Research
NBER paper on optimal monetary policy
An NBER research paper on optimal monetary policy concludes that, in the presence of price stickiness, policymakers should focus their efforts actions towards low inflation volatility.
The euro as an invoice currency
A new ECB working paper investigates the determinants of currency invoicing in international trade.
Chilean cb's study of sovereign debt in Americas
This paper contains the first comprehensive database on sovereign debt systematically compiled to ensure comparability for all countries in the Americas, the authors claim.
Chicago Fed on home ownership
The Chicago Fed has published and article explaining recent high levels of residential investment and rates of home ownership.
Is financial globalisation worth it?
A paper from the IMF reviews the recent empirical literature on financial globalisation and finds qualified support for the view that developing countries can benefit from financial globalisation.
How Australia hedges
This paper from Australia's central bank examines foreign exchange hedging behaviour in the country since it adopted a floating exchange rate regime.
Transparency in bond markets
This technical paper's conclusions suggest caution is needed in creating an extremely homogeneous and transparent trading environment for sovereign bonds.
The benefits of Basel's Core Principles
A staff paper by Richard Podpiera of the IMF explores the relationship between banking sector performance and the quality of regulation and supervision as measured by compliance with the Basel Core Principles for Effective Banking Supervision (BCP).
IMF report on US inflation dynamics
The latest issue of the IMF survey has a short article on what drives inflation dynamics in the US.
RBA paper on housing market equity flows
This discussion paper from the Reserve Bank of Australia looks at how equity is being withdrawn and injected in the housing market.
IMF paper on indebted monetary authorities
The paper examines two main aspects of the interaction between fiscal and monetary policy in emerging-market economies.
ECB paper on central banking operations
A new paper from the European Central Bank models bidding behaviour in central bank open market operations.
BoE paper on the danger of inflating expectations
According to the Bank of England Working Paper "The danger of inflating expectations of macroeconomic stability: heuristic switching in an overlapping generations monetary model" the volatility of inflation and output has fallen in most advanced…
Capital flows to Central and Eastern Europe
This IMF Working Paper examines the evolution of the net external asset positions of Central and Eastern Europe (CEEC) countries over the past decade, with a strong emphasis on the composition of their international balance sheets.
Oil and growth in the Republic of Congo
This IMF Working Paper investigates the linkages between oil and growth in Congo, where there appears to be no evidence of direct spillover effects.
IMF paper on debt in emerging market crises
The IMF Working Paper "The level and composition of public sector debt in emerging market crises" examines the evolution of public sector debt levels and structures in 12 emerging market countries around the time of financial crises.
Lucas critique & the stability of empirical models
This Federal Reserve Bank of Richmond Working Paper, published 14 August, re-considers the empirical relevance of the Lucas critique using a DSGE sticky price model in which a weak central bank response to inflation generates equilibrium indeterminacy.
ECB paper on the European corporate bond market
The ECB Occasional Paper "Implications for liquidity from innovation and transparency in the European corporate bond market" offers a new framework for the assessment of financial market liquidity and identifies two types: search liquidity and systemic…
IMF paper on the management of oil wealth
The IMF Working Paper "Management of oil wealth under the permanent income hypothesis: The case of Sao Tome and Principe" documents the protracted process of shaping the rules governing oil operations in Sao Tome and Principe.
Buba paper on the diversification of German banks
The Bundesbank Discussion Paper "Does diversification improve the performance of German banks? Evidence from individual bank loan portfolios" investigates the link between banks' profitability (ROA) and their portfolio diversification across different…
ECB paper on credit risk mitigation
The ECB Occasional Paper "Credit risk mitigation in central bank operations and its effects on financial markets: the case of the Eurosystem" reviews the role and effects of the collateral framework which central banks, and in particular the Eurosystem,…
Paper on term structure models and exchange rates
The Bank of Canada Working Paper "Can affine term structure models help us predict exchange rates?" proposes an arbitrage-free model of the joint behaviour of interest and exchange rates.
Paper on European and US sovereign bond markets
The Research Technical Paper "An empirical analysis of transparency-related characteristics of European and US sovereign bond markets" from the Central Bank & Financial Services Authority of Ireland examines transparency-related characteristics of…
Monetary conservatism and fiscal policy
This European Central Bank Working Paper, published 27 July, asks whether an inflation conservative central bank remains desirable in a setting with endogenous fiscal policy.