Research
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.
Paper uncovers Japanese price-setting trends
A paper by the Bank of Japan has established four facts on price setting based on data in the retail price survey from 1989
Recent developments in US subprime
The International Monetary Fund has published a working paper called "Money for Nothing and Checks for Free: Recent Developments in US Subprime Mortgage Markets."
South Africa details forecasting model
The Reserve Bank of South Africa has published a paper describing the key stochastic equations in its core model, which is used for forecasting purposes at Monetary Policy Committee (MPC) meetings.
IMF report on the US
The International Monetary Fund (IMF) has said the US economy should shake off the effects of the housing market decline and expand by almost 3% by the middle of 2008.
Price setting behaviour in Japan
The Bank of Japan has published a working paper exploring micro price setting behaviour and price hazard functions.
Paper on contestability in Canadian banking
The Bank of Canada has published a discussion paper entitled, "A Note on Contestability in the Canadian Banking Industry."
Colombia researches ratings
The Bank of Colombia has published a paper that estimates transition matrices for the ratings on financial institutions.
Real effective exchange rates in WAEMU
A new paper from the IMF investigates the long-run equilibrium paths of the real effective exchange rates (REERs) of countries in the West African Economic and Monetary Union (WAEMU).
Chinese capital controls
This working paper by the Bank for International Settlements finds that China's capital controls have allowed the authorities to retain some degree of short-term monetary autonomy, despite the fixed exchange rate.
Explaining inflation differentials
This working paper by the International Monetary Fund suggests that some central banks may aim at comparatively high inflation rates mainly to make up for, and to perhaps exploit, lagging internal and external liberalisation in their economies.
Paper on reserve accumulation
This paper suggests that while the hoarding of foreign exchange reserves by emerging-market economies could initially be explained primarily in terms of "self insurance" against global shocks, this explanation increasingly falls short.
Fed's role in output volatility
This working paper by the Federal Reserve Bank of Chicago examines the contribution of monetary policy to the drop in the volatility of output fluctuations in the United States. The author finds that in three periods in particular - the 1960's, 1976 to…
Introducing Islamic banks - IMF paper
This paper looks at how Islamic financial institutions have been introduced in "conventional" financial systems.
Post-bubble monetary policy in Japan - paper
A new paper from the Bank of Japan's IMES looks at the the monetary-poicy decsions made in the 1990s as Japan's economy reeled from collapses in propoerty and stock prices.
Why Europe needs a banking charter
The authors of this IMF Working Paper argue that a full-fledged EU-level prudential regime that operates along-side national regimes - which they call a "European Banking Charter" - could harness market forces to establish a level playing field for…
Inflation and growth in EMU - IMF paper
Differences in growth and inflation in the eurozone are small, but persistent, shows this working paper from the IMF.
Is an international lender welfare enhancing?
This Central Bank of Chile working paper examines the role of an extra lender in the international markets - such the IMF or another similar institution. The authors suggest that the existence of such a lender "is not beneficial from a welfare standpoint…
Japan's CPI understated deflation - NBER paper
Japan's deflation would have more than twice as severe as official statistics suggested if the country adopted American methodologies which correct for substitution biases and quality upgrading, this NBER working paper finds.
Monetary integration in Southern Africa
This IMF working paper finds that the current Common Monetary Area (CMA) agreements between South African, Lesotho, Swaziland and Namibia, although not a full monetary union, have delivered many benefits of a full monetary union.
ECB paper on Fed and ECB response to shocks
This ECB working paper employs a medium-scale dynamic general equilibrium model with financial frictions to contrast the policy responses of the ECB and the Federal Reserve to economic shocks since 2001.
Weak integration in Asian bond markets
Integration in Asian bond markets has been weak and has stalled since 2003, argues a research paper from Hong Kong's central bank.
IMF paper on public debt markets
This IMF paper reviews the state of domestic public debt markets in Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua, and Panama.