Research
Decentralised finance has outpaced regulation – ECB paper
Technology with ‘no legal personality’ poses financial stability risks
Firms’ pricing power was driver of generalised inflation, paper finds
Supply shocks gave firms cover to raise prices without losing sales, authors find
Ring-fencing protects retail banks, but lowers total equity value
BoE research finds concentrating risks in one group of banks depresses asset prices
Paper explores shifting drivers of Beveridge curve
Authors say job openings and unemployment data are not enough to judge prospects of a soft landing
Global big tech regulation needed, says BIS paper
Researchers advocate for an activity-based approach as big tech overtakes fintech in some economies
Liquidity impacts monetary policy transmission – BoE paper
Hedge funds play key role in transmission at longer maturities, authors find
Balance sheet data can help gauge systemic risk, ECB paper says
Researchers present methodology for assessing large and small lenders based on SRisk measure
Natural disasters can trigger capital flight – Bank of Italy paper
International investors move funds out of EMEs but not advanced economies, researchers say
Paper offers new method for measuring natural rate
Authors say use of natural experiment leads to much smaller errors
Commercial real estate poses financial stability risks – research
Researchers say current strength of commercial real estate loans may not persist
Policy ‘pivot’ can deliver soft landing, says NBER paper
Authors aim for more realistic model of expectations through “level-k thinking”
‘Buy now, pay later’ may target the financially fragile – NY Fed
Researchers warn sector may not be resilient
Monetary policy tops US CFOs’ concerns
Survey finds high rates curtailing spending in 40% of firms
‘Illiquid lemon markets’ can worsen crises – NBER paper
Authors extend George Akerlof’s Nobel prize-winning work to the macroeconomy
OECD says interest rates should stay high ‘until well into 2024’
Report says monetary policy needs to stay tight until underlying inflationary pressures are lowered
IMF members will meet SDR interest payments, says paper
Fund publication notes interest rates on SDR rose sharply in last two years
Inflation behaves differently across income levels – BIS paper
Study finds various channels are behind uneven responsiveness of inflation to monetary policy
Colombian research offers advice on modelling Covid-19 shock
Pandemic is challenging to model due to its transitory impact, authors say
Pandemic may have altered US credit score reporting – paper
Government support and spending changes improved many individuals' ratings, researchers find
QE crowds out bank loans – NBER paper
Asset purchases generate “counterproductive” cut in lending to firms, authors find
Inflation battles often last more than five years, IMF paper says
Disinflations usually do not need prolonged falls in output, employment or wages
Tight monetary policy can scar economy, SF Fed research finds
Central banks may not be able to undo effects on productivity and potential output, paper says
Margining added to liquidity stress after Ukraine invasion – BIS
Bulletin article examines how tool designed to promote stability can have undesirable side effects
Inflation revisions are significant, finds NY Fed research
Understanding inflation in real time poses major difficulties, researchers say