Research
Austerity measures provide long-term benefits: Bank of Portugal paper
Bank of Portugal says fiscal consolidation is welfare improving in the long term, but not the short term
Loan-to-value ratios effective macroprudential tool: HKMA paper
Hong Kong Monetary Authority study finds evidence in support of loan-to-value ratios as a macroprudential tool
BoE forecasts at odds with public view: BIS paper
Bank for International Settlements study finds substantial disagreement among UK consumers and Bank of England over inflation forecasts
St Louis Fed paper denies direct Fed link to 1930s recession
St Louis Federal Reserve study says Fed’s doubling of reserve requirements was not cause of contraction in 1930s
Europe contributed to global savings glut: Fed paper
Federal Reserve study says European demand for US securities helped push US Treasury yields lower
China’s financial system, not renminbi, source of imbalances: St Louis Fed paper
St Louis Federal Reserve study says revaluation of renminbi will not address source of trade imbalances and may prove counterproductive
Riksbank paper on new DSGE algorithm
Riksbank study documents new forecasting algorithm for monetary policy model
Choice of payment method affects inflation: Bank of Canada paper:
Bank of Canada study charts influence of credit purchases on inflation, monetary policy
Riksbank on its econometric model Moses
Riksbank study documents simulations using central bank’s econometric model Moses
No energy pass-through to headline inflation: St Louis Fed paper
St Louis Federal Reserve study finds no pass-through effect from energy prices to trend headline inflation
CEPR paper identifies root cause of sovereign debt crises
Centre for Economic Policy Research study finds country indebtedness, quality of governance and ability to weather shocks are determinants of sovereign debt crises
Monetary policy effects on housing bubble: Bank paper
Bank of England study measures impact of monetary policy and capital inflows on housing activity
Endogenous debt crises: CEPR paper
Centre for Economic Policy Research study says reckless borrowers pose greater threat of sovereign default than poor economic growth
Mortgage discounting slows monetary policy pass through: Bank of Canada
Bank of Canada Winter Review 2010–2011 says mortgage-rate discounting slows monetary policy pass-through to lending rates
Boston Fed paper on measures of bank output
Boston Federal Reserve study finds bias in methodology statistical agencies’ measurement of bank output
Rebalancing growth in Asia: IMF paper
Fund study examines case for rebalancing growth in Asia through investment-oriented policies
Bank of Finland paper on boom and bust
Bank of Finland proposes model to measure financial frictions in the Finnish economy
Dallas Fed paper on SNB crisis measures
Dallas Federal Reserve case study on success of Swiss National Bank liquidity provisions to foreign banks
Central Bank of Chile paper links instability to austerity
Central Bank of Chile study finds positive correlation between austerity and instability in Latin American countries
Buba study on robustness of monetary policy
Bundesbank research examines whether misspecification may have consequences on robustness of monetary policy decisions
Inflation benefits poor, hurts rich: Central Bank of Chile paper
Central Bank of Chile study shows contrary to conventional wisdom inflation has negative affects on welfare of rich but benefits the poor
Buba paper covers US drivers of imbalances
Bundesbank study says household and firm behaviour can explain why decline in US productivity was a driver of global imbalances
Kansas City Fed paper on search frictions in monetary policy
Kansas City Federal Reserve paper finds evidence of indeterminacy in monetary policy in models with labour markets search frictions
Buba paper on benefits of cocos
Bundesbank study says benefits of contingent capital may lead to its incorporation in firms’ financing mix without mandate