International Journal of Central Banking

2005 - 2025

Current editor(s): Loretta J. Mester

From International Journal of Central Banking
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Volume 21, issue 1, 2025

Monetary Policy, Firms’ Extensive Margin, and Productivity pp. 1-81

Benny Hartwig and Philipp Lieberknecht

ECB Communication as a Stabilization and Coordination Device: Evidence from Ex Ante Inflation Uncertainty pp. 83-135

Cecilia Melo Fernandes

Estimates of the Natural Rate of Interest Consistent with a Supply-Side Structure and a Monetary Policy Rule for the U.S. Economy pp. 137-199

Manuel González-Astudillo and Jean-Philippe Laforte

Inflation Expectations Anchoring: New Insights from Microevidence of a Survey at High Frequency and of Distributions pp. 201-234

Nikos Apokoritis, Gabriele Galati and Richhild Moessner

Do Buffer Requirements for European Systemically Important Banks Make Them Less Systemic pp. 235-272

Carmen Broto, Luis Fernández Lafuerza and Mariya Melnychuk

Heterogeneous Expectations and the Business Cycle pp. 273-330

Tolga Özden

Synchronization vs. Transmission: The Effect of the German Slowdown on the Italian Business Cycle pp. 331-386

Alessandro Mistretta

Disagreement and Discretionary Monetary Policy pp. 387-445

Marvin Goodfriend, Pierre Jinghong Liang and Gaoqing Zhang

Volume 20, issue 4, 2024

A Medium-Scale DSGE Model for the Integrated Policy Framework pp. 1-123

Tobias Adrian, Vitor Gaspar and Francis Vitek

Disinflations and Income Distribution pp. 125-173

Laura Acevedo and Marc Hofstetter

Financial Stability Governance and Central Bank Communications pp. 175-220

Juan M. Londono, Stijn Claessens and Ricardo Correa

The Economics of Central Bank Digital Currency pp. 221-274

Toni Ahner, Katrin Assenmacher, Peter Hoffmann, Agnese Leonello, Cyril Monnet and Davide Porcellacchia

Real-Time Forecasting with a (Standard) Mixed-Frequency VAR During a Pandemic pp. 275-320

Frank Schorfheide and Dongho Song

Government Debt and Expectations-Driven Liquidity Traps pp. 321-370

Charles de Beauffort

Sterilized Interventions May Not Be So Sterilized pp. 371-413

Shalva Mkhatrishvili, Giorgi Tsutskiridze and Lasha Arevadze

Still "Too Much, Too Late": Provisioning for Expected Loan Losses pp. 415-474

Roman Goncharenko and Asad Rauf

Volume 20, issue 3, 2024

Identifying Quantitative and Qualitative Monetary Policy Shocks pp. 1-61

Kiyotaka Nakashima, Masahiko Shibamoto and Koji Takahashi

Order Matters: An Experimental Study on How Question Ordering Affects Survey-Based Inflation Forecasts pp. 63-114

Maxime Phillot and Rina Rosenblatt-Wisch

Cash in the Pocket, Cash in the Cloud: Cash Holdings of Bitcoin Owners pp. 115-159

Daniela Balutel, Christopher Henry, Kim Huynh and Marcel Voia

Model Risk at Central Counterparties: Is Skin in the Game a Game Changer? pp. 161-184

Wenqian Huang and Elod Takats

The Usability of Bank Capital Buffers and Credit Supply Shocks at SMEs during the Pandemic pp. 185-255

Jose M. Berrospide, Arun Gupta and Matthew P. Seay

Bank Risk-Taking and Impaired Monetary Policy Transmission pp. 257-371

Philipp J. Koenig and Eva Schliephake

Switching from Cash to Cashless Payments during the COVID-19 Pandemic and Beyond pp. 303-371

Tomasz Piotr Wisniewski, Michal Polasik, Radosław Kotkowski and Andrea Moro

Bank Rollover Risk and Liquidity Supply Regimes pp. 373-454

Eric Jondeau, Benoit Mojon and Jean-Guillaume Sahuc

Volume 20, issue 2, 2024

Perspectives on U.S. Monetary Policy and the Return to Price Stability pp. 1-16

Richard H. Clarida

A New Supply Bottlenecks Index Based on Newspaper Data pp. 17-67

Pablo Burriel, Iván Kataryniuk, Carlos Moreno Pérez and Francesca Viani

The Economic Effects of Global Inflation Uncertainty pp. 69-150

Jongrim Ha and Inhwan So

The Macroeconomic Effects of Global Supply Chain Reorientation pp. 151-191

Daragh Clancy, Donal Smith and Vilém Valenta

Supply Chain Disruption and Energy Supply Shocks: Impact on Euro-Area Output and Prices pp. 193-235

Roberto A. De Santis

Here Comes the Change: The Role of Global and Domestic Factors in Post-Pandemic Inflation in Europe pp. 237-290

