Research
IMF paper on Reserve Bank of Zimbabwe's losses
The IMF Working Paper 'Central bank quasi-fiscal losses and high inflation in Zimbabwe: A note' says Zimbabwe's failure to address continuing central bank quasi-fiscal losses has interfered with both monetary management and the independence and…
Debit card and cash usage: Cross-country analysis
This Chicago Fed Working Paper finds that while check usage declined and has almost disappeared in some countries, the stock of currency in circulation has not declined as fast.
Term structure transmission of monetary policy
Under bond-rate transmission of monetary policy, the authors of this Bank of Canada Working Paper show that a generalized Taylor Principle applies, in which the average anticipated path of policy responses to inflation is subject to a lower bound of…
Communicating monetary policy to financial markets
This European Central Bank article reviews the main effects of the ECB's external communication on monetary policy, with a focus on expert audiences in financial markets and the media.
Central bank autonomy: Lessons from global trends
The IMF Working Paper "Central bank autonomy: Lessons from global trends" calculates indexes of central bank autonomy (CBA) for 163 central banks as of end-2003, and comparable indexes for a subgroup of 68 central banks as of the end of the 1980s.
BoC paper on exchange rate regimes
The Bank of Canada Working Paper "Exchange rate regimes, globalisation, and the cost of capital in emerging markets" presents a multifactor asset pricing model for currency, bond, and stock returns for ten emerging markets.
Modelling payments systems: Literature review
In this Bank of Canada Working Paper the authors organize the literature on payments systems according to three general classes of modelling approaches, and compare those approaches in terms of their strengths and weaknesses.
BoE paper on migration and UK economy
Migration into the UK from EU accession countries continues to suppress inflationary and wage pressures, a working paper from the Bank of England's Monetary Policy Committee published Wednesday 11 April found.
The economics of money laundering enforcement
The IMF Working Paper 'A theory of "crying wolf": The economics of money laundering enforcement' shows how excessive reporting, called "crying wolf", can dilute the information value of reports.
Banking supervision: Quality and governance
The IMF Working Paper 'Banking supervision: Quality and governance' examines the relationship between the quality of banking supervision and governance of the supervisory agency.
IMF Paper: Balance of payments crises under IT
This IMF Working Paper analyzes a small open economy model under inflation targeting. The Paper shows why such a monetary regime is vulnerable to speculative attacks that take place over a short period rather than instantaneously.
Contagion risk in the international banking system
In the IMF Working Paper "Contagion risk in the international banking system and implications for London as a global financial center" the authors use the extreme value theory (EVT) framework to analyze contagion risk across the international banking…
ECB paper on transition economy convergence
The ECB Working Paper "Transition economy convergence in a two-country model: implications for monetary integration" presents a two-country dynamic general equilibrium model of ex ante unequally developed countries.
Audit committees in central banks
This IMF Working Paper reviews the tasks and design of audit committees, increasingly recommended as a way to strengthen financial accountability and good central bank governance.
Understanding asset prices: an overview
This BIS paper reviews analytical work carried out by central banks that participated at the Autumn Meeting of Central Bank Economists on "Understanding asset prices: determinants and policy implications", which the BIS hosted on 30-31 October 2006.
Phil Fed paper on competitive effects of Basel II
Analyzing the potential competitive effects of the proposed Basel II capital regulations on U.S. bank credit card lending, the authors of the Philadelphia Fed Working Paper "Competitive effects of Basel II on US bank credit card lending" find that bank…
Paper: The Eurosystem, Fed and Bank of Japan
The ECB Working Paper "The Eurosystem, the US Federal Reserve and the Bank of Japan: similarities and differences" provides a systematic comparison of the Eurosystem, the US Federal Reserve and the Bank of Japan.
Perhaps the FOMC did what it said it did
The Bank of Canada Working Paper "Perhaps the FOMC did what it said it did: An alternative interpretation of the great inflation" uses real-time briefing forecasts prepared for the Federal Open Market Committee (FOMC) to provide estimates of historical…
International finance and income convergence
The IMF Working Paper "International finance and income convergence: Europe is different" says recent studies conclude that the ongoing global financial integration may have had little or no value in advancing economic growth, especially in poor…
Central bank performance under inflation targeting
This Bank of Canada Working Paper analyses the inflation record of inflation targeting central banks. The authors find that a higher inflation target and a larger inflation control range are associated with more variable inflation outcomes.
Growth dynamics myth of economic recovery
Using panel data for a large number of countries, this BIS Working Paper finds that economic contractions are not followed by offsetting fast recoveries.
Structural balances and revenue windfalls
In the ECB Working Paper "Structural balances and revenue windfalls: the role of asset prices revisited" the authors revisit one of the "missing links" between budget balances and the economic cycle, namely the impact of asset prices on fiscal revenues.
A primer on sovereign debt buybacks and swaps
This IMF Working Paper sets forth some basic principles that could help debt managers in emerging market and other countries to plan and implement sovereign debt buyback and swap operations.
BoC paper on world real interest rates
Over the past 15 years, long-term interest rates have declined to levels not seen since the 1970s. The Bank of Canada Working Paper "World real interest rates: A global savings and investment perspective" explores possible shifts in global savings and…