Research
Banque de France paper sketches policy routes for post-crisis central banks
“New orthodoxy” would see unchanged policy goals, but more freedom to lower interest rates
Non-banks could threaten bank business models – BoE paper
Non-bank competitor could undermine bank’s deposit base under certain circumstances
Not all payments will benefit from blockchain – RBNZ research
Article recognises cross-border payments could be made more efficient with blockchain, but says the technology is not mature enough for domestic transactions
Latin American central banks should improve communication strategies – IMF
Blog post suggests longer, more detailed, policy communication is not always better
Nominal exchange rates can be forecast on ‘back of a napkin’ - ECB paper
Flexible exchange rates in advanced countries have two regularities, researchers find
BoE research says digital currency would ‘strengthen’ policy transmission
Under proposed framework, a CBDC would have limited impact on monetary policy but a lack of data means further research into design and demand will be crucial
BoE paper studies ‘multiplex’ network model of derivatives market
Low liquidity buffers can lead to significant spillovers for some firms, authors warn
ZLB increases equities-oil correlation – St Louis Fed research
The assets were uncorrelated until late 2008, when Fed took federal funds rate to zero
Norges Bank does not rule out launching digital currency
Central bank publishes first phase of research, saying a digital currency could be an alternative to deposit money when cash usage declines
Small depositors do not pose greater run risk – BIS paper
Authors say their findings imply financial inclusion need not create instability
Italian and Spanish sovereign bond yields respond to ECB policy – researcher
Central Bank of Ireland letter says response to ECB announcements impaired during crisis
US consumer inflation expectations are on the rise – NY Fed
Median one-year price rise expectations increase to 2.98% in April from 2.75% in March
IMF recommends improved central bank communication in Latin America
Clearer policies and increased transparency could help to deal with future shocks
Denomination matters for banknote demand – paper
Bank of Canada paper finds people make different choices when holding high-value banknotes
ECB stresses protectionist risks in economic bulletin
US administration announced plans to impose tariffs on steel and aluminium in March
Researchers propose new method of measuring Chinese inflation
Bank of Finland paper says many current measures under-weight food and energy prices
Sovereign debt crisis caused European firms to cut wages – DNB paper
Researchers say credit stress causes firms to reduce variable parts of wages
Growth of US remote payments outpaces in-person transactions
Remote transactions grew faster in volume and value than in-person payments in 2016
RBA paper finds elusive interest rate-investment link
Authors present empirical evidence for inverse relationship between rates and investment
Global factor influences inflation volatility, Italian paper says
Researchers say inflation volatility correlates to oil inflation rates and Chinese producer prices
Slowdown of US growth is temporary, Dallas Fed says
Despite weaker growth in Q1, the labour market keeps tightening and demand is solid
Voluntary reserve targets can aid transmission – Fed paper
Voluntary targets could help central banks set policy more effectively
Oil exporters present higher risk of default, researcher says
Researcher says 27 out of 35 oil-exporting countries defaulted on their debt between 1979 and 2010
Dramatic fall in Bitcoin price correlates with introduction of futures, authors argue
Dramatic fall in Bitcoin price correlates with introduction of futures, authors argue