International Journal of Central Banking

2005 - 2025

Current editor(s): Loretta J. Mester

From International Journal of Central Banking
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Volume 18, issue 5, 2022

Deciphering the Macroeconomic Effects of Internal Devaluations in a Monetary Union pp. 1-47

Javier Andres, Oscar Arce, Jesus Fernandez-Villaverde and Samuel Hurtado

The Link between Monetary Policy, Stock Prices, and House Prices—Evidence from a Statistical Identification Approach pp. 1-53

Helmut Herwartz, Simone Maxand and Hannes Rohloff

Financial Stability Committees and the Basel III Countercyclical Capital Buffer pp. 1-53

Rochelle M. Edge and J. Nellie Liang

Behind the Scenes of the Beauty Contest—Window Dressing and the G-SIB Framework pp. 1-42

Markus Behn, Giacomo Mangiante, Laura Parisi and Michael Wedow

The Impact of Capital Requirements on the Macroeconomy: Lessons from Four Macroeconomic Models of the Euro Area pp. 1-50

Matthieu Darracq Paries, Peter Karadi, Christoffer Kok and Kalin Nikolov

Deleverage and Defaults in the United Kingdom pp. 1-58

Mario Lupoli

Sovereign Debt Holding and Bank Sensitivity toward Market Risk: An Alternative View of the Bank–Sovereign Problem pp. 1-52

Aneta Hryckiewicz, Petra Pawlowski, Piotr Michal Mazur and Marcin Borsukb

The Immediate Impact and Persistent Effect of FX Purchases on the Exchange Rate pp. 1-31

Itamar Caspi, Amit Friedman and Sigal Ribon

Volume 18, issue 4, 2022

How Has Monetary and Regulatory Policy Affected Trading Relationships in the U.S. Repo Market? pp. 1-52

Sriya Anbil and Zeynep Senyuz

What Drives Dollar Funding Stress in Distress? pp. 1-52

Yuewen Tang and Alfred Wong

Withering Cash: Is Sweden Ahead of the Curve or Just Special? pp. 1-52

Hanna Armelius, Carl Claussen and André Reslow

Is Inflation Domestic or Global? Evidence from Emerging Markets pp. 1-52

Rudolfs Bems, Francesca Caselli, Francesco Grigoli and Bertrand Gruss

Excess Persistence in Employment of Disadvantaged Workers pp. 1-52

Bruce Fallick and Pawel Krolikowski

Monetary Policy, Inflation Target, and the Great Moderation: An Empirical Investigation pp. 1-52

Qazi Haque

Macroprudential Policy, Monetary Policy, and Euro Zone Bank Risk pp. 1-52

Elien Meuleman and Rudi Vander Vennet

What Do Online Listings Tell Us about the Housing Market? pp. 1-52

Michele Loberto, Andrea Luciani and Marco Pangallo

Volume 18, issue 3, 2022

Optimal Inflation Rates in a Non-linear New Keynesian Model: The Case of Japan and the United States pp. 1-45

Tomohide Mineyama, Wataru Hirata and Kenji Nishizaki

Why So Low for So Long? A Long-Term View of Real Interest Rates pp. 47-87

Claudio Borio, Piti Disyatat, Mikael Juselius and Phurichai Rungcharoenkitkul

De jure Benchmark Bonds pp. 89-124

Eli Remolona and James Yetman

Credit Schocks and Allocative Efficiency during a Financial Crisis pp. 125-171

Andrea Linarello, Andrea Petrella and Enrico Sette

Monetary Policy and Regional House-Price Appreciation pp. 173-227

Daniel Cooper, Maria Luengo-Prado and Giovanni Olivei

The Reliability of Equilibrium Exchange Rate Models: A Forecasting Perspective pp. 229-280

Michele Ca' Zorzi, Adam Cap, Andrej Mijakovic and Michał Rubaszek

Confidence Cycles and Liquidity Hoarding pp. 281-320

Volha Audzei

The Real Effects of Credit Line Drawdowns pp. 321-397

Jose M. Berrospide and Ralf R. Meisenzahl

Volume 18, issue 2, 2022

Regulatory Stress Tests and Bank Responses: Heterogeneous Treatment Effect in Dynamic Settings pp. 1-49

