International Journal of Central Banking

2005 - 2025

Current editor(s): Loretta J. Mester

From International Journal of Central Banking
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Volume 16, issue 6, 2020

Trust in the Central Bank and Inflation Expectations pp. 1-37

Dimitris Christelis, Dimitris Georgarakos, Tullio Jappelli and Maarten van Rooij

What Rule for the Federal Reserve? Forecast Targeting pp. 39-95

Lars Svensson

The Aggregate and Country-Specific Effectiveness of ECB Policy: Evidence from an External Instruments VAR Approach pp. 97-136

Lucas Hafemann and Peter Tillmann

Contagion in the CoCos Market? A Case Study of Two Stress Events pp. 137-184

Pierluigi Bologna, Arianna Miglietta and Anatoli Segura

Risk Shocks and Monetary Policy in the New Normal pp. 185-232

Martin Seneca

Independent Central Banks: Low Inflation at No Cost? A Model with Fiscal Policy pp. 233-286

Montserrat Ferré and Carolina Manzano

Residential Investment and Economic Activity: Evidence from the Past Five Decades pp. 287-329

Emanuel Kohlscheen, Aaron Mehrotra and Dubravko Mihaljek

Monetary Policy as an Optimum Currency Area Criterion pp. 331-393

Dominik Groll

Volume 16, issue 5, 2020

The Effects of Borrower-Based Macroprudential Policy: An Empirical Application to Korea pp. 1-47

Thorsten Franz

To Guide or Not to Guide? Quantitative Monetary Policy Tools and Macroeconomic Dynamics in China pp. 49-94

Hongyi Chen, Michael Funke, Ivan Lozev and Andrew Tsang

The Impact of the Designation of Global Systemically Important Banks on Their Business Model pp. 95-142

Aurélien Violon, Dominique Durant and Oana Toader

Measuring the Liquidity Profile of Mutual Funds pp. 143-178

Sirio Aramonte, Chiara Scotti and Ilknur Zer

How Do Central Bank Projections and Forward Guidance Influence Private-Sector Forecasts? pp. 179-218

Monica Jain and Christopher S. Sutherland

Credit Risk, Liquidity, and Lies pp. 219-267

Thomas King and Kurt F. Lewis

How Would U.S. Banks Fare in a Negative Interest Rate Environment? pp. 269-308

David Arseneau

Anchoring Inflation Expectations in Unconventional Times: Micro Evidence for the Euro Area pp. 309-347

Jonas Dovern and Geoff Kenny

Volume 16, issue 4, 2020

Aggregation Level in Stress-Testing Models pp. 1-46

Galina Hale, John Krainer and Erin McCarthy

The Information Content and Statistical Properties of Diffusion Indexes pp. 47-99

Santiago Pinto, Pierre Daniel Sarte and Robert Sharp

Bank Standalone Credit Ratings pp. 101-144

Michael King, Steven Ongena and Nikola Tarashev

Narrow Banking with Modern Depository Institutions: Is There a Reason to Panic? pp. 145-197

Hugo Rodriguez Mendizabal

The Limits of Central Bank forward Guidance under Learning pp. 199-250

Stephen Cole

Regulating the Doom Loop pp. 251-292

Spyros Alogoskoufis and Sam Langfield

Systemic risk and the Fallacy of Composition: Empirical Evidence from Japanese Regional Bank pp. 293-325

Naohisa Hirakata, Yosuke Kido and Jie Liang Thum

Finite Horizons and the Monetary/Fiscal Policy Mix pp. 327-378

Kostas(Konstantinos) Mavromatis

Volume 16, issue 3, 2020

Agglomeration and Industry Spillover Effects in the Aftermath of a Credit Shock pp. 1-50

José Jorge and Joana Rocha

Positive Trend Inflation and Determinacy in a Medium-Sized New Keynesian Model pp. 51-94

Jonas E. Arias, Guido Ascari, Nicola Branzoli and Efrem Castelnuovo

Real Term Structure and New Keynesian Models pp. 95-139

Burçin Kısacıkoğlu

Credit, Financial Conditions, and Monetary Policy Transmission pp. 141-179

David Aikman, Andreas Lehnert, Nellie Liang and Michele Modungno

What Can the Data Tell Us about the Equilibrium Real Interest Rate? pp. 181-209

Michael Kiley

Reserves for All? Central Bank Digital Currency, Deposits, and Their (Non)-Equivalence pp. 211-238

