Research
FSI paper details ‘red team testing’
Paper sets out how the cyber-security tests are used in different jurisdictions
European pension fund liquidity may need to rise – Danish central bank
Central clearing exemption to expire in 2023 under market infrastructure regulation
Risk of hitting ZLB in the future reduces inflation today – Fed paper
Policy-makers could use “risk-adjusted policy rule” to offset risk of undershooting, researchers say
ECB paper looks at eurozone corporate debt purchases
Buying of corporate bonds by ECB boosted issuance of euro-denominated debt – researchers
Swedish paper investigates weak wage growth
Labour shortages may be lower than previously thought, researchers argue
Dominican Republic faces monetary policy trade-off – IMF paper
Researchers say financial system is healthy, but central bank faces hard choices over policy
Research proposes ‘Monk’ model of long-term monetary transmission
Equilibrium in standard models only affected by short rates, say Garriga, Kydland and Šustek
Hidden money creation is impacting policy, PBoC economist warns
“Banks’ shadow” hampers monetary and financial stability policy, Guofeng Sun says
Decentralised reserves system brings benefits – ECB paper
Management of reserves by eurozone’s national central banks boosts competition – researchers
IMF paper looks at Moroccan monetary policy
Findings show balance sheet has significant impact, especially via smaller firms – researchers
Bank of Spain paper looks at exchange rate shocks in the eurozone
Exogenous exchange rate shocks affect energy prices but not core inflation, researchers find
Germany’s tight fiscal policy may hamper ECB normalisation – IMF research
Sustained budget surpluses have reduced debt issuance and contributed to ever-lower yields
Trump’s trade war is squeezing US profits – IMF paper
Retailers kept prices unchanged and exporters cut theirs, Gita Gopinath and co-authors find
Both short and long-term banking liquidity ratios needed – ECB paper
Net stable funding ratio has not been introduced in all jurisdictions, researchers say
Philly Fed paper studies impact of Argentina's default on firms
Firms would benefit from mechanisms to ease switching lenders, researchers find
ECB paper sets out stress tests for investment funds
Depletion in assets under management could reach 24% for equity funds and 5% for bond funds
New Zealanders increasingly abandoning cash – RBNZ survey
RBNZ warns about the effects a cashless society may have on those already excluded from digital innovations
Falling productivity and low interest rates may form vicious circle – BdF paper
Researchers use data on 17 advanced economies to investigate secular stagnation hypothesis
Foreign-funded loans fuel credit booms – DNB paper
Paper finds emerging economies most strongly affected by growth in foreign-funded credit
Libra unlikely to play a major role in Sweden – Riksbank research
Existing payment systems are highly integrated into companies’ cash systems, and Libra would add exchange rate risks
Fed researchers aim to address uncertainty over demand for reserves
Demand for reserves could be between $712 billion and $919 billion, researchers find
National differences affect eurozone house loans – ECB paper
Study looks at banks owned by same groups but operating in different eurozone countries
New IMF data sheds light on interwar instability
Instrument-level data highlights how the network structure of debts contributed to collapse
Bank of Israel’s communication more accessible than Fed’s and ECB’s – research
In August, the central bank issued a special statement correcting forward guidance on lower inflation