Research
Falling productivity and low interest rates may form vicious circle – BdF paper
Researchers use data on 17 advanced economies to investigate secular stagnation hypothesis
Foreign-funded loans fuel credit booms – DNB paper
Paper finds emerging economies most strongly affected by growth in foreign-funded credit
Libra unlikely to play a major role in Sweden – Riksbank research
Existing payment systems are highly integrated into companies’ cash systems, and Libra would add exchange rate risks
Fed researchers aim to address uncertainty over demand for reserves
Demand for reserves could be between $712 billion and $919 billion, researchers find
National differences affect eurozone house loans – ECB paper
Study looks at banks owned by same groups but operating in different eurozone countries
New IMF data sheds light on interwar instability
Instrument-level data highlights how the network structure of debts contributed to collapse
Bank of Israel’s communication more accessible than Fed’s and ECB’s – research
In August, the central bank issued a special statement correcting forward guidance on lower inflation
IMF paper tracks Asian authorities’ responses to volatile capital flows
Monetary policy typically responds to several variables in pursuit of greater stability, analysis finds
St Louis Fed researchers deconstruct US inflation
Slower growth in energy, healthcare and housing prices contributed to lower inflation in recent expansion, researchers find
Fed paper looks at US spillovers to foreign government debt yields
Fed has “economically large” impact on some dollar-denominated bond yields, researchers find
DNB paper examines global data on ‘prop trading’
Proprietary trading in securities is linked to decreased loan supply, researchers say
BdF paper uses professional forecasts to improve BVAR model
Authors use “entropic tilting and soft conditioning” to incorporate survey data into model
BdF paper looks at digital currency and remuneration
Remuneration is key consideration for design of central bank-issued digital currencies, paper argues
Bank of Spain paper looks at supply chains’ impact on investment
Greater value chain integration has strong impact on foreign and domestic investment, paper finds
Exchange rate shocks gaining importance for eurozone inflation – research
Core inflation less influenced by exogenous factors, Bank of Spain research paper says
Large forex dealers are key to asset pricing – Bundesbank paper
Capital ratios of large forex dealers are important in explaining asset price movements, paper says
Strong dollar can be bad for trade – BIS paper
Textbook theory does not always hold due to the effect of global value chains, authors say
Atlanta Fed publishes 1,300-page history of the Fed
Document reveals early concerns Fed creation would lead to politics in banking or banking in politics
DNB paper looks at how regulation affects systemic risk
Restrictions on entry increased systemic risk before financial crisis, researchers say
Interbank networks may be too decentralised – BoE paper
Model of how networks develop implies laissez-faire may not be optimum policy
Loan-to-value analysis may be incomplete as macro-pru tool – research
Loan to purchase price, and loan service to income may be more robust analytical alternatives
Financial cycle useful for forecasting recessions – BIS paper
Measures of the financial cycle may be better predictors of recession than standard metrics
Falls in uncertainty may warn of coming crises – Bundesbank paper
Researchers attempt to quantify relationship between rising confidence and early signs of crisis
Italian firms may rely too much on bank credit – research
Bank of Italy paper brings together different data sources to examine firms’ sources of capital