Mahir Binici, Samuele Centorrino, Serhan Cevik and Gyowon Gwon

Systematic Foreign Exchange Intervention and Macroeconomic Stability: A Bayesian DSGE Approach pp. 291-342

Mitsuru Katagiri

Spillover Effects of Sovereign Bond Purchases in the Euro Area pp. 343-389

Yvo Mudde, Anna Samarina and Robert Vermeulen

Volume 20, issue 1, 2024

Assessing the Impact of Basel III: Review of Transmission Channels and Insights from Policy Models pp. 1-52

Olivier de Bandt, C. Bora Durdu, Hibiki Ichiue, Yasin Mimir, Jolan Mohimont, Kalin Nikolov, Sigrid Roehrs, Jean-Guillaume Sahuc, Valerio Scalone and Michael Straughan

The Impact of SNB Monetary Policy on the Swiss Franc and Longer-Term Interest Rates pp. 53-92

Fabian Fink, Lukas Frei, Thomas Maag and Tanja Zehnder

Demand or Supply? Price Adjustment Heterogeneity during the COVID-19 Pandemic pp. 93-157

Almut Balleer, Sebastian Link, Manuel Menkhoff and Peter Zorn

How Wages Respond to the Job-Finding and Job-to-Job Transition Rates: Evidence from New Zealand Administrative Data pp. 159-180

Christopher Ball, Nicolas Groshenny, Ozer Karagedikli, Hüseyin Özbilgin and Finn Robinson

Macro and Micro Consumption Drivers in the Wake of the COVID-19 Pandemic pp. 181-237

Elisa Guglielminetti and Concetta Rondinelli

Anchored or Not: How Much Information Does 21st Century Data Contain on Inflation Dynamics? pp. 239-261

Michael Kiley

Researching the Research: A Central Banking Edition pp. 263-323

Simona Malovana, Martin Hodula and Zuzana Gric

Has Higher Household Indebtedness Weakened Monetary Policy Transmission? pp. 325-371

R. Gaston Gelos, Federico Grinberg, Shujaat Khan, Tommaso Mancini-Griffoli, Machiko Narita and Umang Rawat

Volume 19, issue 5, 2023

Demographic Shifts, Macroprudential Policies, and House Prices pp. 1-47

Jieun Lee and Hosung Jung

Global and Domestic Financial Cycles: Variations on a Theme pp. 49-98

Iñaki Aldasoro, Stefan Avdjiev, Claudio Borio and Piti Disyatat

Unintended Consequences of U.S. Monetary Policy Shocks: Dutch Disease and Capital Flow Measures in Emerging Markets and Developing Economies pp. 99-144

Juan F. Yépez

Franchise Value Matters: The Drivers of Bank Risk-Taking in the Post-Basel III Era pp. 145-183

Takuji Kawamoto, Taichi Matsud, Koji Takahashi and Yoichiro Tamanyu

Do Macroprudential Policies Affect Non-bank Financial Intermediation? pp. 185-236

Stijn Claessens, Giulio Cornelli, Leonardo Gambacorta, Francesco Manaresi and Yasushi Shiinad

Toward a Green Economy: The Role of the Central Bank’s Asset Purchases pp. 287-340

Alessandro Ferrari and Valerio Nispi Landi

Operational and Cyber Risks in the Financial Sector pp. 340-402

Iñaki Aldasoro, Leonardo Gambacorta, Paolo Giudici and Thomas Leach

Yield Curve Control pp. 403-438

Takahiro Hattori and Jiro Yoshida

Assessing the Effectiveness of Currency-Differentiated Tools: The Case of Reserve Requirements pp. 439-492

Annamaria De Crescenzio, Etienne Lepers and Zoe Fannon

Volume 19, issue 4, 2023

Macroprudential Policy and Aggregate Demand pp. 1-40

André Teixeira and Zoë Venter

Unanticipated and Backward-Looking: Deflations and the Behavior of Inflation Expectations pp. 41-83

Ryan Banerjee and Aaron Mehrotra

Central Clearing and Systemic Liquidity Risk pp. 85-142

Thomas King, Travis Nesmith, Anna Paulson and Todd Prono

Government Assistance and Banks' Funding Cost pp. 143-183

Md Jahir Uddin Palas and Fernando Moreira

Rise of the Central Bank Digital Currencies pp. 185-214

Raphael Auer, Giulio Cornelli and Jon Frost

Why Are Inflation Forecasts Sticky? Theory and Application to France and Germany pp. 215-249

Frédérique Bec, Raouf Boucekkine and Caroline Jardet

Credit booms, labor reallocation, and productivity growth pp. 234-286

Enisse Kharroubi, Christian Upper, Fabrizio Zampolli and Claudio Borio

Countering Appreciation Pressure with Unconventional Monetary Policy: The Role of Financial Frictions pp. 251-337

