Research
Fiscal convergence before entering the EMU
This European Central Bank Working Paper, published 27 July, addresses the question of whether a reduction of public deficits, such as imposed by the Maastricht fiscal criteria, is a necessary or useful step on the road to the adoption of the euro.
Japan - Effects of the quantitative easing policy
The Bank of Japan Working Paper "Effects of the quantitative easing policy: A survey of empirical analyses" surveys the empirical analyses that examine the effects of the Bank of Japan (BOJ)'s quantitative easing policy (QEP).
IMF paper on global imbalances
The International Monetary Fund Working Paper "How Might a Disorderly Resolution of Global Imbalances Affect Global Wealth?" describes the impact on global wealth of an unanticipated shock to U.S. financial markets.
IMF paper on the 2003-05 oil shock
The IMF Working Paper "Weathering the Storm So Far: The Impact of the 2003-05 Oil Shock on Low-Income Countries" examines the impact of the 2003-05 oil price increase on the balance of payments positions and IMF financing needs of low-income country oil…
ECB paper on fiscal policy in a monetary economy
The ECB Working Paper "Fiscal policy in a monetary economy with capital and finite lifetime" develops a dynamic stochastic general equilibrium model with nominal rigidities, capital accumulation and finite lifetimes.
ECB paper on the impact of policy decisions
The ECB Working Paper "The impact of ECB monetary policy decisions and communication on the yield curve" analyses high-frequency changes in the euro area money market yield curve on dates when the ECB regularly sets and communicates decisions on policy…
Monetary policy rules in the pre-EMU era
The ECB Working Paper "Monetary policy rules in the pre-EMU era: Is there a common rule?" analyses the period 1993 to 1998 saying there is no clear agreement regarding the monetary policy pursued in the member countries during the convergence process.
St Louis Fed paper on forex intervention
This Federal Reserve Bank of St. Louis Working Paper "Authorities' beliefs about foreign exchange intervention: Getting back under the hood" presents the results of a survey of monetary authorities with respect to their beliefs about foreign exchange…
IMF paper on policy lessons from Latin America
The IMF Working Paper "Macroeconomic volatility: The policy lessons from Latin America" traces how the history of macroeconomic volatility and financial crisis over the past century has adversely impacted on growth and other development indicators.
BoE paper on efficient payment systems
The Bank of England Working Paper "The welfare benefits of stable and efficient payment systems" examines the importance of smoothly functioning payment systems to the economy by extending a recently developed theoretical model of banks.
Inflation targeting in dollarized economies
According to this Working Paper from the Central Bank of Chile, the shift to an inflation targeting regime has contributed to the relatively low inflation observed in some emerging market economies.
IMF paper on international policy coordination
The IMF Working Paper "International policy coordination and simple monetary policy rules" studies the optimal design of monetary policy in an optimizing two-country sticky price model.
How do central banks write on financial stability?
This IMF Working Paper, published July 2006, surveys central bank financial stability reports, and proposes a framework for assessing them.
IMF paper on U.S. inflation dynamics
The IMF Working Paper "U.S. inflation dynamics: What drives them over different frequencies?" aims to improve the understanding of U.S. inflation dynamics by separating out structural from cyclical effects using frequency domain techniques.
Inflation targeting in dollarized economies
According to this IMF Working Paper, the shift to inflation targeting has contributed to the relatively low inflation observed in some emerging market economies.
ECB paper on financial stability challenges
The ECB Occasional Paper 'Macroeconomic and financial stability challenges for acceding and candidate countries' reviews macroeconomic and financial stability challenges for acceding (Bulgaria and Romania) and candidate countries (Croatia and Turkey).
ECB paper on Japanese forex intervention
Based on a GARCH framework and change point detection, the ECB Working Paper "A structural break in the effects of Japanese foreign exchange intervention on yen/dollar exchange rate volatility" tests for a structural break in the effectiveness of…
The Dutch block of the ESCB multi-country model
This ECB Working Paper, published June 2006, presents the Dutch country block of the ESCB Multi-Country Model (MCM) for the euro area.
ECB paper on monetary policy
The ECB Working Paper "Adaptive learning, persistence, & optimal monetary policy" shows that, when private sector expectations are determined in line with adaptive learning, optimal policy responds persistently to cost-push shocks.
Transparency, expectations, and forecasts
In 1994 the FOMC began to release statements after each meeting. This ECB Working Paper investigates whether the public's views about the current path of the economy and of future policy have been affected by changes in the Federal Reserve's…
Consultation paper on Payments System Risk Policy
The Federal Reserve has published a consultation paper to seek information from financial institutions and other interested parties on their experience in managing intraday liquidity, credit, and operational risks relating to Fedwire funds transfers and…
IMF paper on the euro's challenge to the dollar
The IMF Working Paper "The euro's challenge to the dollar: Different views from economists and evidence from COFER (Currency composition of Foreign Exchange Reserves) and other data" examines opposing views on the euro's challenge to the dollar as an…
ECB paper on the Stability and Growth Pact
A year on from the SGP reform, the ECB Occasional Paper "The reform and implementation of the Stability and Growth Pact" takes stock of how the EU fiscal rules have evolved.
RBA paper on optimal monetary policy
The RBA Discussion Paper "Optimal monetary policy with real-time signal extraction from the bond market" sets up a model where the central bank uses real-time data from the bond market together with standard macroeconomic indicators to estimate the…