Research
Bank interest rate pass-through in the euro area
The European Central Bank Working Paper 'Bank interest rate pass-through in the euro area: a cross country comparison' investigates the pass-through between market interest rates and bank interest rates in the euro area.
Inflation targeting: the New Zealand experience
The Reserve Bank of New Zealand released a paper 'Inflation Targeting: the New Zealand Experience and Some Lessons' on Wednesday 18 January , by Dr Alan Bollard and Ozer Karagedikli, which was presented to a conference hosted by the Central Bank of the…
Forecasting ECB monetary policy accuracy
The ECB Working Paper 'Forecasting ECB monetary policy accuracy is (still) a matter of geography' uses a database of surveys of professional ECB policy forecasters in 24 countries, the authors find remarkable differences in forecast accuracy, and show…
Latin American monetary policy reform in the 90's
The Central Bank of Chile Working Paper "The 1990's institutional reform of monetary policy in Latin America," published December 2005, takes stock of the institutional reform of monetary policy in Latin America since the early 1990s.
The costs of increasing transparency
This Working Paper from De Nederlandsche Bank, published January 2006, sets up as an explicit interactive game between the Central Bank, the objectives of which is modelled explicitly, and the private sector. The authors show that in the absence of costs…
ECB paper on the new Basel capital framework
The ECB Occasional Paper "The New Basel Capital Framework and its implementation in the European Union" published December 2005 gives an overview of the main issues that relate to the EU implementation, mainly from the perspectives of financial stability…
The Eurosystem, the Union and beyond
The European Central Bank on 27 December published a collection of contributions made on the occasion of the ECB colloquium "The Eurosystem, the Union and Beyond - The single currency and implications for governance", which was held in honour of Tommaso…
ECB paper The timing of central bank communication
This European Central Bank Working Paper explores whether there are systematic patterns as to when members of the decision-making committees of the Federal Reserve, the Bank of England and the ECB communicate with the public, and under what circumstances…
IMF Paper: Debt overhang or debt irrelevance?
The IMF Working Paper 'Debt overhang or debt irrelevance? Revisiting the debt growth link' published December 2005 asks whether Highly Indebted Poor Countries (HIPCs) suffer from a debt overhang. Is debt relief going to improve their growth rates, it…
Accounting, risk management, prudential regulation
The BIS has released the Programme from its "Accounting, risk management and prudential regulation" Workshop held on 11-12 November in Basel.
Foreign exchange reserves in emerging Asia
The Bank of Canada Working Paper "An empirical analysis of foreign exchange reserves in emerging Asia" published December 2005 asks how far is the current level of US-dollar foreign exchange reserves held by Asian central banks from that predicted by the…
Paper on central bank research, 1990-2003
The Bank of Canada Working Paper "Quantity, quality, and relevance: Central bank research, 1990-2003" published December 2005 documents the research output of 34 central banks from 1990 to 2003, and use proxies of research inputs to measure the research…
IMF Paper on capital account liberalization
The IMF Working Paper "Capital account liberalization, capital flow patterns, and policy responses in the EU's new member states" discusses the experience of the EU's eight new member countries (EU8) between 1995 and 2003 when the bulk of capital account…
ECB paper: Near-rational exuberance
This ECB Working Paper published November 2005 studies how the use of judgement or "add-factors" in macroeconomic forecasting may disturb the set of equilibrium outcomes when agents learn using recursive methods.
How should central banks communicate?
This European Central Bank Working Paper published on 25 November shows that central bank communication is a key determinant of the market's ability to anticipate monetary policy decisions and the future path of interest rates.
Lessons from Italian monetary unification
This Working Paper, published November 2005, examines whether the states brought together in the Italian monetary union of the nineteenth century constituted an optimum monetary area, either before or after unification.
Financial supervision & central bank independence
The Working Paper "Financial supervision fragmentation and central bank independence: The two sides of the same coin?" analyses how the central banks role in the monetary institutional setting can affect the unification process of the overall financial…
Evolving perceptions of the European Central Bank
The New York Fed Staff Report 'Establishing credibility: Evolving perceptions of the European Central Bank' published November 2005 presents an empirical framework that uses high-frequency data to test for persistent variation in market perceptions of…
Central banks as agents of economic development
In the last two decades, there has been a global sea change in the theory and practice of central banking. The neoliberal central bank policy package is drastically out of step with the history and dominant practice of central banking throughout most of…
Kansas Fed paper on the FOMC & the great inflation
The Federal Reserve Bank of Kansas City has published a Working Paper by Sharon Kozicki and P.A. Tinsely titled "Perhaps the FOMC did what it said it did: An alternative interpretation of the great inflation".
US deficits may not require big dollar drop - RBA
A new Reserve Bank of Australia discussion paper suggests that the real exchange rate adjustment required to address the US current account problems may not be as large as is often argued.
IMF central bank governance survey
An IMF survey of governance boards and management structures at central banks by JoAnne Morris and Tonny Lybek identifies "issues to consider when designing the structure, size, and composition of the governing boards and management of a central bank".
Norway paper on Monetary policy and asset prices
A recent Bank of Norway working paper investigates whether there is a case for asset prices in interest rates rules within a small econometric model of the Norwegian economy.
BoJ research paper on corporate earnings
A Bank of Japan research paper notes that corporate earnings have been greatly increasing in Japan over the last three years as business conditions continue to recover.