Nicole Aregger and Jessica Leutert

Funding Behavior of Debt Management Offices and the ECB's Public Sector Purchase Program pp. 339-399

Katharina Plessen-Mátyás, Christoph Kaufmann and Julian von Landesberger

Optimal Central Bank Forward Guidance pp. 401-447

Eunmi Ko

An Interpretable Machine Learning Workflow with an Application to Economic Forecasting pp. 449-522

Marcus Buckmann and Andreas Joseph

Volume 19, issue 3, 2023

Modeling the Asymmetric Effects of an Oil Price Shock pp. 1-47

Lance J Bachmeier and Benjamin Keen

A New Measure of Central Bank Transparency and Implications for the Effectiveness of Monetary Policy pp. 49-97

Miguel Acosta

How Do Regulators Set the Countercyclical Capital Buffer? pp. 99-137

Bernhard Herz and Jochen Keller

Empirical Evidence on the Effectiveness of Capital Buffer Release pp. 139-173

Vasja Sivec and Matjaž Volk

The Cost of Breaking an Exchange Rate Peg:Synthetic Control Estimation pp. 175-227

Jae Hoon Choi and A Christopher Limnios

Towards a Macroprudential Framework for Investment Funds: Swing Pricing and Investor Redemptions pp. 229-267

Ulf Lewrick and Jochen Schanz

A Pitfall of Cautiousness in Monetary Policy∗ pp. 269-323

Stéphane Dupraz, Sophie Guilloux-Nefussi and Adrian Penalver

Monetary Policy Implementation and Payment System Modernization pp. 325-357

Jonathan Witmer

Tracing the Impact of the ECB’s Asset Purchase Program on the Yield Curve pp. 359-422

Fabian Eser, Wolfgang Lemke, Ken Nyholm, Sören Radde and Andreea Liliana Vladu

A Comparison of Fed "Tightening" Episodes since the 1980s pp. 423-450

Kevin Kliesen

Volume 19, issue 2, 2023

The Rise in Inequality, the Decline in the Natural Interest Rate, and the Increase in Household Debt pp. 1-93

Ansgar Rannenberg

Making Waves: Monetary Policy and Its Asymmetric Transmission in a Globalized World pp. 95-144

Michele Ca’ Zorzi, Luca Dedola, Georgios Georgiadis, Marek Jarociński, Livio Stracca and Georg Strasser

Central Bank Credibility and Monetary Policy pp. 145-197

Kwangyong Park

After the Storm: Natural Disasters and Bank Solvency pp. 199-249

Dieter Gramlich, Thomas Walker, Yunfei Zhao and Mohammad Bitar

On the Structural Determinants of Growth-at-Risk pp. 251-293

Martin Gächter, Martin Geiger and Elias Hasler

Share Buybacks, Monetary Policy and the Cost of Debt pp. 295-349

Assia Elgouacem and Riccardo Zago

Macroeconomic Surprises and the Demand for Information about Monetary Policy pp. 351-388

Peter Tillmann

Which Monetary Shocks Matter in Small Open Economies? Evidence from Canada pp. 389-472

Jongrim Ha and Inhwan So

Shifts in ECB Communication: A Textual Analysis of the Press Conference pp. 473-542

Justyna Klejdysz and Robin L. Lumsdaine

Central Banks in Parliaments: A Text Analysis of the Parliamentary Hearings of the Bank of England, the European Central Bank, and the Federal Reserve pp. 543-600

Nicolò Fraccaroli, Alessandro Giovannini, Jean-François Jamet and Eric Persson

Volume 19, issue 1, 2023

LSIs’ Exposures to Climate-Change-Related Risks: An Approach to Assess Physical Risks pp. 1-54

Maria Sole Pagliari

Transmission of Global Financial Shocks: Which Capital Flows Matter? pp. 55-110

Bada Han

International Spillovers of Monetary Policy: Conventional Policy vs. Quantitative Easing pp. 111-158

Stephanie E. Curcuru, Steven B. Kamin, Canlin Li and Marius Rodriguez

Targeting Financial Stability: Macroprudential or Monetary Policy? pp. 159-242

David Aikman, Julia Giese, Sujit Kapadia and Michael McLeay

Bank Lending and the European Debt Crisis: Evidence from a New Survey pp. 243-300

Andrea Orame

The Natural Rate of Interest in a Non-linear DSGE Model pp. 301-340

Yasuo Hirose and Takeki Sunakawa

The Euro and Price Convergence in Central and Eastern Europe pp. 341-364

Filip Lurka and Paul Kattuman

Monetary Policy and Stock Market Valuation pp. 365-416

Olli-Matti Laine

Container Trade and the U.S. Recovery pp. 417-450

Lutz Kilian, Nikos Nomikos and Xiaoqing Zhou

Global Confidence, Uncertainty, and Business Cycles pp. 451-493

Jongrim Ha and Inhwan So