Karel Janda and Oleg Kravtsov

Exiting from an Exchange Rate Floor in a Small Open Economy: Balance Sheet Implications of the Czech National Bank's Exchange Rate Commitment pp. 51-105

Michal Franta, Tomas Holub and Branislav Saxa

ECB Corporate QE and the Loan Supply to Bank-Dependent Firms pp. 107-148

Frank Betz and Roberto A. De Santis

Have Inflation Expectations Become Un-anchored? The Role of Oil Prices and Global Aggregate Demand pp. 149-192

Nathan Sussman and Osnat Zohar

Some Like it Hot: Assessing Longer-Term Labor Market Benefits from a High-Pressure Economy pp. 193-243

Julie L. Hotchkiss and Robert Moore

Finding a Role for Slack in Real-Time Inflation Forecasting pp. 245-282

N Kishor and Evan Koenig

The Impact of TARP Capital Infusion on Bank Liquidity Creation: Does Bank Size Matter? pp. 283-347

Chen Zheng, Adrian (Wai-Kong) Cheung and Tom Cronje

Capital Requirement Reductions, Heterogeneity, and Real Economic Outcomes pp. 349-401

Elif C. Arbatli-Saxegaard and Ragnar Juelsrud

Volume 18, issue 1, 2022

Does Policy Communication during COVID Work? pp. 3-39

Olivier Coibion, Yuriy Gorodnichenko and Michael Weber

Monetary Policy and COVID-19 pp. 41-80

Michal Brzoza-Brzezina, Marcin Kolasa and Krzysztof Makarski

Central Bank Independence and Systemic Risk pp. 81-130

Alin Marius Andries, Anca Maria Podpiera and Nicu Sprincean

Optimal Credit, Monetary, and Fiscal Policy under Occasional Financial Frictions and the Zero Lower Bound pp. 151-197

Shifu Jiang

The Role of Expectations in Changed Inflation Dynamics pp. 199-238

Damjan Pfajfar and Damjan Pfajfar

Exchange Rate Shocks and Inflation Co-movement in the Euro Area pp. 239-275

Danilo Leiva-Leon, Jaime Martinez-Martin and Eva Ortega

Applying Lessons from the Past? Exploring Historical Analogies in ECB Speeches through Text Mining, 1997–2019 pp. 277-329

Anselm Küsters

Trends in Monetary Policy Transparency: Further Updates pp. 331-348

Nazire Nergiz Dincer, Barry Eichengreen and Petra Geraats

Volume 17, issue 71, 2021

Ethics, Culture, and Higher Purpose in Banking: Post-Crisis Governance Developments pp. 31

Anjan Thakor

Systemic Bank Risk and Monetary Policy pp. 40

Ester Faiaa and Sören Karau

Systemic Bank Risk and Monetary Policy pp. 40

Ester Faiaa and Sören Karau

Monetary Policy and the Top 1%: Evidence from a Century of Modern Economic History pp. 41

Mehdi El Herradi and Aurélien Leroy

Real-Time Forecasting and Scenario Analysis Using a Large Mixed-Frequency Bayesian VAR pp. 41

Michael McCracken, Michael Owyang and Tatevik Sekhposyan

Bank Lending Standards, Loan Demand, and the Macroeconomy: Evidence from the Korean Bank Loan Officer Survey pp. 45

Sangyup Choi

Monetary Normalizations and Consumer Credit: Evidence from Fed Liftoff and Online Lending pp. 47

Christoph Bertsch, Isaiah Hull and Xin Zhang

The Power of Forward Guidance and the Fiscal Theory of the Price Level pp. 57

Nigel McClung

Volume 17, issue 70, 2021

Monetary Policy Transmission via Loan Contract Terms in the United States pp. 31

Esteban Argudo

Which Credit Gap Is Better at Predicting Financial Crises? A Comparison of Univariate Filters pp. 31

Mathias Drehmann and James Yetman

The Impact of Regime Change on the Influence of the Central Bank's Inflation Forecasts: Evidence from Japan's Shift to Inflation Targeting pp. 34

Masazumi Hattori, Steven Kong, Frank Packer and Toshitaka Sekine

The Single Resolution Fund and the Credit Default Swap: What Is the Coasian Fair Price of Their Insurance Services? pp. 36

