Details about Boris Hofmann

Homepage:	http://www.bis.org/author/boris_hofmann.htm
Workplace:	Bank for International Settlements (BIS), (more information at EDIRC)

Access statistics for papers by Boris Hofmann.

Last updated 2025-01-12. Update your information in the RePEc Author Service.

Short-id: pho504

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Working Papers

2025

1. Commodity prices and monetary policy: old and new challenges
   BIS Bulletins, Bank for International Settlements
2. Completing the post-pandemic landing
   BIS Bulletins, Bank for International Settlements

2024

3. Targeted Taylor rules: some evidence and theory
   BIS Working Papers, Bank for International Settlements

2023

4. Does money growth help explain the recent inflation surge?
   BIS Bulletins, Bank for International Settlements
5. Foreign institutional investors, monetary policy, and reaching for yield
   BIS Working Papers, Bank for International Settlements View citations (1)
6. The changing nexus between commodity prices and the dollar: causes and implications
   BIS Bulletins, Bank for International Settlements
7. What drives inflation? Disentangling demand and supply factors
   CEPR Discussion Papers, C.E.P.R. Discussion Papers
   Also in BIS Working Papers, Bank for International Settlements (2022) View citations (12)
   Discussion Papers, Deutsche Bundesbank (2022) View citations (11)
   CAMA Working Papers, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University (2022) View citations (4)

2022

8. Capital flows and monetary policy trade-offs in emerging market economies
   BIS Working Papers, Bank for International Settlements View citations (3)
9. Global exchange rate adjustments: drivers, impacts and policy implications
   BIS Bulletins, Bank for International Settlements
10. Original sin redux: a model-based evaluation
    BIS Working Papers, Bank for International Settlements View citations (14)
11. Quantitative forward guidance through interest rate projections
    BIS Working Papers, Bank for International Settlements View citations (2)
12. Risk capacity, portfolio choice and exchange rates
    BIS Working Papers, Bank for International Settlements View citations (4)

2021

13. Fiscal and monetary policy interactions in a low interest rate world
    BIS Working Papers, Bank for International Settlements View citations (18)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2021)
14. Losing traction? The real effects of monetary policy when interest rates are low
    BIS Working Papers, Bank for International Settlements View citations (8)
    See also Journal Article Losing traction? The real effects of monetary policy when interest rates are low, Journal of International Money and Finance, Elsevier (2024) View citations (2) (2024)

2020

15. Central bank bond purchases in emerging market economies
    BIS Bulletins, Bank for International Settlements View citations (44)
16. Corporate investment and the exchange rate: The financial channel
    BIS Working Papers, Bank for International Settlements View citations (15)
    Also in BOFIT Discussion Papers, Bank of Finland Institute for Emerging Economies (BOFIT) (2020) View citations (3)
    See also Journal Article Corporate investment and the exchange rate: The financial channel, International Finance, Wiley Blackwell (2022) View citations (4) (2022)
17. Corporate zombies: Anatomy and life cycle
    BIS Working Papers, Bank for International Settlements View citations (43)
    See also Journal Article Corporate zombies: anatomy and life cycle, Economic Policy, CEPR, CESifo, Sciences Po (2022) View citations (15) (2022)
18. Emerging market economy exchange rates and local currency bond markets amid the Covid-19 pandemic
    BIS Bulletins, Bank for International Settlements View citations (49)
19. Recessions and mortality: a global perspective
    BIS Working Papers, Bank for International Settlements View citations (6)
    See also Journal Article Recessions and mortality: A global perspective, Economics Letters, Elsevier (2022) View citations (4) (2022)
20. The impact of unconventional monetary policies on retail lending and deposit rates in the euro area
    BIS Working Papers, Bank for International Settlements View citations (3)
21. The recession-mortality nexus and Covid-19
    BIS Bulletins, Bank for International Settlements

2019

22. Bond risk premia and the exchange rate
    BIS Working Papers, Bank for International Settlements View citations (21)
    See also Journal Article Bond Risk Premia and The Exchange Rate, Journal of Money, Credit and Banking, Blackwell Publishing (2020) View citations (29) (2020)
23. Do SVARs with Sign Restrictions Not Identify Unconventional Monetary Policy Shocks?
    Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium, Ghent University, Faculty of Economics and Business Administration View citations (17)
    Also in Working Paper Research, National Bank of Belgium (2019) View citations (17)
    Working Papers, Banco de España (2019) View citations (16)
    BIS Working Papers, Bank for International Settlements (2019) View citations (16)
24. FX intervention and domestic credit: Evidence from high-frequency micro data
    BIS Working Papers, Bank for International Settlements View citations (39)
    Also in Borradores de Economia, Banco de la Republica de Colombia (2019) View citations (32)

