Research
Productivity leap needs more than just IT
Improvements in communication and information technology must be coupled with organisational changes and sound human resource policies if they are to boost productivity, research published by the Bank of Canada finds.
Progress masks greater threat of severe crisis
Financial innovation and greater macroeconomic stability may have made financial crises in developed countries less likely than in the past, but potentially more severe, research published by the Bank of England finds.
IMF finds formula for trade-shock recovery
Real exchange rate depreciation, along with improvements in government stability and the institutional environment can lead to a speedy recovery from terms-of-trade shocks, research published by the International Monetary Fund finds.
Assessing Australian asset-backed commercial paper
The reason for the superior performance of the Australian asset-backed commercial paper market compared with the United States lies in the specification of conduits, a Reserve Bank of Australia paper finds.
Caribbean budgets need disaster insurance
The natural-disaster-prone economies of the Caribbean need insurance to reduce the vulnerability of their public finances and improve debt sustainability, a new IMF working paper says.
Budget deficits matter more in emerging markets
The effects of budget deficits on interest rates are larger and more robust in emerging markets, a new IMF working paper finds.
Optimal transparency of monetary policy committees
Revealing the diversity of views in monetary policy committees makes future monetary policy more predictable, a new paper from Germany's central bank finds.
Wealth effects in Italian consumption
A recent European Central Bank working paper found that homeowners' consumption in Italy reacts statistically and economically significantly to realised housing wealth gains.
Mixed results for inflation targeting
A study by the Bank of Canada finds that the ability of inflation-targeting central banks to hit their targets varies considerably. The study, published in the Bank of Canada's Winter Review, looked at 21 countries over the period 1990 to 2007.
Dynamic pricing and imperfect common knowledge
This paper by Kristoffer Nimark of the Reserve Bank of Australia introduces private information into the dynamic pricing decision of firms in an otherwise standard new Keynesian model by adding an idiosyncratic component to firms' marginal costs.
The choice of currency for oil invoicing
This paper by Elitza Mileva and Nikolaus Siegfried, which forms one of an occasional series from the European Central Bank, examines the possibility and impact of pricing oil in euro.
Stability offers insight into reserves trend
Financial stability and openness go a long way to explaining reserve holdings in the modern era of globalised capital markets, research published by the Centre for Economic Policy and Research finds.
Euro expectations stabilise currencies
Relatively stable market expectations for euro-locking rates have fixed the exchange rates of three central European currencies, research published by the National Bank of Hungary finds.
Policy forecasts don't damage markets
Central bank guidance about, or explicit forecasts of, likely future policy rates does not impair market functioning, research published by the Bank for International Settlements suggests.
Rural banking trends disrupted by changes
The relationship between traditional measures of market concentration and performance in the United States banking sector is changing in small, isolated, rural markets, research by the Kansas City Fed finds.
Analysing debt sustainability: a fresh approach
Research published by the International Monetary Fund has developed a new framework for analysis of public sector debt sustainability.
Reservation wage related to benefit payments
Higher unemployment benefits lead to higher reservation wages, research published by the Bank of Portugal finds.
No link between early retirement and youth trends
There is little link between rates of early retirement and youth unemployment, research published by the International Monetary Fund finds.
More remittances lead to more corruption
An increase in remittance inflows can lead to a deterioration of institutional quality in the recipient country, research published by the International Monetary Fund finds.
Treasury support linked to operational freedom
As many governments fail to guarantee fiscal backing, a central bank's financial independence is relevant to its operational freedom, research by the International Monetary Fund finds.
Late-afternoon Fedwire surge explained
The New York Fed finds three reasons for why an increasing number of payments are processed through the Fedwire funds transfer system in late afternoon.
Recent trends in emerging markets' monetary policy
A new collection of Bank for International Settlements papers investigate major changes in monetary policy transmission in emerging markets over the past decade.
Securitisation trend impacted borrowing standards
A greater ability to securitise mortgages appears to have affected lenders' behaviour, a paper published by the Centre for Economic Policy Research finds.
Repo growth a good indicator of liquidity
The growth rate of repurchase agreements may be a useful measure of liquidity in a market-based financial system, research published by the New York Federal Reserve finds.