Research
Financial supervision & central bank independence
The Working Paper "Financial supervision fragmentation and central bank independence: The two sides of the same coin?" analyses how the central banks role in the monetary institutional setting can affect the unification process of the overall financial…
Evolving perceptions of the European Central Bank
The New York Fed Staff Report 'Establishing credibility: Evolving perceptions of the European Central Bank' published November 2005 presents an empirical framework that uses high-frequency data to test for persistent variation in market perceptions of…
Central banks as agents of economic development
In the last two decades, there has been a global sea change in the theory and practice of central banking. The neoliberal central bank policy package is drastically out of step with the history and dominant practice of central banking throughout most of…
Kansas Fed paper on the FOMC & the great inflation
The Federal Reserve Bank of Kansas City has published a Working Paper by Sharon Kozicki and P.A. Tinsely titled "Perhaps the FOMC did what it said it did: An alternative interpretation of the great inflation".
US deficits may not require big dollar drop - RBA
A new Reserve Bank of Australia discussion paper suggests that the real exchange rate adjustment required to address the US current account problems may not be as large as is often argued.
IMF central bank governance survey
An IMF survey of governance boards and management structures at central banks by JoAnne Morris and Tonny Lybek identifies "issues to consider when designing the structure, size, and composition of the governing boards and management of a central bank".
Norway paper on Monetary policy and asset prices
A recent Bank of Norway working paper investigates whether there is a case for asset prices in interest rates rules within a small econometric model of the Norwegian economy.
BoJ research paper on corporate earnings
A Bank of Japan research paper notes that corporate earnings have been greatly increasing in Japan over the last three years as business conditions continue to recover.
EC report on lack of financial sector integration
The European Commission has presented a preliminary analysis of why there has been little cross-border consolidation in the EU financial sector.
Book on Economic Integration in South East Asia
The research department of the Nepal Nastra Bank's international financial division recently published a book on economic integration in South East Asia.
Estimating China's 'equilibrium' real ex rate
This IMF Working Paper looks at a sample of studies that have attempted to estimate the "equilibrium" real value of China's currency. It suggests the wide variation in such estimates can be explained by various factors including the different…
IMF Paper on international reserves
The IMF Working Paper "International reserves: Precautionary vs. mercantilist views, theory, and evidence" compares the importance of precautionary and mercantilist motives in the hoarding of international reserves by developing countries.
Legal aspects of European System of Central Banks
The European Central Bank published a book on Wednesday 26 October . The book contains a collection of articles on the European Union and the ESCB, the Eurosystem, monetary law, central bank independence and central bank statutes as well as on financial…
NY Fed Staff Paper on Treasury securities
The U.S. Treasury announced in August 2005 that it is exploring whether to provide a backstop securities lending facility for U.S. Treasury securities. The New York Fed Staff Paper "Why is the U.S. Treasury contemplating becoming a lender of last resort…
Monetary policy predictability in the euro area
This Norges Bank Working Paper evaluates the ability of market participants to anticipate monetary policy decisions in the euro area and in 13 other countries.
Monetary policy & asset prices: To respond or not?
This Working Paper investigates whether there is a case for asset prices in interest rates rules within a small econometric model of the Norwegian economy.
Has financial development made the world riskier?
This paper by Raghuram Rajan discusses the implications for monetary policy and prudential supervision of an increase in financial-sector-induced turmoil for some economies, due to developments in the financial sector.
Financing conditions in the euro area
According to this Occasional Paper from the ECB, for central banks, the monitoring of financing conditions plays a pivotal role in assessing the actual transmission of monetary policy impulses to borrowers.
Norges Bank paper on monetary policy, asset prices
A Norges Bank Working Paper investigates whether there is a case for asset prices in interest rates rules within a small econometric model of the Norwegian economy.
Financial de-dollarization: Is it for real?
De facto (unofficial) dollarization, defined as the holding by residents of assets and liabilities denominated in a foreign currency, is a policy concern in an increasing number of developing economies, according to this IMF Working Paper published on…
IMF paper on inflation-targeting central banks
The IMF Working Paper "Governance structures and decision-making roles in inflation-targeting central banks" surveys decision-making roles of governing bodies of central banks that have formally adopted inflation targeting as a monetary framework.
Bank system stability: cross-Atlantic perspective
This ECB Working Paper derives indicators of the severity and structure of banking system risk from asymptotic interdependencies between banks' equity prices.
ECB paper on exchange rate communication
The ECB Working Paper "How successful are exchange rate communication and interventions? Evidence from time-series and event-study approaches" analyses whether communication and actual interventions in FX markets are successful in moving exchange rates…
The political economy of seigniorage
While most economists agree that seigniorage is one way governments finance deficits, there is less agreement about the political, institutional, and economic reasons for relying on it, according to the IMF Working Paper published Tuesday.