Research
IMF paper on benefits of inflation targeting
The IMF Working Paper 'Testing the transparency benefits of inflation targeting: Evidence from private sector forecasts' tests whether inflation targeting (IT) enhances transparency using inflation forecast data for 11 IT adoption countries.
Sustaining Kazakhstan's macroeconomic success
According to this op-ed piece by Aasim Husain of the IMF, Kazakhstan's macroeconomic achievements are widely recognized and for good reason.
IMF paper on central bank board membership size
The International Monetary Fund Working Paper "Central bank boards around the world: Why does membership size differ?" analyzes empirically differences in the size of central bank boards across countries.
Paper on central bank interventions
The December 2006 Working Paper "Central bank interventions, communication and interest rate policy in emerging European economies" analyses the effectiveness of foreign exchange interventions in Croatia, the Czech Republic, Hungary, Romania, Slovakia…
IMF paper on large international reserves hoarding
The IMF Working Paper 'Financial versus monetary mercantilism: Long-run view of the large international reserves hoarding' says that the sizable hoarding of international reserves by several East Asian countries has been frequently attributed to a modern…
BIS papers on financial globalisation
On 19-20 June 2006, the BIS held its fifth Annual Conference, on Financial Globalisation, in Brunnen, Switzerland. The BIS published Papers from the event on 28 December.
IMF paper on implementing inflation targeting
The International Monetary Fund Working Paper "Implementing inflation targeting: Institutional arrangements, target design, and communications" focuses on three elements of inflation targeting most closely associated with transparency.
Elements of optimal monetary policy design
This International Monetary Fund Working Paper reviews the relevant economics and social psychology literatures with a view to providing some insights into the question of optimal monetary policy committee design.
Conference announcement and call for papers
The Sveriges Riksbank has announced a conference "The Evolution of Financial Markets and Financial Institutions: New Threats to Financial Stability" will take place between 5-7 September 2007. The conference seeks to gather academics and policymakers to…
Rethinking the governance of the IMF
This International Monetary Fund Working Paper attempts to set out the principal issues that need to be resolved in formulating a proposal for quotas and voice reform in the IMF that could command broad support.
Optimal currency shares in international reserves
The ECB Working Paper "Optimal currency shares in international reserves: the impact of the euro and the prospects for the dollar" says that foreign exchange reserve accumulation has risen dramatically in recent years.
NY Fed: Deflationary shocks & monetary rules
The New York Fed Staff Report "Deflationary shocks and monetary rules: An open-economy scenario analysis" considers the macroeconomic transmission of demand and supply shocks in an open economy.
A deliberative independent central bank
This Working Paper from the National Bank of Austria develops a communication game that is applied to the question of central bank policy and independence.
IMF paper on goal-independent central banks
The IMF Working Paper "Goal-independent central banks: Why politicians decide to delegate" develops a model which explains why the expected negative relationship between central bank independence and inflation is not empirically robust.
The systemic importance of payments systems
Central banks are increasingly aware of the importance of payments systems to the maintenance of financial stability, the authors of this working paper find.
Building Asia's bond markets
The BIS in Basel has published a collection of papers by scholars, researchers, central bankers and market participants on issues and prospects in Asia's bond markets.
Explaining Fed watchers' mistakes
The authors of this ECB working paper argue that the heterogeneity in the views of private sector Fed watchers is explained by the educational employment backgrounds, as well as by where they are located.
Lower growth, inflation forecast in US - survey
The rate of growth in US output over the next few quarters looks slower now than it did just three months ago, according to 51 forecasters surveyed by the Federal Reserve Bank of Philadelphia.
Focus on distortions - Blanchard
In his Mundell-Fleming Lecture, MIT economist Oliver Blanchard suggests that the outcome of potential government intervention to address current global imbalances is uncertain.
Columbian paper on cb staff costs
This research paper by the Columbian central bank finds that a central banks' labour demand is strongly determined by the country's population, economic development level and changes in operative functions, as well as by staff costs.
Chicago Fed inflation conference report
The December 2006 "Chicago Fed Letter" summarises the findings of a conference hosted by the Federal Reserve Bank of Chicago's Inflation Research Center on price stability.
Explaining US imbalances
In this new NBER working paper, Fabrizio Perri and Alessandra Fogli argue that an external imbalance is a natural consequence of the decline in the volatility of the US business cycle.
Unplanned system trumps Bretton Woods - paper
According to this new NBER working paper by Andrew Rose, the current international monetary system of independent central banks targeting domestic inflation is more stable than the post-war Bretton Woods system of fixed exchange rates.
How far apart are two ACUs from each other?
The Bank of Japan Working Paper "How far apart are two ACUs from each other?: Asian Currency Unit and Asian Currency Union" examines the future evolution of the Asian currency arrangements from broader perspectives, including the optimal currency area…