Anna Naszodi

Policy Performance and the Behavior of Inflation Expectations pp. 46

Eda Gulsen and Hakan Kara

Asset Purchase Programs and Financial Markets: Lessons from the Euro Area pp. 48

Carlo Altavilla, Giacomo Carboni and Roberto Motto

On the Optimal Labor Income Share pp. 52

Jakub Growiec, Peter McAdam and Jakub Mućk

International Trade Finance and the Cost Channel of Monetary Policy in Open Economies pp. 62

Nikhil Patel

Volume 17, issue 3, 2021

Inflation News and Euro-Area Inflation Expectations pp. 1-60

Juan Angel García and Sebastian E. V. Werner

Monetary Policy Credibility and Exchange Rate Pass-Through pp. 61-94

Yan Carrière-Swallow, Bertrand Gruss, Nicolas Magud and Fabián Valencia

Fiscal Transfers without Moral Hazard? pp. 95-153

Roel Beetsma, Simone Cima and Jacopo Cimadomo

The Determinants of European Banks' Capital Structure: Is There a Difference between Public and Private Banks? pp. 155-202

Vitor Oliveira and Clara Raposo

The Effect of the Single Currency on Exports: Comparative Firm-Level Evidence pp. 203-239

Tibor Lalinsky and Jaanika Meriküll

Household Wealth and Resilience to Financial Shocks in Italy pp. 241-272

Daniel Garcia-Macia

Rethinking Capital Regulation: The Case for a Dividend Prudential Target pp. 271-336

Manuel A. Muñoz

Unconventional Monetary Policy Shocks in the Euro Area and the Sovereign-Bank Nexus pp. 337-383

Nikolay Hristov, Oliver Hülsewig and Johann Scharler

Volume 17, issue 2, 2021

Broadening Narrow Money: Monetary Policy with a Central Bank Digital Currency pp. 1-42

Jack Meaning, Ben Dyson, James Barker and Emily Clayton

Population Aging and the Macroeconomy pp. 43-80

Noëmie Lisack, Rana Sajedi and Gregory Thwaites

Central Bank Communication and Disagreement about the Natural Rate Hypothesis pp. 81-123

Carola Binder

What Does "Below, but Close to, 2 Percent" Mean? Assessing the ECB's Reaction Function with Real-Time Data pp. 125-169

Maritta Paloviita, Markus Haavio, Pirkka Jalasjoki and Juha Kilponen

Deposit Insurance and Banks' Deposit Rates: Evidence from the 2009 EU Policy pp. 171-206

Matteo Gatti and Tommaso Oliviero

"Unconventional" Monetary Policy as Conventional Monetary Policy: A Perspective from the United States in the 1920s pp. 207-253

Mark Carlson and Burcu Duygan-Bump

Policy and Macro Signals from Central Bank Announcements pp. 255-296

Paul Hubert and Becky Maule

Optimal Monetary Policy in Small Open Economies: Producer-Currency Pricing pp. 297-338

Mikhail Dmitriev and Jonathan Hoddenbagh

Volume 17, issue 1, 2021

Alternative Models of Interest Rate Pass-Through in Normal and Negative Territory pp. 3-34

Mauricio Ulate

The Rise of Fintech Lending to Small Businesses: Businesses' Perspectives on Borrowing pp. 35-65

Brett Barkley and Mark Schweitzer

Monetary Policy with Negative Interest Rates: De-linking Cash from Digital Money pp. 67-106

Katrin Assenmacher and Signe Krogstrup

Modeling the Consumption Response to the CARES Act pp. 107-141

Christopher Carroll, Edmund Crawley, Jiri Slacalek and Matthew White

The First Line of Defense: The Discount Window during the Early Stages of the Financial Crisis pp. 143-190

Elizabeth Klee

International Inflation Spillovers: The Role of Different Shocks pp. 191-230

Gregor Bäurle, Matthias Gubler and Diego Känzig

Always Look on the Bright Side? Central Counterparties and Interbank Markets during the Financial Crisis pp. 231-283

Massimiliano Affinito and Matteo Piazza

Pension Funds' Herding pp. 285-330

Dirk Broeders, Damiaan H.J. Chen, Peter A. Minderhoud and C.J. Willem Schudel