Research
A dynamic model of central bank intervention
This January 2005 Working Paper from the Central Bank of Turkey examines central bank intervention in foreign exchange markets using a dynamic censored regression model.
Illiquidity in the interbank payment system
The March 2006 New York Fed Staff Report "Illiquidity in the interbank payment system following wide-scale disruptions" shows how the interbank payment system can become illiquid following wide-scale disruptions.
The evolving inflation process: an overview
This BIS Working Paper reviews analytical work carried out by central banks that participated in the Autumn Meeting of Central Bank Economists on "The evolving inflation process" which the BIS hosted on 28-29 October 2005.
IMF paper on banks during the Argentine crisis
According to the IMF Working Paper "Banks during the Argentine crisis: Were they all hurt equally? Did they all behave equally?" published February 2006, the simple answer to both questions in the title is: No.
The monetary transmission mechanism in Jordan
This IMF Working Paper, published February 2006, examines monetary transmission in Jordan using the vector autoregressive approach.
Past and future of central bank cooperation
The BIS on Tuesday published papers from its fourth Annual Conference on Past and Future of Central Bank Cooperation, held as part of the Bank's 75th anniversary celebrations, on 27-29 June 2005.
Changes in the Federal Reserve's inflation target
The Boston Fed Working Paper "Changes in the Federal Reserve's inflation target: causes and consequences" estimates a New Keynesian model to draw inferences about the behavior of the Federal Reserve's unobserved inflation target.
Evolving perceptions of the European Central Bank
The New York Fed Staff Report "Establishing credibility: evolving perceptions of the European Central Bank" says the perceptions of a central bank's inflation aversion may reflect institutional structure or, more dynamically, the history of its policy…
ECB statements and interest rate predictability
The DNB Working Paper "Is a word to the wise indeed enough? ECB statements and the predictability of interest rate decisions" shows that comments by euro area central bankers contain information on future ECB interest rate decisions, but that the…
Monetary policy by committee: Why and how?
In this De Nederlandsche Bank Working Paper, published February 2006, Alan Blinder discusses two questions: Why have so many central banks switched from individual to group decision making, and how?
ECB paper on the euro cash changeover
The ECB Working Paper "Rational inattention, inflation developments and perceptions after the euro cash changeover" uses the euro cash changeover to test theories of finite information-processing capacities on the side of consumers.
Macroeconomic challenges with EU accession
The IMF Working Paper "Macroeconomic challenges with EU accession in Southeastern Europe: An overview" published February 2006 reviews key macroeconomic challenges with EU accession in Southeastern Europe (SEE).
IMF Paper on forecasting ECB monetary policy
Monetary policy in the euro area is conducted within a multicountry, multicultural, and multilingual context involving multiple central banking traditions. This IMF Working Paper published February 2006 asks how this heterogeneity affects the ability of…
Suppressed inflation and money demand in Zimbabwe
This International Monetary Fund Working Paper investigates the divergence between inflation and monetary expansion in Zimbabwe since late 2003.
ECB paper: A new theory of forecasting
This ECB Working Paper argues that forecast estimators should minimise the loss function in a statistical, rather than deterministic, way.
Research on inflation targetting
In this theoretical paper Felipe F. Schwartzman of Princeton University looks at how inflation-targeting central banks using target bands, as opposed to point targets, can go about addressing both inflation and stability biases.
IMF paper on bank regulation
This new IMF working paper argues that "banks will want to influence the bank regulator to favor their interests, and they typically have the means to do so".
New book on South Africa from the IMF
The International Monetary Fund has published a new book entitled, "Post-Apartheid South Africa: The First Ten Years". The authors, Michael Nowak and Luca Ricci, argue that "in successfully navigating the transition from apartheid to democracy, the…
Bank interest rate pass-through in the euro area
The European Central Bank Working Paper 'Bank interest rate pass-through in the euro area: a cross country comparison' investigates the pass-through between market interest rates and bank interest rates in the euro area.
Inflation targeting: the New Zealand experience
The Reserve Bank of New Zealand released a paper 'Inflation Targeting: the New Zealand Experience and Some Lessons' on Wednesday 18 January , by Dr Alan Bollard and Ozer Karagedikli, which was presented to a conference hosted by the Central Bank of the…
Forecasting ECB monetary policy accuracy
The ECB Working Paper 'Forecasting ECB monetary policy accuracy is (still) a matter of geography' uses a database of surveys of professional ECB policy forecasters in 24 countries, the authors find remarkable differences in forecast accuracy, and show…
Latin American monetary policy reform in the 90's
The Central Bank of Chile Working Paper "The 1990's institutional reform of monetary policy in Latin America," published December 2005, takes stock of the institutional reform of monetary policy in Latin America since the early 1990s.
The costs of increasing transparency
This Working Paper from De Nederlandsche Bank, published January 2006, sets up as an explicit interactive game between the Central Bank, the objectives of which is modelled explicitly, and the private sector. The authors show that in the absence of costs…
ECB paper on the new Basel capital framework
The ECB Occasional Paper "The New Basel Capital Framework and its implementation in the European Union" published December 2005 gives an overview of the main issues that relate to the EU implementation, mainly from the perspectives of financial stability…