2018

25. The macroeconomic effects of asset purchases revisited
    SAFE Working Paper Series, Leibniz Institute for Financial Research SAFE View citations (43)
    Also in BIS Working Papers, Bank for International Settlements (2017) View citations (5)
    See also Journal Article The macroeconomic effects of asset purchases revisited, Journal of Macroeconomics, Elsevier (2018) View citations (34) (2018)

2017

26. Is monetary policy less effective when interest rates are persistently low?
    BIS Working Papers, Bank for International Settlements View citations (60)
    See also Chapter Is Monetary Policy Less Effective When Interest Rates Are Persistently Low?, RBA Annual Conference Volume (Discontinued), Reserve Bank of Australia (2017) View citations (56) (2017)
27. MONETARY POLICY TRANSMISSION AND TRADE-OFFS IN THE UNITED STATES: OLD AND NEW
    Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium, Ghent University, Faculty of Economics and Business Administration View citations (14)
    Also in BIS Working Papers, Bank for International Settlements (2017) View citations (14)
    CESifo Working Paper Series, CESifo (2017) View citations (10)
    See also Journal Article Monetary policy transmission and trade‐offs in the United States: Old and new, International Finance, Wiley Blackwell (2024) (2024)

2016

28. Monetary facts revisited
    BIS Working Papers, Bank for International Settlements View citations (20)
    See also Journal Article Monetary facts revisited, Journal of International Money and Finance, Elsevier (2018) View citations (17) (2018)
29. Sovereign yields and the risk-taking channel of currency appreciation
    BIS Working Papers, Bank for International Settlements View citations (76)

2015

30. The influence of monetary policy on bank profitability
    BIS Working Papers, Bank for International Settlements View citations (82)
    See also Journal Article The influence of monetary policy on bank profitability, International Finance, Wiley Blackwell (2017) View citations (207) (2017)

2014

31. Monetary analysis and the global financial cycle: an Asian central bank perspective
    BIS Working Papers, Bank for International Settlements View citations (10)
    See also Journal Article Monetary analysis and the global financial cycle: An Asian central bank perspective, Journal of Asian Economics, Elsevier (2016) View citations (7) (2016)

2013

32. Understanding Global Liquidity
    BIS Working Papers, Bank for International Settlements View citations (18)
    Also in Discussion Papers, Deutsche Bundesbank (2013) View citations (19)
    See also Journal Article Understanding global liquidity, European Economic Review, Elsevier (2014) View citations (63) (2014)

2012

33. The Effectiveness of Unconventional Monetary Policy at the Zero Lower Bound: A Cross-Country Analysis
    BIS Working Papers, Bank for International Settlements View citations (63)
    Also in Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium, Ghent University, Faculty of Economics and Business Administration (2011) View citations (37)
    See also Journal Article The Effectiveness of Unconventional Monetary Policy at the Zero Lower Bound: A Cross‐Country Analysis, Journal of Money, Credit and Banking, Blackwell Publishing (2014) View citations (408) (2014)

2011

34. Time Variation in U.S. Wage Dynamics
    2011 Meeting Papers, Society for Economic Dynamics
    Also in Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium, Ghent University, Faculty of Economics and Business Administration (2010) View citations (1)
    Working Paper Series, European Central Bank (2010) View citations (2)
    CESifo Working Paper Series, CESifo (2010) View citations (15)
    See also Journal Article Time variation in U.S. wage dynamics, Journal of Monetary Economics, Elsevier (2012) View citations (66) (2012)

2010

35. Monetary policy, housing booms and financial (im)balances
    Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank View citations (1)
    Also in Working Paper Series, European Central Bank (2010) View citations (1)
    See also Journal Article MONETARY POLICY, HOUSING BOOMS, AND FINANCIAL (IM)BALANCES, Macroeconomic Dynamics, Cambridge University Press (2013) View citations (52) (2013)

2009

36. Gauging the effectiveness of quantitative forward guidance: evidence from three inflation targeters
    Working Paper Series, European Central Bank View citations (38)

