Research
Reforming China's exchange rate policy
This Working Paper from the University of Venice is aimed at analysing the decision of the Chinese central bank to reform the exchange rate of the national currency and to gauge the effects of this change in regime on the Chinese economy and the world…
What explains the US net income balance?
According to this BIS Working Paper, despite a significant deterioration in the US net foreign asset position, there has not been a corresponding deterioration in the net income balance.
China:Strengthening monetary policy implementation
According to this IMF Working Paper, published January 2007, the People's Bank of China (PBC) has made great strides in modernizing its monetary policy frameworks but their effectiveness will diminish as the sophistication of the economy increases.
US imbalances: the role of technology and policy
This ECB Working Paper published Thursday 25 January investigates the role of three likely factors in driving the steady deterioration of the US external balance: US technology developments, changes in the US government fiscal position and the Fed's…
Taking personalities out of monetary policy
The Working Paper 'Taking personalities out of monetary policy decision making? Interactions, heterogeneity and committee decisions in the Bank of England's MPC' from the Centre for Dynamic Macroeconomic Analysis identifies significant interactions…
ECB paper 'Adjusting to the euro'
In this ECB Working Paper the authors argue that, for a group of converging economies of the European Union, participation in the euro area has been associated with easier access to financing by domestic economic agents.
Paper on monetary policy by committee
The Meeting Paper from the Society for Economic Dynamics 'The dynamic (in)efficiency of monetary policy by committee' develops a model where the value of the monetary policy instrument is selected by a heterogenous committee engaged in a dynamic voting…
UWE paper on monetary policy uncertainty
It is widely believed that institutional arrangements influence the quality of monetary policy outcomes. Judged on its 'transparency' characteristics, therefore the Bank of England should do better than both the Bundesbank and ECB, according to the…
ECB paper on the US housing market
The ECB Working Paper 'Regional housing market spillovers in the US: lessons from regional divergences in a common monetary policy setting' seeks to quantify the importance of state-level housing price spillovers and interest rate shocks to house price…
IMF paper on Kenya's monetary policy
The IMF Working Paper "A VAR analysis of Kenya's monetary policy transmission mechanism: How does the central bank's REPO rate affect the economy?" examines the impact of a monetary policy shock on output, prices, and the nominal effective exchange rate…
IMF paper on bank risk-taking and competition
The IMF Working Paper "Bank risk-taking and competition revisited: New theory and new evidence" studies two new models in which banks face a non-trivial asset allocation decision.
IMF paper on financial stability
The IMF Working Paper "Economic integration and financial stability: A European perspective" assesses changes in synchronization of real activity and financial market integration in Western Europe and evaluates their implications for financial stability.
IMF paper on foreign investment in China's banks
The IMF Working Paper "The rise of foreign investment in China's banks: Taking stock" takes stock of the involvement of foreign banks in the Chinese banking sector in the perspective of international experience.
IMF paper on rebalancing China's economy
The IMF Working Paper "Rebalancing China's economy: What does growth theory tell us?" uses the standard one-sector neoclassical growth model to investigate why China's consumption has been low and investment high.
IMF paper on benefits of inflation targeting
The IMF Working Paper 'Testing the transparency benefits of inflation targeting: Evidence from private sector forecasts' tests whether inflation targeting (IT) enhances transparency using inflation forecast data for 11 IT adoption countries.
Sustaining Kazakhstan's macroeconomic success
According to this op-ed piece by Aasim Husain of the IMF, Kazakhstan's macroeconomic achievements are widely recognized and for good reason.
IMF paper on central bank board membership size
The International Monetary Fund Working Paper "Central bank boards around the world: Why does membership size differ?" analyzes empirically differences in the size of central bank boards across countries.
Paper on central bank interventions
The December 2006 Working Paper "Central bank interventions, communication and interest rate policy in emerging European economies" analyses the effectiveness of foreign exchange interventions in Croatia, the Czech Republic, Hungary, Romania, Slovakia…
IMF paper on large international reserves hoarding
The IMF Working Paper 'Financial versus monetary mercantilism: Long-run view of the large international reserves hoarding' says that the sizable hoarding of international reserves by several East Asian countries has been frequently attributed to a modern…
BIS papers on financial globalisation
On 19-20 June 2006, the BIS held its fifth Annual Conference, on Financial Globalisation, in Brunnen, Switzerland. The BIS published Papers from the event on 28 December.
IMF paper on implementing inflation targeting
The International Monetary Fund Working Paper "Implementing inflation targeting: Institutional arrangements, target design, and communications" focuses on three elements of inflation targeting most closely associated with transparency.
Elements of optimal monetary policy design
This International Monetary Fund Working Paper reviews the relevant economics and social psychology literatures with a view to providing some insights into the question of optimal monetary policy committee design.
Conference announcement and call for papers
The Sveriges Riksbank has announced a conference "The Evolution of Financial Markets and Financial Institutions: New Threats to Financial Stability" will take place between 5-7 September 2007. The conference seeks to gather academics and policymakers to…
Rethinking the governance of the IMF
This International Monetary Fund Working Paper attempts to set out the principal issues that need to be resolved in formulating a proposal for quotas and voice reform in the IMF that could command broad support.