Research
Bundesbank paper looks at consequences of weak supervision
Supervisors seen as less likely to intervene give banks incentive to stay undercapitalised - researchers
DNB paper looks at eurozone’s interest rates
Paper looks at effects of ECB monetary policy shocks on bank equity prices from 1999 to 2020
Bank of Italy paper compares US recession-forecasting methods
Measure of uncertainty out-performs even yield curve in short term, researchers say
ECB paper presents new measure of underlying inflation
“PCCI” measure does not exclude HICP items and gives timely notice of turning points, authors say
ECB paper looks at eurozone money markets
Policy-makers must ensure smooth functioning of secured money markets, researchers say
Fed’s Covid-19 response drove euro’s appreciation – ECB paper
Effects of QE on exchange rates are comparable to conventional monetary policies, researchers find
Transparency on financial stability not always optimal – Fed paper
Author finds upside to opacity, but says central banks may face time inconsistency problem
Token-based CBDC poses security risks – BoC paper
Bank of Canada has said token-based approach is its preferred method, but authors warn of risks
Information drives transatlantic policy spillovers – ECB paper
Tighter ECB policy often causes financial easing in US due to “information effect”, researcher argues
Bankruptcies could trigger ‘protracted’ unemployment – BIS research
Reallocating resources quickly will help reduce the pain of adjustment, economists say
Central bank refinancing greatly lowers banking risk – ECB paper
Paper uses data on post-crisis eurozone to calculate effects of refinancing rate on risks facing banks
Reforms cut risk-taking by G-Sibs – ECB paper
Researchers say reforms may have at least partly resolved “too big to fail” problem for largest banks
Carbon tax could help monetary policy – ECB paper
But tax will only improve welfare if alternatives to carbon-based power are available, say researchers
Austrian paper estimates effects of European helicopter money
Researchers use data on likely consumption of windfall income from survey of 17 European countries
Global fraud framework needed as digital transactions rise – report
Covid-19 has forced consumers to trust new payment methods, but it could come at a cost
Bank of Finland research looks at ECB’s effects on eurozone equities
Researcher says eurozone monetary easing has raised eurozone equities’ expected risk premia
DNB survey looks at factors driving trust in financial system
Authors use data from DNB survey of Dutch consumers of financial services
Sticky prices play key role in monetary policy responses – ECB paper
Author finds different US industries’ react very differently to monetary policy decisions
BIS paper explores impact of sterilised FX interventions
Authors say economic and financial stability implications of intervention have been understudied
‘Combination’ forecasts can beat standard methods – RBI paper
Traditional inflation-output relationship seems “broken”, authors say
Lower public spending holding back Middle East and Central Asia
Efficient and targeted investments require comprehensive data, says IMF paper
ECB paper offers model for timely response to financial risks
Framework should allow policy-makers to act rapidly in response to rising risk, authors say
BIS paper models credit booms and busts
Authors outline heterogeneous-agent framework that could support macro-prudential policy
BIS paper delves into new fintech database
Authors investigate rise of “big tech credit” in many economies