Research
Fed's Beige Book published
"Outside of real estate, reports that the turmoil in financial markets had affected economic activity during the survey period were limited," the Fed said in its latest "Beige Book" on economic conditions, featuring reports from the 12 regional Fed…
Globalisation's impact on UK inflation
The author of this paper uses the International Monetary Fund's new Global Economy Model (GEM) to estimate the importance of various factors, which are used to explain the differences in the trends in core inflation and relative prices in the UK, the…
ECB rate setting analysed
This paper, published by the Institute for Monetary and Financial Stability, uses the ordered-probit technique and variables noted in the European Central Bank's (ECB's) Monthly Bulletin to investigate how the central bank sets rates.
Aging, demand and the structure of wages
Substantial shifts in the age distribution of the working population are being brought about by demographic change.
Algeria's unemployment relatively high
This paper considers the determinants of labour market performance in Algeria.
Fed Board's Mishkin writes on housing crisis
In a timely paper, Frederic Mishkin, one of five current members of the Federal Reserve's Board of Governors, has emphasised the importance of the housing industry on the US economy. Mishkin said: "The housing market is of central concern to monetary…
IMES series covers Asian economic trends
The Institute for Monetary and Economic Studies at the Bank of Japan has published a discussion paper e-series covering a host of topical Asian issues.
Notes on surviving illiquidity
The Cleveland Federal Reserve Board has published a paper that examines crashes and recoveries in illiquid markets.
Japan's low rates explained
Japan's low long-term interest rates can be explained with economic rationality, according to a paper published by the Bank of Japan on Wednesday.
Problems with monetary policy transmission lags
A paper published by the Bank of Finland investigates how lags in monetary policy transmission can damage the credibility of inflation-targeting central bankers.
Securitisation led to subprime growth
The introduction of automated underwriting and securitisation caused the US subprime loans market to expand, according to two International Monetary Fund (IMF) researchers.
The emergence of principles-based policy
The Swiss National Bank has published a paper reviewing what it describes as the success of its principles-based approach to monetary policy.
The impact of contagion on interbank markets
The Bank for International Settlements has published a paper on using counterfactual simulations to assess the danger of contagion in interbank markets.
Australia investigates resilience
The Reserve Bank of Australia has published a series of draft papers presented at its conference on the structure and resilience of the financial system, which took place on 20 and 21 August.
Paper on the new Keynesian Phillips curve
The Richmond Federal Reserve Paper, Inflation dynamics of the new Keynesian Phillips curve, derives the log-linear approximation of the inflation dynamics in the Calvo-model when the average inflation rate is positive.
Measuring exchange rates in poor countries
This International Monetary Fund paper examines the difficulties in determining the real exchange rate in low-income countries.
The costs of being wrong about policy lags
This paper from an economist at the University of Oregon examines the losses associated with conducting monetary policy.
CEBS advises on liquidity risk management
The Committee of European Banking Supervisors, which acts as a consultant to the European Commission on banking policy issues, published the first part of its technical advice on liquidity risk management.
Canada investigates inflation, wages and growth
A new working paper published by the Bank of Canada looks at the relationship between steady-state costs of inflation in a general equilibrium model, output growth and staggered nominal price and wage contracts.
BoJ survey shows little change in public mood
A Bank of Japan poll found most consumers remain pessimistic about the country's economy.
Australia's move to a floating currency
A new paper from the International Monetary Fund (IMF) praises Australia's handling of its move to a floating currency in 1983.
IMF paper criticises UK's golden rule
The International Monetary Fund (IMF) has published a working paper which suggests improvements the United Kingdom's measure of fiscal performance - the golden rule.
Monetary policy and credit constraints
This research discussion paper from the Reserve Bank of Australia suggest that while effect of a change in the monetary policy interest rate on aggregate demand may be larger at higher levels of indebtedness, the extent of credit constraints may be at…
Kansas Fed tests forecasting models with real-time
This technical paper examines the properties of tests of equal forecast accuracy applied to different regression models. In contrast to earlier work, it takes into account the real-time, revised nature of the data.