Research
Globalisation accelerated IMF's reaction
The pace of the International Monetary Fund's (IMF) crisis responses has increased with the rise of financial globalisation, a new research from the Central Bank of Chile shows.
A labour model for inflation dynamics
A model with sticky nominal wages and right-to-manage bargaining best captures the response of inflation to nominal labour shocks, a new paper from the Philadelphia Federal Reserve posits.
Monetary policy can affect fiscal spillover
Interventions by central banks can impact the magnitude and nature of a spillover from regional fiscal policy, a new paper from Banque de France posits.
Phillips curve remains an enigma
The understanding of what underlies the correlation between unemployment and the inflation rate is constantly changing, a new paper from the Richmond Federal Reserve.
Basel II procyclical: Norges Bank
Basel II introduces an additional source of procyclicality into the banking sector, a new paper from Norges Bank finds.
A new monetary policy for the Fed
Jane D'Arista, an economist, has proposed a new countercyclical method of monetary control to enhance the Federal Reserve's ability to respond to credit contractions and expansions, in a new paper published by the University of Massachusetts Amherst.
Policy can make deflationary episodes more costly
The costs of previous deflationary episodes have been exacerbated by inappropriate policy responses, a new paper from the Bank of England posits.
New measures for housing inflation needed
Policymakers lack appropriate measures of inflation for the market in owner-occupied housing services, argues a new paper form the Philadelphia Federal Reserve.
Buba on savings banks and liquid assets
Savings banks hold a higher amount of liquid assets for each unit of sight deposits than regulation requires, posits a new paper from the Bundesbank.
Emerging markets need higher inflation targets
Countries subject to higher levels of macroeconomic volatility may find it desirable to target a higher level of inflation, a new paper from the International Monetary Fund posits.
Sacking preferable to lower pay for firms
Firms prefer to sack workers rather than cut their pay, a new paper from the National Bank of Belgium reveals.
One-sector inflation model insufficient
One-sector models for determining the optimal rate of inflation are insufficient, finds a new paper from the Richmond Federal Reserve.
House price spillovers low in eurozone
Spillovers between countries from shocks to house prices across eurozone are of a relatively low magnitude, a new paper from the European Central Bank finds.
Inter-sectoral dependence key for stress tests
Bank stress tests should take into account inter-sectoral dependencies, finds a new paper from the Bundesbank.
Japanese companies with strong ties lose out
Japanese firms with strong bank ties are less profitable, finds a new paper from the Bank for International Settlements.
Nationalisation a possibility for one or two
Full nationalisation may prove necessary as a last resort for one or two of the larger United States banks, says a new paper from the Brookings Institution.
Buba's focus on output-growth gap significant
The Bundesbank's response in 1970s and 1980s to the output-growth gap under monetary-growth targeting was highly significant, posits a new paper from the European Central Bank.
BIS Quarterly Review, March 2009
The Bank for International Settlements (BIS) published its latest Quarterly Review on Monday.
Fed's TSLF fulfils its functions
Federal Reserve's Term Securities Lending Facility (TSLF) is effective in improving market liquidity, finds a new paper form the New York Federal Reserve.
Sovereign risk exacerbates procyclicality
The risk premium associated with the possibility of sovereign default plays a key role in the procyclicality of fiscal policy in emerging economies, finds a new paper from the Richmond Federal Reserve.
A new model of housing cycles
A new paper from the Central Bank of Turkey presents a simple model of housing cycles in a two good economy.
Irish citizens no good at making financial plans
The Irish population saves too little, finds a new study from the Central Bank and Financial Services Authority of Ireland.
Denmark's incredible price stability
The past five centuries in Denmark have been dominated by price stability, posits a new paper from the National Bank of Denmark.
Transparency: too much of a good thing?
Too much monetary policy transparency can be bad, finds a new paper from the Bank of Japan.