flags dramatic expansion of safety net
IMF explains peso appreciation in the 90’s
IMF paper shows that gains in total factor productivity and more competitive pricing for tradable goods explains the historical appreciation of the peso
The Bank’s balance sheet during the crisis
Bank of England’s markets chief sets out how size and composition of balance sheet has changed
Boston Fed: the housing portfolio effect
A study by the Boston Federal Reserve explains why Americans buy unaffordable homes when the housing market is appreciating
Investment growth declines in Europe
Central Bank of Ireland research shows that while declines in investment growth is larger in US compared with the eurozone this year, it continues to lag behind the US overall
Bank of Canada on risky measures
Bank of Canada study shows that increased ownership among the largest shareholders invites less risky behaviour in decision making
Household consumption falls in China: RBA
Despite household consumption expenditure in China continuing to rise, the share of household consumption in total expenditure has declined
UK public’s price expectations moderately rise
GfK NOP survey on inflation attitudes from the Bank of England shows expectations remain stable
The US banking practices falling behind
Boston Fed study urges US to invest more in payments technology to cope with the demands of the digital age
Canada develops own version of the GPM
Model to predict global growth developed in conjunction with IMF
IMF highlights risks of FX swaps
IMF paper finds that the use of foreign exchange (FX) swaps for funding and hedging purposes is not as infallible as previously thought, especially in periods of market stress
Credit channel working in Korea
Bank of Korea paper uses data from Korean firms to build on academic research on credit channels
More men than women lost jobs in crisis: NY Fed paper
New York Fed paper finds that the unemployment gender gap widened in the recession, partly due to higher numbers of men re-entering labour force rather than waiting out the slump