Research
Governors matter - new paper
This new working paper from the Peterson Institute for International Economics looks at whether or not monetary policy expectations are affected by the appointment of a new central bank governor.
Monetary operations in China
This Bank of Japan Working Paper suggests that the People's Bank of China's money market operations have been focused mainly on China-US interest rate differentials for the sake of stability in the Renminbi exchange rate after the July 2005 reform.
Latest St Louis Fed Review published
The Federal Reserve Bank of St. Louis has published its May/June issue of its Review, a journal covering national and international economic developments, particularly focusing on their monetary aspects.
Papers for Kansas Fed payments event
Non-banks are becoming increasingly prominent in payments systems around the world. The three-day conference look at the implications of this heightened presence for innovation, competition and risk.
Kansas Fed papers: Nonbanks in payments system
The Federal Reserve Bank of Kansas City has published preliminary papers from the "Nonbanks in the Payments System: Innovation, Competition, and Risk," conference held May 2-4 in Santa Fe, N.M.
BIS Paper on globalisation and inflation
The BIS Working Paper "Globalisation and inflation: New cross-country evidence on the global determinants of domestic inflation" published 11 May argues that prevailing models of inflation are too "country-centric", in that they fail to take sufficient…
IMF Paper: Global imbalances & financial stability
This IMF Working Paper discusses two opposing views on global imbalances: The "traditional view", which regards the imbalances as a threat to global economic and financial stability, and the "new paradigm" view.
IMF paper: Jordan's international reserve position
This IMF Working Paper uses several traditional measures of reserves adequacy to compare Jordan's reserve holdings with other emerging market countries.
BoC paper on new accounting standards
The Bank of Canada Discussion Paper "Implications of new accounting standards for the Bank of Canada's balance sheet" looks at the new accounting standards implemented by the CICA for the valuation and reporting of financial instruments.
RBA paper on forecasting with factors
The Reserve Bank of Australia Research Discussion Paper "Forecasting with factors: The accuracy of timeliness" demonstrates that factor-based forecasts for key Australian macroeconomic series can outperform standard time-series benchmarks.
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.