Research
Supply curves may be convex – ECB paper
Findings imply that Phillips curve is convex and fiscal policy is state-dependent, authors say
Central banks are using biased estimates of pass-through – BIS paper
Standard measures exchange rate pass-through fail to account for market power, researcher argues
Modellers should not exclude pandemic-era data – ECB paper
Excluding pandemic data from time series would “vastly underestimate uncertainty”, authors argue
BIS paper explores changing inflation risk factors
Authors highlight “significant non-linearities” among a range of risk factors
Lower financial literacy linked to crypto asset ownership – Bank of Canada
New cash survey shows financial literacy is positively associated with crypto asset awareness, but negatively associated with ownership
Competition has varied impact on bank risk – BoE paper
Quantile regression gives more detailed picture than earlier studies, authors say
BIS paper studies lifecycle of zombie companies
Number of zombie firms has risen substantially, and their future prospects are not good, authors say
Alternative funds play key role in spreading shocks – study
Spillovers rose dramatically during Covid-19 stresses, authors find
Judging scarcity of reserves depends on Treasuries outstanding – paper
Increase in short-term Treasuries causes money markets to behave, as there is a scarcity of reserves, researchers find
Average inflation targeting could cut inequality – Fed paper
‘Hank’ models tend to be supportive of Fed’s new approach to inflation targeting, research finds
Eurozone needs ‘forceful policy response’ – Schnabel
Banks in eurozone face “substantial pressure” from Covid-19, ECB board member warns
CBDC projects aim to complement cash – BIS survey
Many central banks are creating “hybrid” CBDCs, according to survey of 32 projects
National Bank of Belgium paper looks at IMF research networks
IMF staff provide useful case study of how co-authorship networks form, paper says
Bank of Spain research traces impact of lockdown
Authors call for exhaustive test-and-trace to avoid future nationwide lockdowns
IRB approach can squeeze credit supply- Bank of Italy paper
Costs of credit for private firms from IRB-regulated banks rises as instability increases, paper says
Fed paper looks at different CBDC types
“Account-based”, “cash equivalent” and “hybrid” CBDCs all have varying advantages – researchers
Deposit insurance schemes must be credible – Bank of Portugal paper
Cypriot and Portuguese insurance schemes failed to stop bank runs due to low credibility, researchers say
Stress test results affect consumer credit – Philadelphia Fed paper
Banks reduce credit supply after worse-than-expected stress test results, researchers find
Colombian exchange rate shocks are asymmetric – central bank paper
Impact of 2014 drop in Colombian peso lends support to “dominant currency” theory, authors say
Financial indicators can warn of European growth risks – ECB paper
Index that aggregates financial variables in non-linear way provides most information – researchers
Mexican sovereign debt faces tighter conditions - SF Fed paper
Liquidity premiums reached record highs in pandemic while foreign holdings fell, researchers find
Banks are crucial investment source for French firms – BdF paper
Researchers use BdF database to examine how French companies finance their investments
Rising debt has weakened eurozone – Bank of Spain paper
Highly indebted countries face lower output and limited ability to respond to crises, researchers say
Bundesbank paper uses neural networks for rate forecasting
Artificial neural networks outperform linear and non-linear functions, author says