Research
US regulatory sanctions lead to banks cutting credit costs – Finnish paper
Sanctioned banks cut loan costs by 22bp on average, researchers find
Fed’s QE programme changed US corporate financing – BdF paper
Conventional monetary policy and QE have very different transmission mechanisms – researchers
Debt poses a threat to African monetary policy – BIS paper
Central bankers could use their influence to encourage government prudence, authors say
Macro-prudential forex rules may shift vulnerability – BoE paper
Study of forex rules finds they may succeed in their primary goal, but shift risks elsewhere
Lower bound not a big constraint for the Fed – paper
Risks of Fed being constrained in the future are “greatly overstated”, author says
BIS paper finds trade-off in forward guidance
Forward guidance may deter economic growth, authors say
‘Amazon effects’ impact pricing across economy – paper
Alberto Cavallo says online competition has changed pricing dynamics on- and offline
Prudential regulation subject to ‘leakages’ – BIS paper
Net effect of tighter prudential regulation is positive for economic growth, paper finds
Shift to internal models has increased largest EU banks’ risk – Finnish paper
Exposure to market risk of biggest European banks has grown over last 30 years, researchers find
Researchers probe weakness in Italy’s core inflation
Labour and financial markets important influences on weaker inflation – Bank of Italy paper
Eurozone fiscal rules have major pro-cyclical effects – DNB paper
Researchers say strengthening fiscal buffers may modify stability pact’s effects
Output gaps are significant cause of inflation – BIS paper
Researchers find evidence of flatter Phillips curve in advanced economies
Draghi’s ‘whatever it takes’ cut bank risk-taking – BIS paper
Study examines Mexican markets to pick out effects of the ECB president’s intervention
Researchers explore impact of bank stress on the real economy
Large banks should be subject to more stringent requirements, authors say
Bail-in regimes lower costs of resolution for states – ECB paper
Researchers present structural model of bank re-capitalisation
Uncertainty over monetary policy is ‘recessionary’, researchers say
Forward guidance reduces uncertainty and supports the economy, paper finds
Global output gap matters for inflation – BIS paper
Authors find domestic and global output gaps both important, but effects differ across economies
IMF paper explores interaction of capital controls and macro-pru
Capital controls do not “consistently” mitigate potential increases in cross-border flows
Zombie firms drag down productivity in economy – BIS paper
Lower interest rates create conditions for “zombie firms”, researchers find
Local factors have greater influence on global lenders – BIS paper
Researchers examine data on 53 largest commercial banks
Cash still reigns in euro area
Large number of countries still use cash for high-value payments, but national disparities remain
Bundesbank paper looks at secondary markets’ role in bank runs
Adding secondary markets to model significantly alters possible equilibria, authors say
Uneven technology adoption behind low productivity and wage growth – RBA research
High-productivity firms are reducing prices and increasing profits rather than boosting salaries
Stronger macro-prudential intervention may be needed – Minneapolis Fed paper
Shadow banking sector takes greater risks in times of stringent macro-prudential policy for banks, researcher finds