Dirk Niepelt

The Surprising Recovery of Currency Usage pp. 239-277

Jonathan Ashworth and Charles A.E. Goodhart

From Window Guidance to Interbank Rates: Tracing the Transition of Monetary Policy in Japan and China pp. 279-316

Stefan Angrick and Naoyuki Yoshino

Volume 16, issue 2, 2020

Oil Prices and Consumption across Countries and U.S. States pp. 3-43

Andrea De Michelis, Thiago Ferreira and Matteo Iacoviello

Monetary Policy, Commodity Prices, and Misdiagnosis Risk pp. 45-79

Andrew J. Filardo, Marco Lombardi, Carlos Montoro and Massimo Ferrari Minesso

The Continuing Validity of Monetary Policy Autonomy under Floating Exchange Rates pp. 81-123

Edward Nelson

Output Gaps and Robust Monetary Policy Rules pp. 125-152

Roberto Billi

Does Central Bank Transparency and Communication Affect Financial and Macroeconomic Forecasts? pp. 153-201

Thomas Lustenberger and Enzo Rossi

Stress Tests of the Household Sector Using Microdata from Survey and Administrative Sources pp. 203-248

Jaanika Meriküll and Tairi Room

Bank Capital: A Seawall Approach pp. 249-291

Jihad Dagher, Giovanni Dell'ariccia, Luc Laeven, Lev Ratnovski and Hui Tong

Relaxed Lending Standards and the 2007 Mortgage Crisis: Changes in Household Debt and Borrowing Behaviors pp. 293-342

Seda Durguner

Volume 16, issue 1, 2020

The Federal Reserve's Current Framework for Monetary Policy: A Review and Assessment pp. 5-71

Janice Eberly, James H. Stock and Jonathan Wright

Global Dimensions of U.S. Monetary Policy pp. 73-132

Maurice Obstfeld

Monetary Policy Strategies for the Federal Reserve pp. 133-193

Lars Svensson

Are QE and Conventional Monetary Policy Substitutable? pp. 195-230

Eric Sims and Cynthia Wu

Financial Stability Considerations and Monetary Policy pp. 231-266

Anil Kashyap and Caspar Siegert

Volume 15, issue 5, 2019

The Portfolio Rebalancing Effects of the ECB's Asset Purchase Programme pp. 1-46

Giovanna Bua and Peter Dunne

What Are the Effects of Changes in Taxation and New Types of Mortgages on the Real Economy? The Case of Denmark during the 2000s pp. 47-99

Jesper Pedersen

The Role of Counterparty Risk and Asymmetric Information in the Interbank Market pp. 101-135

Giuseppe Cappelletti and Giovanni Guazzarotti

Money, Credit, Monetary Policy, and the Business Cycle in the Euro Area: What Has Changed Since the Crisis? pp. 137-173

Domenico Giannone, Michele Lenza and Lucrezia Reichlin

The Heterogeneity of the Inflation Expectations of Italian Firms along the Business Cycle pp. 175-205

Laura Bartiloro, Marco Bottone and Alfonso Rosolia

Identifying Dornbusch's Exchange Rate Overshooting with Structural VECs: Evidence from Mexico pp. 207-254

Carlos Capistrán, Daniel Chiquiar and Juan Hernandez

Fiscal Implications of the Federal Reserve's Balance Sheet Normalization pp. 255-306

Michele Cavallo, Marco Del Negro, W Frame, Jamie Grasing, Benjamin Malin and Carlo Rosa

Understanding the United Kingdom's Wageless Recovery pp. 307-360

Benjamin Nelson

Volume 15, issue 4, 2019

Budget-Neutral Labor Tax Wedge Reductions: A Sumulation-Based Analysis for the Euro Area pp. 1-54

Maria-Grazia Attinasi, Doris Prammer, Nikolai Stähler, Martino Tasso and Stefan van Parys

Using Payment System Data to Forecast Economic Activity pp. 55-80

Valentina Aprigliano, Guerino Ardizzi and Libero Monteforte

Monetary Policy during Financial Crises: Is the Transmission Mechanism Impaired? pp. 81-126

Nils Jannsen, Galina Potjagailo and Maik Wolters

Spillovers from the ECB's Non-standard Monetary Policy Measures on Southeastern Europe pp. 127-163

Isabella Moder

Effects of Changing Monetary and Regulatory Policy on Money Markets pp. 165-205

Elizabeth Klee, Zeynep Senyuz and Emre Yoldas

The Determinants of Credit Union Failure: Insights from the United Kingdom pp. 207-240

