Research
Eurozone QE helped increase R&D spending, paper finds
Firms that had bonds bought by the ECB increased R&D spending by 9% on average
BoE paper links inequality to credit crises
Central banks will redistribute resources whether they act or not, authors say
Fed's monetary policy ‘spillbacks’ have significant effects – ECB paper
Researchers estimate how impact of Fed policy on foreign economies in turn affects US
Financial crises can radicalise voters – BIS paper
German banking crisis in 1931 contributed to the rise of the Nazi party, researchers find
ECB paper examines exchange rates and household consumption
Exchange rate elasticity of household consumption driven largely by industrial goods - researchers
BIS statistics: OTC derivatives market value back to 2019 levels
Gross market values have fallen about a fifth since second half of 2020
‘Bullwhip effects’ worsening supply problems – BIS bulletin
Direct inflationary impact likely to be limited, but “sustained pressures” are possible, economists say
BIS paper flags ‘notable gaps’ in CBDC research
Policy work on cross-border CBDCs is “marching beyond the research frontier”, say economists
GDP-linked bonds unlikely to ‘tame debt’ – BdF paper
Linking sovereign bonds to GDP would not necessarily improve debt ratios, researchers find
Central bank signals could be impacting natural rate – BIS paper
“Learning process” could explain decline in interest rates without drop in productivity, authors say
Riksbank studies link between equity prices and interest rates
Measures that do not directly account for interest rates can better explain historical prices
Mobile money was ‘crucial’ for low-income countries during the pandemic – IMF
Data shows mobile and internet banking transactions grew for all income levels
Central banks must address personal data risks, says BIS paper
Regulators must upgrade response to risks caused by tech firms’ use of data
Biden stimulus will cause small, short price spike, says paper
San Francisco Fed predicts American Rescue Plan will boost inflation by 0.3%
Forecaster surveys improve eurozone inflation modelling – ECB paper
Households’ and firms’ expectations do not provide useful data on inflation
ECB paper examines ‘euroised’ economies
European countries’ informal adoption of euro places limits on central banks, says working paper
Group tests bond settlement on French CBDC platform
Euroclear says CBDC-driven system can plug into existing market infrastructure
Hiking rates before asset sales may constrict credit – paper
Kansas City Fed research says raising the fed funds rate first may cause yield curve inversion
Dallas Fed predicts 2022 core inflation above 2%
Economists expect auto and transportation costs to abate, but spike in housing prices
US bank mergers have not cut branch access – Cleveland Fed
Despite fall in banking firms, number of branches has grown, research finds
BIS paper finds flaws in green taxonomies
“Taxonomy of taxonomies” proposes tackling weaknesses in categorisation of green assets
BIS paper outlines model of managed floats
Framework captures financial frictions while being simpler than other models, authors say
Greater competition cut US banks’ ‘insider lending’ – BdF paper
Researchers quantify bank owners’ and executives’ loans to themselves and their interests
IMF lays out role for investment funds to green economy
Global Financial Stability Report estimates $20 trillion will be needed over the next two decades