Research
Boston Fed paper looks at wider impact of banking stress
High levels of leverage magnify impact of bank crises on output and employment
Hank model reveals monetary non-neutrality
Inequality and zero lower bound suggest monetary policy can impact long-term real rates
Carbon pricing would have ‘limited impact’ on eurozone inflation, says paper
Inflation would rise less than 0.2% per year until 2025 and then decline, researchers say
Subsidies could cut net zero transition costs, BdF paper finds
Using carbon tax revenues to fund new technologies would almost halve GDP loss, researchers say
ECB paper estimates inflationary effects of climate change
Rising temperatures are having persistent effects on prices, especially for food
‘Robust’ wage growth consistent with disinflation – BIS paper
But firms need to avoid increasing their profit margins, authors find
Nigeria CBDC uptake ‘disappointingly low’ – paper
The e-naira is technically sound, but actual use is negligible, says IMF study
ECB policy leaks have ‘sizeable impact’
Leaks tend to reflect minority views and reverse trends in short-term rates
Spillovers more widespread than previously thought – Boston Fed
Many central banks cause spillovers besides the Federal Reserve, researcher says
Fed communication drives house price expectations – NBER paper
Researchers find people’s expectations vary widely and depend on clear explanations
Steeper Phillips curve cannot fully explain inflation surge – IMF paper
Structural factors have led to some steepening but it is not the full story, authors say
ECB paper suggests faster methods for estimating eurozone employment
Nowcasting tools outperform models currently used by ECB, researchers say
Supervisors should take action on interest rate risk – BIS paper
Core regulation alone will not neutralise all current risks, Financial Stability Institute says
Central banks have ‘long way to go’ on gender equality – IMF paper
“Multidimensional survey” finds eight major central banks are unequal on many metrics
Non-banks key to ‘absorbing’ sovereign debt – BIS paper
New database of key players in sovereign debt markets reveals EME reliance on non-banks
Macro-pru helps dampen global shocks – BIS paper
Authors find capital controls are less effective than prudential tools at offsetting shocks
NBER paper proposes ‘resurrecting’ non-linear Phillips curve
Original version of the curve is “strongly non-linear” and helps explain current inflation, authors say
Extended QE creates pessimistic sentiment – Bank of Canada paper
News and social media “significantly” impact market sentiment, researchers say
Monetary policy can matter in poor countries – IMF paper
Study suggests changes to money supply may have impact through exchange rate
Structural reforms could ‘unleash’ Indian growth – IMF paper
Study highlights shift in sources of productivity growth in India
Romer and Romer ask ‘does monetary policy matter?’ – again
Study based on “narrative approach” predicts major impact from recent Fed tightening
Asset purchases stopped mutual fund crisis, ECB paper finds
ECB’s emergency purchases in Covid-19 pandemic prevented asset fire-sale spiral
Canadian RTGS system improves payments efficiency, paper says
Researchers examined transition from a hybrid high-value payment system to RTGS
EMEs now coping better with financial market stress – BIS paper
Authorities have tackled old vulnerabilities, but trouble is springing up elsewhere