Research
Towards a euro monetary fund
Daniel Gros and Thomas Meyer team up on fix aimed at stopping another Greece
Chile on the pros and cons of connectivity
Central Bank of Chile looks at how shocks are transmitted across markets and banking systems
Modeling the demand for reserves
A new working paper from the Swiss National Bank estimates a demand curve for central bank reserves
Real-time macroeconomic monitoring
A new paper from the Philadelphia Fed sketches a framework for monitoring the
SWFs innocent of political bias
OECD looks at whether sovereign-wealth funds’ investments are politically motivated
US debt ratio drives international exchange rates: Bank of Canada
A Bank of Canada paper posits that the debt to GDP ratio in the US and commodity prices have great impact on bilateral exchange rates
CEE more vulnerable to exchange-rate shocks
National Bank of Hungary looks at the transmission of monetary policy in Central and Eastern Europe
Stability framework possible despite data challenge: Borio
Bank for International Settlements’ Claudio Borio says measurement of financial stability is the major challenge
Africa mostly sheltered from remittances drop
International Monetary Fund looks at the impact of the global economic crisis on African GDP via the remittance channel
Systemic risk more than size and default probability
Bank of Canada looks at measuring aggregate risk in the financial system
Fed could have done more: CEPR paper
A paper reviewing the Fed’s policy actions in the crisis finds that it could have pushed further, according to economic theory
A new default and credit risk model for Korea
Bank of Korea research develops a model to estimate the probability of default using new indicators such as debt-to-equity ratios that better explain behaviour
Joint fiscal stimulus does everyone good
Bank of Canada looks at the potential effect of the joint fiscal policy initiatives of the G20 in 2009 and 2010
Labour shifts and productivity analysed
Bank of Canada paper finds that while overall labour reallocation has picked up, movement between jobs in the same industry, which causes increases in productivity, has declined
IMF warns against Japanese complacency
International Monetary Fund report says Japan will face a harder task in convincing markets it can manage high debt levels in future
Big fiscal spending hurts post-crisis recovery: IMF
International Monetary Fund looks at whether there is a trade-off between committing large fiscal resources and a quick recovery
SNB policy impacts franc’s rate by less than 20%
Swiss National Bank looks at the determinants of the franc’s exchange rate against the euro
Great Depression spread by Germany, not US
A new paper argues that the 1931 crisis was propagated by the collapse of Germany's banking system
The behavior of money
A technical paper from the Central Bank of Ireland looks at how the demand for money has changed as the store of value function has gained in importance over the past 40 years.
Back in the USSR?
Bank of Finland research finds that after 20 years of experimenting with private financial intermediation, Russia appears to be backtracking towards a state-run credit system.
New DSGE model for Estonia
Bank of Estonia makes public its new dynamic stochastic general equilibrium model for the domestic economy
Who should decide on LoLR support?
Central Bank of Uruguay’s Jorge Ponce looks at who should decide on emergency liquidity assistance
Rethinking risk aversion in asset-price models
San Francisco Fed shows measuring household risk aversion correctly is crucial for understanding asset prices
Accurate inflation forecast crucial for exit plan
St Louis Fed looks at challenges in designing effective exit policy