Jamie Coen, William Francis and May Rostom

Revisions to PCE Inflation Measures: Implications for Monetary Policy pp. 241-265

Dean Croushore

Cross-Border Macroprudential Policy Spillovers and Bank Risk-Taking pp. 267-311

Fergal McCann and Conor O'Toole

Volume 15, issue 3, 2019

Optimal Negative Interest Rate under Uncertainty pp. 1-25

Kuk Mo Jung

Exchange Rate Pass-Through: What Has Changed Since the Crisis? pp. 27-58

Martina Jašová, Richhild Moessner and Elod Takats

What Drives the Strength of Monetary Policy Transmission? pp. 59-87

Jakub Matějů

Banks' Wealth, Banks' Creation of Money, and Central Banking pp. 89-135

Tianxi Wang

Macroeconomic Effects of Banking-Sector Losses across Structural Models pp. 137-204

Luca Guerrieri, Matteo Iacoviello, Francisco Covas, John Driscoll, Mohammad Jahan-Parvar, Michael Kiley, Albert Queralto and Jae Sim

Deleveraging and Consumer Credit Supply in the Wake of the 2008-09 Financial Crisis pp. 205-251

Reint Gropp, John Krainer and Elizabeth Laderman

What Drives Bank-Intermediated Trade Finance? Evidence from Cross-Country Analysis pp. 253-283

Jose Maria Serena Garralda and Garima Vasishtha

Comparing Fiscal Consolidation Multipliers across Models in Europe pp. 285-320

Juha Kilponen, Massimiliano Pisani, Sebastian Schmidt, Vesna Corbo, Tibor Hledik, Josef Hollmayr, Samuel Hurtado, Paulo Júlio, Dmitry Kulikov, Matthieu Lemoine, Matija Lozej, Henrik Lundvall, José Maria, Brian Micallef, Dimitris Papageorgiou, Jakub Rysanek, Dimitrios Sideris, Carlos Thomas and Grégory de Walque

Volume 15, issue 2, 2019

The Tradeoff between Monetary Policy and Bank Stability pp. 1-42

Martien Lamers, Frederik Mergaerts, Elien Meuleman and Rudi Vander Vennet

Asset Price Spillovers from Unconventional Monetary Policy: A Global Empirical Perspective pp. 43-74

Domenico Lombardi, Pierre Siklos and Samantha St. Amand

Estimating a Phillips Curve for South Africa: A Bounded Random-Walk Approach pp. 75-100

Alain Kabundi, Eric Schaling and Modeste Some

Liquidity Risk and Collective Moral Hazard pp. 101-150

Diana Bonfim and Moshe Kim

Mixed-Frequency Models for Tracking Short-Term Economic Developments in Switzerland pp. 151-178

Alain Galli, Christian Hepenstrick and Rolf Scheufele

Currency Option Trading Strategies as an Alternative Tool for Central Bank Foreign Exchange Interventions pp. 179-234

Helena Glebocki Keefe and Erick W. Rengifo

External Shocks, Banks, and Optimal Monetary Policy: A Recipe for Emerging Market Central Banks pp. 235-299

Yasin Mimir and Enes Sunel

International Monetary Policy Coordination through Communication: Chasing the Loch Ness Monster pp. 301-321

Serkan Imisiker and Bedri Tas

Volume 15, issue 1, 2019

Calibrating Macroprudential Policy to Forecasts of Financial Stability pp. 1-59

Scott Brave and Jose Lopez

Can Macroprudential Measures Make Cross-Border Lending More Resilient? Lessons from the Taper Tantrum pp. 61-105

Elod Takats and Judit Temesvary

Are Basel's Capital Surcharges for Global Systemically Important Banks Too Small? pp. 107-156

Wayne Passmore and Alexander H. von Hafften

Home Bias in Bank Sovereign Bond Purchases and the Bank-Sovereign Nexus pp. 157-197

Desislava C. Andreeva and Thomas Vlassopoulos

Missing Disinflation and Missing Inflation: A VAR Perspective pp. 199-232

Elena Bobeica and Marek Jarociński

Deflation Probability and the Scope for Monetary Loosening in the United Kingdom pp. 233-277

Alex Haberis, Riccardo M. Masolo and Kate Reinold

Financial Stability and Optimal Interest Rate Policy pp. 279-326

Andrea Ajello, Thomas Laubach, David López-Salido and Taisuke Nakata

The Synchronization of Business Cycles and Financial Cycles in the Euro Area pp. 327-362

William Oman