International Journal of Central Banking

2005 - 2026

Current editor(s): Loretta J. Mester

From International Journal of Central Banking
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Volume 22, issue 3, 2026

Carbon Pricing and Inflation Volatility pp. 1-48

Marta Suárez-Varela and Daniel Santabárbara

Asymmetric Shocks and Monetary Policy in the Euro Area pp. 49-118

Davor Kunovac, Diego Rodriguez Palenzuela and Yiqiao Sun

Inflation Risk and the Labor Market: Beneath the Surface of a Flat Phillips Curve pp. 119-164

Sirio Aramonte

Monetary Policy Shocks and the Employment of Young, Middle-Aged, and Old Workers pp. 165-206

Fumitaka Nakamura, Nao Sudo and Yu Sugisaki

Monetary Policy Below Zero: An Empirical Investigation of the Reversal Rate pp. 207-252

Zuzana Fungacova, Eeva Kerola and Olli-Matti Laine

Modernizing Central Banks’ Large Semi-Structural Projection Models: The Role of Model-Consistent Expectations pp. 253-294

Stéphane Adjemian, Nikola Bokan, Matthieu Darracq Pariès, Georg Müller and Srecko Zimic

QE: Implications for Bank Risk-Taking, Profitability, and Systemic Risk pp. 295-336

Supriya Kapoor and Adnan Velic

Financial Stability Implications of CBDC pp. 337-388

Francesca Carapella, Jin-Wook Chang, Sebastian Infante, Melissa Leistra, Arazi Lubis and Alexandros P. Vardoulakis

Volume 22, issue 2, 2026

Details Matter: Loan Pricing and Transmission of Monetary Policy in the Euro Area pp. 1-89

Karlis Vilerts, Sofia Anyfantaki, Konstantīns Beņkovskis, Sebastian Bredl, Massimo Giovannini, Florian Matthias Horky, Vanessa Kunzmann, Tibor Lalinsky, Athanasios Lampousis, Elizaveta Lukmanova, Filippos Petroulakis and Klāvs Zutis

Household Borrowing and Monetary Policy Transmission: Post-Pandemic Insights from Nine European Credit Registers pp. 91-194

Olivier De Jonghe, Konstantīns Beņkovskis, Karolis Bielskis, Diana Bonfim, Margherita Bottero, Tamás Briglevics, Martin Cesnak, Mantas Dirma, Marina Emiris, Palma Filep-Mosberger, Valentin Jouvanceau, Nicholas Kaiser, Dmitry Khametshin, Tibor Lalinsky, Viola M. Grolmusz, Laura Moretti, Artūrs Jānis Nikitins, Angelo Nunnari, Maria Rodriguez-Moreno, Elitsa Stefanova, Lajos Szabó, Karlis Vilerts and Sujiao Emma Zhao

Has the Transmission of U.S. Monetary Policy Changed Since 2022? pp. 195-294

Philip Barrett and Josef Platzer

Capital Requirements in Light of Monetary Tightening pp. 295-397

Aurélien Espic, Lisa Kerdelhué and Julien Matheron

Rightsizing Bank Capital: The Role of Macrofinancial Structure pp. 351-397

Niall McInerney, Martin O’Brien, Michael Wosser and Luca Zavalloni

Reassessing International Effects of U.S. Monetary Policy Shocks pp. 399-442

Elizaveta Lukmanova and Katrin Rabitsch

The Housing Supply Channel of Monetary Policy pp. 443-523

Bruno Albuquerque, Martin Iseringhausen and Frederic Opitz

The Reliability of the Nominal GDP Expectations Gap pp. 525-557

Andrew Martinez, Alexander D. Schibuola and David Beckworth

Volume 22, issue 1, 2026

Does the Sequence Matter: Interest Rates, Quantitative Easing or Forward Guidance? pp. 1-46

Tudor Schlanger, Lena Suchanek, Jonathan Swarbrick, Joel Wagner and Yang Zhang

Consumer Payment Behavior by Income and Demographics pp. 47-99

Claire Greene, Julian Perry and Joanna Stavins

Population Aging, Transition to Service Economy, and Effects of Monetary Policy pp. 101-144

Jaeho Lee

Understanding Inflation Expectations in the Czech Economy: Data, Drivers, and Policy Implications pp. 145-192

František Brázdik, Tatiana Keseliová, Karel Musil, Radek Šnobl, FJan Šolc, Stanislav Tvrz and Jan Žáček

