Research
Covid-19 likely harms productivity – BoE paper
Private sector could lose 5% of its productivity in Q4 this year, authors estimate
Paper lays groundwork for Canadian ‘Hank’ model
Author estimates “earnings process” as step towards heterogeneous agent modelling
Loans to SMEs should have lower capital requirements – BdF paper
More SME lending boosts banks’ portfolio diversity and decreases systemic risk exposure, paper finds
CBDC could give consumers power over their data – paper
Mere existence of CBDC could discipline data-hungry payments firms, authors say
Bank of Spain paper applies text mining to climate disclosures
Some climate disclosures found only in remuneration or Pillar 3 reports, researchers say
Bank of Spain paper looks at loan origination times
Loan origination data provides important insights into banking stability, researchers argue
BIS paper explores reasons for large gold reserves
Researcher says large holdings can be justified, but only for some purposes
ECB paper looks at cross-border macro-prudential effects
Imposing capital buffers cuts risk-taking and lending by foreign subsidiaries, researchers find
Green firms see equities rise as climate concerns grow – NBB paper
Researchers track relationship between media coverage and large firms’ equity values
Stablecoins could allow for ‘embedded supervision’ – BIS paper
But authors say CBDCs may be a more effective means of achieving the same goal
Excess liquidity can weaken policy transmission – BoE paper
“Novel dataset” sheds light on possible unintended consequences of crisis-fighting measures
NBG paper develops early warning system for external risks
Georgia’s current account deficit and dollarisation create vulnerabilities, authors say
Eurozone’s ageing is lowering interest rates – BoI paper
Natural real interest rate is likely to reach its lowest point around 2030, researcher finds
Bank of Italy paper looks at flatter Phillips curve
Weaker collective bargaining has played key role in flattening relationship, researchers say
BoE paper offers solution to ‘paradox of flexibility’
Using shadow rate can avoid anomalous results at zero lower bound, authors say
Weak banks could reverse effects of policy rate cuts – ECB paper
Countercyclical buffers play crucial role in preventing “reversal interest rate” events, researchers find
BIS paper pins down causal impact of capital flows
Study based on confidential BIS data finds capital controls can help prevent overheating
Central banks face fintech ‘balancing act’ in Latin America – BIS paper
Region needs right institutional framework to benefit from rapid rise of fintech, authors say
BIS paper warns economies may stagnate after Covid-19
Author models the structural changes brought about by the coronavirus pandemic
ECB paper looks at interest rate-growth differential
Several factors are likely to push differential up for some eurozone countries, say researchers
Disintermediation caused by CBDC can be prevented – research
Central banks can use lender of last resort power and decrease CBDC remuneration
Dollar funding drives global house price movements – BIS paper
Non-US banks often depend heavily on dollar funding to issue mortgages, authors show
Fed paper presents model of Covid-19 trade-offs
Data-driven model implies lockdown can work if a vaccine can be developed quickly enough
Paper offers method for evaluating machine learning models
Bank of Spain paper looks at cost and benefits of ML models for predicting credit defaults