Research
Norges Bank: discretionary policy as good as simple rule policy
Norges Bank paper shows that optimal monetary policy is equally as effective in conducting policies as a simple rule system.
BoJ study links widening CDS spreads in Greece to greater sovereign debt risk
Bank of Japan study shows strong relationship between fiscal health and CDS spreads
Systematic volatility explains long term global correlations
Mexican central bank study on frequency variations of global correlations indicates increased connectivity in equity markets
RBNZ finds strong co-movement in inflation
Paper from New Zealand's central bank indicates category specific factors account for large co-movement in inflation among internationally traded commodities
Philly Fed study shows capital income tax should be nullified
Research links preferential tax treatment offered to homeowners with capital income tax
Minneapolis Fed: US relies on large firms for productivity gains
Study shows employment distribution important factor in productivity of US firms
SF Fed: crisis showed simple policy rules more effective
San Francisico Fed paper reaffirms strength of simple policy guideline to monetary policy but stresses need for international framework
IMF: Lat Am banks a match for foreign rivals
IMF paper indicates foreign banks are no more efficient than domestic ones
HKMA: offshore markets can help boost currency trade
Hong Kong Monetary Authority says risks of trading currency in offshore markets are manageable
Sarb: prime rate to repo rate spread immaterial
South African Reserve Bank paper finds the spread between its repo rate and the prime rate has no real implications for policy
Bank of Italy: lack of demand led to sluggish lending
Paper shows falling demand rather than supply for credit led to falls in lending during the crisis
Philly Fed: US export growth could have been greater in the 90’s
Philadelphia Federal Reserve study finds that movement of labour to smaller firms prevented greater export growth
Chile: political unrest hinders growth
Banco de Chile research finds political instability leads to lower GDP
IMF: foreign activity deepens emerging bond markets
IMF paper finds greater foreign presence in domestic bond markets reduces government yields and dampens volatility
ECB: German bonds the European safe-haven
ECB paper shows investors sought refuge in German bonds as crisis struck
BoE: home equity withdrawals rising but still negative
Bank of England paper shows that house equity withdrawals remain negative despite recent upswing in equity extraction
IMF: credit markets key to economic recovery
IMF study shows that a healthy financial sector is essential to a speedy recovery in the economy
RBA goes back to class
Reserve Bank of Australia paper shows that ‘learning’ component makes up for short comings of rational expectations model
BoE study justifies interest-rate cuts
Bank of England research finds rate cuts warranted as risks of high rates outweigh the cost of short term inflation
Boston Fed measures effect of equity extraction on consumption
Boston Fed research shows equity extraction as significant driving force for consumption during US housing boom
IMF: global inter-connectedness aggravated recession
IMF paper shows global interconnectedness increased output volatility during recession as trade-dependent economies were worst hit
SNB tackles too-big-to-fail
Report by the Swiss National Bank suggests countries biggest banks will need to downsize
Philly Fed: banking sector returns to profit
Report for fourth quarter notes bank failures also dropped
Finnish central bank offers pessimistic outlook for growth
Bank of Finland report forecasts anaemic growth in 2010 following continued declines in exports sector