Research
Dutch cash payments fall sharply, DNB says
Cash payments were 30% of transactions in early 2020 but fell to 13% in April, study finds
Kansas Fed paper looks at conditional forward guidance
Date-based forward guidance would be effective without yield curve control, research says
Fed’s forward guidance has significant bond yield impact – DNB paper
Researchers say data indicates that Fed managed to preserve monetary policy credibility
Female workers badly hit by pandemic job losses – IMF economist
Lower-paid workers hit hardest both by 2008 recession and slump caused by pandemic
Structural changes may increase dollar funding strains – IMF paper
Some emerging markets still face “significant funding pressure”, researchers find
Covid-19 hampering high-tech development in Israel – BoI research
Pandemic exposes risk of overreliance on international financing in a key economic sector
Dealer capacity tightened significantly in March – Fed research
US primary dealers’ capacity to absorb Treasuries fell by 17% in March, economist finds
BIS paper studies early form of macro-pru policy
Dutch controls on credit from 1960s to 1990s helped promote stability, authors find
Chinese banks’ dollar needs are large but unclear – BIS research
Swap lines meet most banks’ dollar needs, but firms may still struggle to access dollars, authors warn
Credit-to-GDP gap is not reliable systemic risk indicator – research
Composite measure of financial cycle works better for most G7 countries, says Bundesbank paper
State guarantees helped prevent drop in business loans – ECB survey
But credit standards to households tightened further, as higher NPL ratios hamper credit provision
Banks used TLTRO to convert less liquid assets – ECB paper
Researchers say that broad collateral standards for first TLTRO series played important role
Trust in big tech falters during pandemic – research
Netherlands Bank says trust in most public institutions has risen as banks step up during pandemic
Haldane and co-authors conclude QE has made UK happier
Authors use survey data to track QE’s impact on household balance sheets
EME financial markets are still vulnerable – BIS paper
Covid crisis has shown further market development work is needed, writes head of CGFS secretariat
US should extend benefit payments for long lockdown – ECB paper
If lockdown has to continue, lawmakers should further extend benefits to avoid major damage
Fintech can worsen inequality, BIS paper warns
Diffusion of technology helps to spread the benefits evenly, authors say
Common asset holdings important for stress testing – BoE paper
When banks and non-banks hold the same assets, losses can be magnified, authors warn
Growth has replaced slack in Phillips curve relationship – Cleveland Fed paper
Findings could have “substantial disinflationary” implications during current recession, researchers say
US forward guidance is contractionary for Canada – BIS paper
Model highlights “beggar-thy-neighbour” effect of Fed’s forward guidance
Central banks should disclose ethnic pay gaps – BoE research
Diversity pay gap disclosures could result in behavioural change similar to climate risk disclosures, authors argue
EMEs should lower rates when faced with capital outflows – Fed research
Not cutting rates could worsen GDP and accelerate outflows, researchers find
Researchers test forward-looking uncertainty measures
BoE paper says the measures are likely to be useful for policy-making in the face of sudden shocks
US unemployment stats understate problem – research
Peterson Institute research says BLS figures fail to include all workers affected by pandemic