2008

37. Do monetary indicators lead euro area inflation?
    Working Paper Series, European Central Bank View citations (15)
    See also Journal Article Do monetary indicators lead euro area inflation?, Journal of International Money and Finance, Elsevier (2009) View citations (9) (2009)
38. House Prices, Money, Credit and the Macroeconomy
    Working Paper Series, European Central Bank View citations (392)
    See also Journal Article House prices, money, credit, and the macroeconomy, Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited (2008) View citations (378) (2008)

2006

39. Default, Credit Growth, and Asset Prices
    IMF Working Papers, International Monetary Fund View citations (21)
40. Do monetary indicators (still) predict euro area inflation?
    Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank View citations (34)
41. Macroeconomic fluctuations and bank lending: evidence for Germany and the euro area
    Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank View citations (16)
    See also Journal Article Macroeconomic Fluctuations and Bank Lending: Evidence for Germany and the Euro Area, German Economic Review, De Gruyter (2009) View citations (4) (2009)

2005

42. Comparing Monetary Policy Reaction Functions: ECB versus Bundesbank
    Macroeconomics, University Library of Munich, Germany View citations (5)
    Also in Marburg Working Papers on Economics, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung) (2005) View citations (9)
    Money Macro and Finance (MMF) Research Group Conference 2004, Money Macro and Finance Research Group (2004) View citations (1)
    See also Journal Article Comparing monetary policy reaction functions: ECB versus Bundesbank, Empirical Economics, Springer (2006) View citations (70) (2006)
43. The Persistence and Rigidity of wages and prices
    Money Macro and Finance (MMF) Research Group Conference 2005, Money Macro and Finance Research Group

2004

44. Bank lending and property prices: some international evidence
    Money Macro and Finance (MMF) Research Group Conference 2003, Money Macro and Finance Research Group View citations (2)
    Also in Working Papers, Hong Kong Institute for Monetary Research (2003) View citations (30)

2003

45. Deflation, Credit and Asset Prices
    Working Papers, Hong Kong Institute for Monetary Research View citations (26)
46. FCIs and Economic Activity:Some International Evidence
    FMG Special Papers, Financial Markets Group
    Also in ZEI Working Papers, University of Bonn, ZEI - Center for European Integration Studies (2003)
47. Macroeconomic implications of low inflation in the euro area
    ZEI Working Papers, University of Bonn, ZEI - Center for European Integration Studies View citations (1)
    See also Journal Article Macroeconomic implications of low inflation in the euro area, The North American Journal of Economics and Finance, Elsevier (2004) View citations (5) (2004)
48. Monetary Policy Reaction Functions: ECB versus Bundesbank
    Macroeconomics, University Library of Munich, Germany View citations (12)
    Also in ZEI Working Papers, University of Bonn, ZEI - Center for European Integration Studies (2003) View citations (16)
49. The IS Curve and the Transmission of Monetary Policy: Is there a Puzzle?
    FMG Special Papers, Financial Markets Group
    Also in ZEI Working Papers, University of Bonn, ZEI - Center for European Integration Studies (2003) View citations (11)
    See also Journal Article The IS curve and the transmission of monetary policy: is there a puzzle?, Applied Economics, Taylor & Francis Journals (2005) View citations (35) (2005)

2002

50. Asset Prices and the Conduct of Monetary Policy
    Royal Economic Society Annual Conference 2002, Royal Economic Society View citations (34)
51. Base rate pass-through: evidence from banks' and building societies' retail rates
    Bank of England working papers, Bank of England View citations (15)

2001

52. The determinants of private sector credit in industrialised countries: do property prices matter?
    BIS Working Papers, Bank for International Settlements View citations (102)

2000

53. Financial Variables and the Conduct of Monetary Policy
    Working Paper Series, Sveriges Riksbank (Central Bank of Sweden) View citations (36)

1999

54. Observing the Observers: Monetary Policy Calls of British Newspapers Under the MPC Regime
    FMG Special Papers, Financial Markets Group

Journal Articles

2024

1. La croissance monétaire et la poussée inflationniste post-pandémie
   Revue d'économie financière, 2024, N° 153, (1), 179-191
2. Losing traction? The real effects of monetary policy when interest rates are low
   Journal of International Money and Finance, 2024, 141, (C) View citations (2)
   See also Working Paper Losing traction? The real effects of monetary policy when interest rates are low, BIS Working Papers (2021) View citations (8) (2021)
3. Monetary policy transmission and trade‐offs in the United States: Old and new
   International Finance, 2024, 27, (3), 253-278
   See also Working Paper MONETARY POLICY TRANSMISSION AND TRADE-OFFS IN THE UNITED STATES: OLD AND NEW, Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium (2017) View citations (14) (2017)
4. Quo vadis, r*? The natural rate of interest after the pandemic
   BIS Quarterly Review, 2024 View citations (4)
5. Targeted Taylor rules: monetary policy responses to demand- and supply-driven inflation
   BIS Quarterly Review, 2024 View citations (1)
6. Whither the Walking Dead? The Consequences of Artificial Intelligence for Zombie Firms
   The Economists' Voice, 2024, 21, (2), 237-248

