Research
RBA: Australia’s employment boom had no impact on joblessness
Reserve Bank of Australia study finds labour growth in the past decade served those outside labour force, but not unemployed skilled workers
Central Bank of Brazil: inflation tax risked hyperinflation
Brazilian central bank study shows the country risked weak hyperinflation in the past due to high income tax elasticity
Cleveland Fed: Fed’s abandonment of FX controls justified
Cleveland Federal Reserve study says Fed was right to stop intervening in foreign exchange markets as it helped stabilise prices in long term
St Louis Fed: FOMC largely ignored Phillips curve framework
A St Louis Federal Reserve study on Fed transcripts shows the FOMC was split on whether to use the Philips curve in monetary policy decisions
San Francisco Fed: jobs growth policies only temporarily effective
San Francisco Fed study shows recent government policies designed to stimulate employment failed to have any long-lasting effects
IMF: FDI undermined competitiveness in central and eastern Europe
An IMF study on real effective exchange rates reveals large volumes of foreign capital flows reduced competitiveness in central and eastern and European countries
Terms of credit in a competitive market: Philly Fed research
Paper from the Philadelphia Federal Reserve constructs a model to explain behaviour of lenders and borrowers
Expectations drive house prices
Bank of Spain research finds expectations on both monetary policy and future productivity influence house prices
Big banks get better borrowing rates: Norges Bank
Research from the Norwegian central bank finds that systemically important lenders get more favourable terms on the interbank markets, partly due to lower perceived credit risk
Determinants of big banks’ credit default risk: IMF paper
Fund research finds factors that determine credit default risk for systemically important institutions are consistent with earlier literature on bank failures; business models, earning potential, economic uncertainty all play a part
United States vs the euro area
Bank of Spain research examines where monetary policy has the greater real impact
Boston Fed on expectations, output and inflation
Research from Boston Federal Reserve shows low marginal cost presses down on inflation even when central bank’s explicit inflation target is clearly communicated and understood
Monetary policy analysis and forecasting in the G20
Paper published by the IMF develops model featuring extensive linkages between real and financial sectors
IMF: reserve managers’ ‘procyclical’ strategies exacerbated crisis
IMF says behaviour of reserve managers compounded pressures on financial stability; highlights potential conflict between investment strategies and stability mandates
Money and liquidity in financial markets
Connection between interbank market for liquidity and broader financial markets exists
CEPR: market liberalisation exacerbated credit crunch
Centre for Economic Policy Research study on financial crisis finds countries with deregulated markets were most negatively affected in credit markets
IMF: Structural reforms will strengthen Mauritius’ balance sheets
IMF study of Mauritian economy shows economic fundamentals are strong but economy continues to remain vulnerable to global developments
Bank of Mexico: prices heterogeneous between sectors
Bank of Mexico study on price movements shows that prices vary considerably across sectors, with contrast greatest between unregulated and regulated sectors
Philly Fed: freedom of databases may improve market oversight
Philadelphia Federal Reserve study on macro-micro databases shows that had information been made readily available, the crisis may have been less pronounced
Russian FX regime change ties rates closer to Europe: Bank of Finland
Bank of Finland study shows Russian interest rates moved more in line with Europe than the United States, following overhaul of exchange rate basket
Bank of Italy: location, not size instrumental to debt restructuring
Bank of Italy study finds debt restructuring of firms is more likely when located closer to borrowers
Demand and supply forces restriced credit: Bank of Italy
Bank of Italy study finds declines in demand and supply of credit dampened lending growth in Italian banks during financial crisis
BIS: Crisis response lacks rigour compared to Nordic countries in 90s
Bank for International Settlements study into the recent financial crisis says policy response may slowdown recovery
Riksbank study finds rate-setting board too large
Riksbank study on monetary policy committees finds Sweden’s Executive Board is not as effective with six members