Research
Revisiting the Balassa-Samuelson effect
This paper by the Bank for International Settlements estimates the Balassa-Samuelson effects for 11 countries in Central and Eastern Europe.
Explaining interest-rate spreads
This paper uses a time series econometric framework to determine the structural determinants of the spread between the European Overnight Rate and the European Central Bank's Policy Rate from mid-2004 to mid-2006.
Some lessons on liquidity
The price a bank pays for liquidity depends upon the liquidity positions of its rivals as well as its own, research from the Bundesbank finds.
Import prices and inflation - BoE working paper
A new paper from the Bank of England analyses the influence of import prices on inflation in the United Kingdom, United States and Japan since the mid-1980s.
San Fran's Yellen on lessons from Japan
"Clear and strong commitments about the future stance of policy" are important when policy rates approach zero and there is fear of deflation, noted Janet Yellen in an Economic Letter reflecting on lessons from Japan's lost decade.
Stress testing in central banks - a comparison
A new paper from the Bank of Italy reviews the quantitative methods used at selected central banks to stress testing credit risk.
ECB on originate and distribute
A new paper from the European Central Bank looks at the incentive structure of the originate and distribute model and suggest policies that could be used to mitigate conflicts of interest surrounding the model.
Assets are better kept with SWFs
Countries with a large foreign asset base tend to establish sovereign wealth funds as central banks' portfolio diversification tends is limited, says a new paper from the San Francisco Federal Reserve.
A new model for long-run risks
A paper from the Kansas City Federal Reserve devises a model long-run risks model where inflation risks and volatilities are in line with survey data.
Monetary policy should respond to risk-taking
Unless monetary policy regimes respond to increased levels of risk-taking by market participants, fluctuations in the business cycle might be amplified in future, argues a paper from the Bank for International Settlements.
Liquidity risk and sovereign risk premia
A working paper from the Bank of Canada uses arbitrage-pricing theory to study the relationship between liquidity risk and sovereign bond risk premia in the London Stock Exchange in the late 19th century.
HKMA Quarterly Bulletin
The latest issue of Hong Kong's central bank's Quarterly Bulletin contains the regular six-month monetary and financial stability report and two feature articles on property market indicators and Islamic finance in the territory.
Impact of retail market structure on prices
Changing retail market structure in the Czech Republic was responsible for an average yearly decrease in prices of 0.8 percentage point during 2000-05, this paper from the Czech National Bank finds.
Coordinating prudential supervision
This IMF paper argues that Europe need closer coordination between its prudential supervision and financial safety nets.
Explaining female labour participation
This paper by the Federal Reserve Bank of Boston examines the reasons for changes in the participation of married woman in the US labour market.
Global monetary policy and domestic stability
This paper by the Cayman Islands Monetary Authority examines the implication of improvements in global monetary-policymaking on the macroeconomic performance of small open economies.
South Africa explains changes to exchange-rate ind
This note by the South African Reserve Bank explains historic changes to calculation of the country's effective exchange-rate indices.
IMF's lending framework needs to change
The framework governing the International Monetary Fund's (IMF) lending operations is no longer appropriate, says a paper from the Bank of England.
A new GDP forecasting model for the eurozone
A paper from the European Central Bank derives a new forecasting model for euro-area real GDP growth.
What makes for financial competitiveness?
Price competitiveness, stable inflation rates and registered patents have a positive impact on an index of financial competitiveness, calculated in research from the Bundesbank.
Lessons of Northern Rock
A paper from the Bank of Finland analyses the failure to stop the run on Northern Rock and considers what should be done to help prevent the recurrence of such episodes in the future.
Co-movements highlight policy stance
Low-frequency co-movements between inflation and money growth, and short-term interest rates and money growth shed light on a central bank's monetary policy stance, states a paper from the Bank of England.
Would-be investors scarred by banking crises
Systemic banking crises have a severe impact on behaviour, finds a new paper form the Chicago Federal Reserve.
FDIC surveys bank overdraft programmes
The Federal Deposit Insurance Corporation (FDIC) has gathered data on the types, characteristics, and use of overdraft programmes operated by the1,171 banks supervised by the deposit insurance regulator.