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 3, 2025

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

Jan Willem van den 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, C. 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

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