Research
Chinese capital controls
This working paper by the Bank for International Settlements finds that China's capital controls have allowed the authorities to retain some degree of short-term monetary autonomy, despite the fixed exchange rate.
Explaining inflation differentials
This working paper by the International Monetary Fund suggests that some central banks may aim at comparatively high inflation rates mainly to make up for, and to perhaps exploit, lagging internal and external liberalisation in their economies.
Paper on reserve accumulation
This paper suggests that while the hoarding of foreign exchange reserves by emerging-market economies could initially be explained primarily in terms of "self insurance" against global shocks, this explanation increasingly falls short.
Fed's role in output volatility
This working paper by the Federal Reserve Bank of Chicago examines the contribution of monetary policy to the drop in the volatility of output fluctuations in the United States. The author finds that in three periods in particular - the 1960's, 1976 to…
Introducing Islamic banks - IMF paper
This paper looks at how Islamic financial institutions have been introduced in "conventional" financial systems.
Post-bubble monetary policy in Japan - paper
A new paper from the Bank of Japan's IMES looks at the the monetary-poicy decsions made in the 1990s as Japan's economy reeled from collapses in propoerty and stock prices.
Why Europe needs a banking charter
The authors of this IMF Working Paper argue that a full-fledged EU-level prudential regime that operates along-side national regimes - which they call a "European Banking Charter" - could harness market forces to establish a level playing field for…
Inflation and growth in EMU - IMF paper
Differences in growth and inflation in the eurozone are small, but persistent, shows this working paper from the IMF.
Is an international lender welfare enhancing?
This Central Bank of Chile working paper examines the role of an extra lender in the international markets - such the IMF or another similar institution. The authors suggest that the existence of such a lender "is not beneficial from a welfare standpoint…
Japan's CPI understated deflation - NBER paper
Japan's deflation would have more than twice as severe as official statistics suggested if the country adopted American methodologies which correct for substitution biases and quality upgrading, this NBER working paper finds.
Monetary integration in Southern Africa
This IMF working paper finds that the current Common Monetary Area (CMA) agreements between South African, Lesotho, Swaziland and Namibia, although not a full monetary union, have delivered many benefits of a full monetary union.
ECB paper on Fed and ECB response to shocks
This ECB working paper employs a medium-scale dynamic general equilibrium model with financial frictions to contrast the policy responses of the ECB and the Federal Reserve to economic shocks since 2001.
Weak integration in Asian bond markets
Integration in Asian bond markets has been weak and has stalled since 2003, argues a research paper from Hong Kong's central bank.
IMF paper on public debt markets
This IMF paper reviews the state of domestic public debt markets in Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua, and Panama.
Explaining interest rate differentials
In this NBER working paper, Marvin Goodfriend and Bennett T. McCallum, suggest that a central bank that fails to recognise the distinction between inter-bank and other short rates could miss its appropriate settings by as much as 4% per year.
The "butterfly effect" of small economies
This Reserve Bank of Australia Working Paper studies the implications of foreign-induced indeterminacy for the conduct of monetary policy in a small open economy.
Examining inflation target uncertainty
In this Bank of Japan Working Paper, the authors analyse the interaction between private agents' uncertainty about inflation target and the central bank's data uncertainty.
New RBNZ research bulletin
The Reserve Bank of New Zealand recently released the June 2007 edition of its research bulletin. The first article of this issue looks at how monetary policy influences the general price level.
New Bank of Chile paper on inflation expectations
This paper studies the relationship between inflation compensation and inflation expectations in Chile. The results show that inflation-expectations movements account for about only 25% of the relative returns, indicating that premiums are a very…
IMF: global imbalances matter to Europe
According to an IMF working paper published in June, although Europe in the aggregate is a not a major contributor to global current account imbalances, its trade and financial linkages with the rest of the world mean that it will still be affected by a…
New ECB Research Bulletin
The European Central Bank released it latest Research Bulletin on 29 June. The bulletin contains articles on the international carry trade, financial integration and capital flows in the new EU member states and productivity growth in the euro area.
BoC paper: fiscal and monetary interdependence
A new working paper by the Bank of Canada studies the interdependence between fiscal and monetary policies, and their joint role in the determination of the price level.
IMF authors on impact of remittances
In this article on remittances, published in the IMF's quaterly Finance & Development, the authors suggest that the "bottom line is that remittances cannot be a substitute for a sustained, domestically engineered development effort."
Gold and inflation - BoC paper
In this Bank of Canada Working Paper, the authors find that the gold price "contains significant information for future inflation for several countries, especially for those that have adopted formal inflation targets."