Research
Corruption in Aruba is increasing, central bank survey shows
Citizens believe government has “no real will” to fight corruption and may benefit from it
Bank efficiency has little effect on Chinese monetary policy – Finnish paper
Chinese banks with very high or low loan-to-deposit ratios are most affected, researchers find
Frequent recessions push up US unemployment rate – paper
Cleveland Fed research says two decades of growth would produce 3.6% unemployment
ECB paper analyses US home ownership
Labour market dynamics and rising house prices account for generational inequality, researcher says
BIS paper seeks to overcome flawed Chinese growth statistics
Authors use regional data to circumvent “flat” GDP time series
Only climate policy risk priced in US equity markets – research
US political debate is only “wake-up call” for investors, who seem to disregard physical risks
Epidemics cause delayed political unrest – IMF paper
Infectious disease outbreaks lead to upheaval after health crisis has passed, researchers say
BoE paper seeks origin of systemic risk
Network analysis tool can overcome problems with other approaches, authors say
National statistical agencies must measure informal economy – IMF
Fund outlines new framework for informal economy consistent with GDP methodology
House price distortions slow European growth – Estonian paper
Misaligned prices amplify business cycles in short run but damage growth over long run – researchers
Monetary unions might benefit from taxing external debt – DNB paper
Policy would reduce adverse effects of shocks to risk premia on sovereign debt, researchers find
More capital could increase lending during pandemic – paper
Philadelphia Fed research finds capital injections and lower requirements would both increase lending
Penalty fears drove US funds’ March run – NY Fed paper
Research finds “sophisticated” investors respond to asset signals but retail investors do not
RBI paper tracks impact of rising transparency on expectations
Research uses text mining to study changing degree of transparency at the RBI
Cross-border spillovers play key role in ECB’s bond purchases – DNB paper
Cross-border effects play a “dominant role” in PSPP’s effectiveness, say researchers
Bundesbank paper estimates effects of Fed’s QE policies
Purchases of private securities were most expansionary measure, researchers find
Raising equity is best for bank recapitalisation – BIS paper
New capital is preferable to asset sales, which can cause systemic problems, authors say
BoE paper explores macroeconomic impact of macro-pru
Authors build DSGE model featuring “detailed banking sector” and sticky interest rates
DNB paper looks at announcements of LTV ratios
Effectiveness of macro-prudential measure is considerably affected by design, researchers say
Talking to firms aids central banks at ‘turning points’ – BoC paper
Qualitative information is particularly useful when timely official data is lacking, authors say
Bank profitability affects impact of regulation – BIS paper
Rules for global banks only cut systemic risk among less profitable firms, authors find
Money market estimates vary significantly – Bundesbank paper
Policy-makers should be aware of widely differing research results
Sectoral shocks drive non-bank credit cycles – BIS paper
Authors explore interaction of bank and non-bank credit cycles
Debt-service ratio limits have greatest welfare benefit – BoE research
Authors find macro-prudential tools can also boost the transmission of monetary policy