2023

7. Commodity prices, the dollar and stagflation risk
   BIS Quarterly Review, 2023 View citations (2)
8. Thomas Moser and Marcel Savioz, Editors: Karl Brunner and Monetarism
   Business Economics, 2023, 58, (2), 112-114

2022

9. Corporate investment and the exchange rate: The financial channel
   International Finance, 2022, 25, (3), 296-312 View citations (4)
   See also Working Paper Corporate investment and the exchange rate: The financial channel, BIS Working Papers (2020) View citations (15) (2020)
10. Corporate zombies: anatomy and life cycle
    Economic Policy, 2022, 37, (112), 757-803 View citations (15)
    See also Working Paper Corporate zombies: Anatomy and life cycle, BIS Working Papers (2020) View citations (43) (2020)
11. Recessions and mortality: A global perspective
    Economics Letters, 2022, 220, (C) View citations (4)
    See also Working Paper Recessions and mortality: a global perspective, BIS Working Papers (2020) View citations (6) (2020)

2020

12. Bond Risk Premia and The Exchange Rate
    Journal of Money, Credit and Banking, 2020, 52, (S2), 497-520 View citations (29)
    See also Working Paper Bond risk premia and the exchange rate, BIS Working Papers (2019) View citations (21) (2019)
13. The broad dollar exchange rate as an EME risk factor
    BIS Quarterly Review, 2020 View citations (17)

2018

14. Monetary facts revisited
    Journal of International Money and Finance, 2018, 86, (C), 154-170 View citations (17)
    See also Working Paper Monetary facts revisited, BIS Working Papers (2016) View citations (20) (2016)
15. The macroeconomic effects of asset purchases revisited
    Journal of Macroeconomics, 2018, 58, (C), 115-138 View citations (34)
    See also Working Paper The macroeconomic effects of asset purchases revisited, SAFE Working Paper Series (2018) View citations (43) (2018)
16. The rise of zombie firms: causes and consequences
    BIS Quarterly Review, 2018 View citations (134)

2017

17. Is there a debt service channel of monetary transmission?
    BIS Quarterly Review, 2017 View citations (17)
18. The influence of monetary policy on bank profitability
    International Finance, 2017, 20, (1), 48-63 View citations (207)
    See also Working Paper The influence of monetary policy on bank profitability, BIS Working Papers (2015) View citations (82) (2015)

2016

19. Monetary analysis and the global financial cycle: An Asian central bank perspective
    Journal of Asian Economics, 2016, 46, (C), 1-16 View citations (7)
    See also Working Paper Monetary analysis and the global financial cycle: an Asian central bank perspective, BIS Working Papers (2014) View citations (10) (2014)

2015

20. International monetary spillovers
    BIS Quarterly Review, 2015 View citations (52)
21. The costs of deflations: a historical perspective
    BIS Quarterly Review, 2015 View citations (53)

2014

22. Forward guidance at the zero lower bound
    BIS Quarterly Review, 2014 View citations (104)
23. The Effectiveness of Unconventional Monetary Policy at the Zero Lower Bound: A Cross‐Country Analysis
    Journal of Money, Credit and Banking, 2014, 46, (4), 615-642 View citations (408)
    See also Working Paper The Effectiveness of Unconventional Monetary Policy at the Zero Lower Bound: A Cross-Country Analysis, BIS Working Papers (2012) View citations (63) (2012)
24. Understanding global liquidity
    European Economic Review, 2014, 68, (C), 1-18 View citations (63)
    See also Working Paper Understanding Global Liquidity, BIS Working Papers (2013) View citations (18) (2013)

2013

25. Central bank asset purchases and inflation expectations
    BIS Quarterly Review, 2013 View citations (21)
26. MONETARY POLICY, HOUSING BOOMS, AND FINANCIAL (IM)BALANCES
    Macroeconomic Dynamics, 2013, 17, (4), 830-860 View citations (52)
    See also Working Paper Monetary policy, housing booms and financial (im)balances, Discussion Paper Series 1: Economic Studies (2010) View citations (1) (2010)