Bank Capital Regulation in the Euro Area and the Sovereign-Bank Nexus pp. 193-252

Nikolay Hristov, Oliver Hülsewig and Benedikt Kolb

Estimating the Impact of Quality Adjustment on Consumer Price Inflation pp. 253-311

Jan-Oliver Menz, Elisabeth Wieland and Günter W. Beck

The Market Impact of Fed Communications: The Role of the Press Conference pp. 313-389

Namrata Narain and Namrata Narain

One Hundred Inflation Shocks: Seven Stylized Facts pp. 391-548

Anil Ari, Carlos Mulas-Granados, Victor Mylonas, Lev Ratnovski and Wei Zhao

Volume 21, issue 4, 2025

Macroeconomic Policy, Product Market Competition, and Growth: The Intangible Investment Channel pp. 1-38

JaeBin Ahn, Romain Duval and Can Sever

Public Funding of Banks and Firms in a Time of Crisis pp. 39-134

Markus Haavio, Antti Ripatti and Tuomas Takalo

Monetary Policy Shocks and Inflation Inequality pp. 135-190

Christoph Lauper and Giacomo Mangiante

A Financial Stress Index for a Small Open Economy: The Australian Case pp. 191-248

Pedro Gomis-Porqueras, Xiaoyang Li, Romina Ruprecht and Xuan Zhou

Macroprudential Policy and Income Inequality: The Trade-Off Between Crisis Prevention and Credit Redistribution pp. 249-349

Simona Malován, Jan Janků and Martin Hodula

Forecasting Core Inflation and Its Goods, Housing, and Supercore Components pp. 351-403

Todd Clark, Matthew V. Gordon and Saeed Zaman

The Resilience of the U.S. Corporate Bond Market during Financial Crises pp. 405-463

Bo Becker and Efraim Benmelech

Central Bank Credibility and Institutional Resilience pp. 465-516

Christopher Hartwell and Pierre L. Siklos

Volume 21, issue 3, 2025

Macroeconomic Reversal Rate in a Low Interest Rate Environment pp. 1-68

Jan Willem End, Paul Konietschke, Anna Samarina and Irina M Stanga

Fiscal and Monetary Policy Interactions in a Low Interest Rate World pp. 69-110

Boris Hofmann, Marco Lombardi, Benoit Mojon and Athanasios Orphanides

What Drives Inflation? Disentangling Demand and Supply Factors pp. 111-154

Sandra Eickmeier and Boris Hofmann

Easier Said Than Done: Why Italians Pay in Cash While Preferring Cashless pp. 155-184

Alberto Di Iorio and Giorgia Rocco

Price-Level Targeting and Inflation Expectations: Experimental Evidence pp. 185-228

Malik Shukayev and Robert Amano

Interagency Coordination Bodies and the Speed of Prudential Policy Responses to the COVID-19 Pandemic pp. 229-292

Michael Brei and Blaise Gadanecz

Navigating with a Compass: Charting the Course of Underlying Inflation pp. 293-326

Nuno Lourenco, Joao Quelhas and Antonio Rua

Monetary Policy Shocks and Local Housing Prices pp. 327-376

Shihan Xie

Volume 21, issue 2, 2025

Household Excess Savings and the Transmission of Monetary Policy pp. 1-36

Thiago R.T. Ferreira, Nils Gornemann and Julio L. Ortiz

Firm Liquidity and the Transmission of Monetary Policy pp. 37-76

Margherita Bottero and Stefano Schiaffi

Can Supply Shocks Be Inflationary with a Flat Phillips Curve? pp. 77-145

Jean-Paul L'Huillier and Gregory Phelan

Monetary Tightening and Financial Stress During Supply- versus Demand-Driven Inflation pp. 147-220

F. Boissay, F. Collard, Cristina Manea and A. Shapiro

Monetary Policy Transmission amid Demand Reallocations pp. 221-268

Julien Bengui, Lu Han and Gaelan MacKenzie

Endogenous Growth, Skill Obsolescence, and Optimal Monetary Policy pp. 269-307

Wolfgang Lechthaler and Mewael F. Tesfaselassie

Optimal Monetary Policy with Non-homothetic Preferences pp. 309-350

Cesar Blanco and Sebastian Diz

A Large Bayesian VAR of the U.S. Economy pp. 351-409

Richard Crump, Stefano Eusepi, Domenico Giannone, Eric Qian and Argia Sbordone

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