Research
US forward guidance had limited effectiveness, Fed paper finds
Households and firms took until 2012 to seriously consider new regime, researchers say
US policy has greater impact on non-US leverage than domestic policy, paper finds
The phenomenon is complex for policy-makers, authors say
US policy tightening heightens chance of crisis for close partners, paper finds
Countries should diversify their global trade exposure, Federal Reserve economists say
BoE paper highlights flaws in bank modelling
Many models still treat banks as “warehouses”, authors say, with important modelling implications
Eurozone wage rigidity largely persisted in great recession – Finnish paper
Frequency of wage changes fell in recession in many countries, researchers find
Bruno and Shin investigate EM firms’ dollar vulnerabilities
BIS paper highlights negative effects of US dollar strength on emerging market firms, as figures show dollar borrowing is still on the rise
ECB paper presents new sovereign stress model
New method builds on earlier CISS model to measure systemic stress in eurozone
Dallas Fed paper analyses monetary policy rules
Results are in “stark contrast” to previous research, authors say
Unconventional policy is best response to financial shocks – ECB paper
Non-standard measures shield borrowers from unwarranted lending rate rises, researchers say
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