2012

27. Taylor rules and monetary policy: a global "Great Deviation"?
    BIS Quarterly Review, 2012 View citations (111)
28. The economic effects of central bank bond purchase programmes
    BANCARIA, 2012, 03, 38-50 View citations (2)
29. Time variation in U.S. wage dynamics
    Journal of Monetary Economics, 2012, 59, (8), 769-783 View citations (66)
    See also Working Paper Time Variation in U.S. Wage Dynamics, 2011 Meeting Papers (2011) (2011)

2009

30. Do monetary indicators lead euro area inflation?
    Journal of International Money and Finance, 2009, 28, (7), 1165-1181 View citations (9)
    See also Working Paper Do monetary indicators lead euro area inflation?, Working Paper Series (2008) View citations (15) (2008)
31. Macroeconomic Fluctuations and Bank Lending: Evidence for Germany and the Euro Area
    German Economic Review, 2009, 10, (2), 193-223 View citations (4)
    Also in German Economic Review, 2009, 10, (2), 193-223 (2009) View citations (17)
    See also Working Paper Macroeconomic fluctuations and bank lending: evidence for Germany and the euro area, Discussion Paper Series 1: Economic Studies (2006) View citations (16) (2006)

2008

32. House prices, money, credit, and the macroeconomy
    Oxford Review of Economic Policy, 2008, 24, (1), 180-205 View citations (378)
    See also Working Paper House Prices, Money, Credit and the Macroeconomy, Working Paper Series (2008) View citations (392) (2008)

2006

33. Comparing monetary policy reaction functions: ECB versus Bundesbank
    Empirical Economics, 2006, 31, (3), 645-662 View citations (70)
    See also Working Paper Comparing Monetary Policy Reaction Functions: ECB versus Bundesbank, Macroeconomics (2005) View citations (5) (2005)
34. EMU and the transmission of monetary policy: evidence from business lending rates
    Empirica, 2006, 33, (4), 209-229 View citations (28)

2005

35. Inflation differentials among the Euro area countries: Potential causes and consequences
    Journal of Asian Economics, 2005, 16, (3), 403-419 View citations (58)
36. The IS curve and the transmission of monetary policy: is there a puzzle?
    Applied Economics, 2005, 37, (1), 29-36 View citations (35)
    See also Working Paper The IS Curve and the Transmission of Monetary Policy: Is there a Puzzle?, FMG Special Papers (2003) (2003)
37. The Phillips Curve, the IS Curve and Monetary Transmission: Evidence for the US and the Euro Area
    CESifo Economic Studies, 2005, 51, (4), 757-775 View citations (30)

2004

38. Bank Regulation and Macroeconomic Fluctuations
    Oxford Review of Economic Policy, 2004, 20, (4), 591-615 View citations (72)
39. Macroeconomic implications of low inflation in the euro area
    The North American Journal of Economics and Finance, 2004, 15, (1), 5-23 View citations (5)
    See also Working Paper Macroeconomic implications of low inflation in the euro area, ZEI Working Papers (2003) View citations (1) (2003)
40. The Determinants of Bank Credit in Industrialized Countries: Do Property Prices Matter?
    International Finance, 2004, 7, (2), 203-234 View citations (66)

2001

41. Asset prices, financial conditions and the transmission of monetary policy
    Proceedings, 2001, (Mar) View citations (27)

2000

42. Do Asset Prices Help to Predict Consumer Price Inflation?
    Manchester School, 2000, 68, (s1), 122-140 View citations (41)

Books

2024

1. Central bank capital and trust in money: lessons from history for the digital age
   BIS Papers, Bank for International Settlements

2006

2. House Prices and the Macroeconomy: Implications for Banking and Price Stability
   OUP Catalogue, Oxford University Press View citations (7)

Chapters

2021

1. Predicting and preventing financial crisis – where do we stand?
   A chapter in Micro data for the macro world, 2021, vol. 53

2020

2. Original sin redux and policy responses in emerging market economies during the COVID-19 pandemic
   Chapter 1 in COVID-19 in Developing Economies, 2020, vol. 1, pp 353-361 View citations (7)

2017

3. Is Monetary Policy Less Effective When Interest Rates Are Persistently Low?
   A chapter in Monetary Policy and Financial Stability in a World of Low Interest Rates, 2017 View citations (56)
   See also Working Paper Is monetary policy less effective when interest rates are persistently low?, Bank for International Settlements (2017) View citations (60) (2017)