Research
SSM reduced large eurozone banks’ risk-taking – ECB paper
Reduced credit risk was driven by supranational authority’s greater efficiency, authors argue
PBoC governor says China does not need QE
Yi Gang says China has space to carry on with conventional monetary policy
More regulatory action on big tech may be needed – FSI paper
Actions so far may not be enough to address growing risks, says Financial Stability Institute
Emerging European countries’ asset purchases worked – IMF paper
Emerging market central banks in Europe bought assets without triggering instability, authors find
BoE paper links debt and labour supply
Households behave differently depending on their wealth and debt, paper finds
Inequality sharpens monetary policy’s effects – ECB paper
Author analyses “inequality channel” using model with three types of heterogeneous agent
Authorities should consider stress-testing global supply chains – BoE paper
While global supply chains have not changed much, the shocks impacting them have, researchers say
Sectoral prices growing in importance as inflation driver – BIS paper
Monetary policy risks being “overly forceful” if it tries to respond, Borio and co-authors warn
EU bank resolution law needs reform – research
Law should recognise guarantees for subsidiaries by parent banks, NBB paper says
Foreign vulnerabilities can affect domestic growth – BoE paper
Study of ‘GDP-at-risk’ shows financial factors overseas can lead to worse outcomes locally
Bundesbank paper looks at short sellers in the pandemic
Short sellers saw Covid-19 would strongly affect fiscally constrained countries - paper
BIS paper explores Fed’s ‘whatever it takes’ moment
Covid facility had most of its impact without the Fed actually buying any bonds, authors find
Canadians ditched cash during pandemic, research shows
Central bank data shows cash withdrawals fell in comparison to debit card transactions
BDF paper analyses banks’ capital buffers
Researchers suggest new approach to setting banks’ structural and cyclical reserve levels
Fed saved US from even larger pandemic downturn – ECB paper
Unemployment would have risen by 20% more without Fed’s bond buying, researchers find
Demand shocks can have permanent impact on US economy – Fed paper
Authors find hysteresis is an important driver of longer-term growth trend in US
Pandemic Treasuries market calmed quickly – research
Dallas Fed analysis finds “headwinds” early on, but not lasting pandemic disruptions
Lending rate rigidity weakens eurozone monetary policy – BdF paper
Asymmetric costs in changing bank lending reduce effects of looser policy
Germany should aim to cut corporate savings – ECB paper
Investment and banking reforms are needed to cut German firms’ savings, say researchers
Danish central bank positive on ECB strategy review
New 2% symmetric target could boost inflation, report says; climate change may impact price and financial stability
Pandemic increased US demand for faster payments, says Fed paper
Vast majority of business expect to be using speedier options by 2023, survey finds
German inflation could be over 2% until mid-2022 – Bundesbank
Inflation is likely to drop from early 2022 as base effects end, central bank forecasts
Less chance of “taper tantrum” in emerging markets – Dallas Fed paper
Emerging markets have larger dollar reserves to meet financing disruptions
SNB research highlights trade-offs in use of capital controls
Financial stability benefits come at cost of curbing job creation, authors find