BIS Working Papers

From Bank for International Settlements
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631: Arbitrage costs and the persistent non-zero CDS-bond basis: Evidence from intraday euro area sovereign debt markets

Jacob Gyntelberg, Peter Hördahl, Kristyna Ters and Jörg Urban

630: How post-crisis regulation has affected bank CEO compensation

Vittoria Cerasi, Sebastian M Deininger, Leonardo Gambacorta and Tommaso Oliviero

629: The beneficial aspect of FX volatility for market liquidity

Jakree Koosakul and Ilhyock Shim

628: Is monetary policy less effective when interest rates are persistently low?

Claudio Borio and Boris Hofmann

627: External debt composition and domestic credit cycles

Stefan Avdjiev, Stephan Binder and Ricardo Sousa

626: Monetary policy's rising FX impact in the era of ultra-low rates

Massimo Ferrari Minesso, Jonathan Kearns and Andreas Schrimpf

625: Scarcity effects of QE: A transaction-level analysis in the Bund market

Kathi Schlepper, Heiko Hofer, Ryan Riordan and Andreas Schrimpf

624: Does exchange rate depreciation have contractionary effects on firm-level investment?

Jose Maria Serena Garralda and Ricardo Sousa

623: International inflation spillovers through input linkages

Raphael Auer, Andrei Levchenko and Philip Sauré

622: External financing and economic activity in the euro area - why are bank loans special?

Iñaki Aldasoro and Robert Unger

621: The dynamics of investment projects: evidence from Peru

Rocio Gondo Mori and Marco Vega

620: Commodity price risk management and fiscal policy in a sovereign default model

Bernabe Lopez-Martin, Julio Leal Ordóñez and André Martínez Fritscher

619: Volatility risk premia and future commodities returns

Jose Ornelas and Roberto Mauad

618: Business cycles in an oil economy

Drago Bergholt, Vegard Larsen and Martin Seneca

617: Oil, equities, and the zero lower bound

Deepa Datta, Benjamin K Johannsen, Hannah Kwon and Robert Vigfusson

616: Macro policy responses to natural resource windfalls and the crash in commodity prices

Frederick (Rick) van der Ploeg

615: Currency wars or efficient spillovers?

Anton Korinek

614: Changing business models in international bank funding

Leonardo Gambacorta, Adrian Rixtel and Stefano Schiaffi

613: Risk sharing and real exchange rates: the role of non-tradable sector and trend shocks

Hüseyin Çağrı Akkoyun, Yavuz Arslan and Mustafa Kilinc

612: Monetary policy and bank lending in a low interest rate environment: diminishing effectiveness?

Claudio Borio and Leonardo Gambacorta

611: The effects of tax on bank liability structure

Leonardo Gambacorta, Giacomo Ricotti, Suresh Sundaresan and Zhenyu Wang

610: Global impact of US and euro area unconventional monetary policies: a comparison

Qianying Chen, Marco Lombardi, Alex Ross and Feng Zhu

609: Revisiting the commodity curse: a financial perspective

Enrique Alberola and Gianluca Benigno

608: Redemption risk and cash hoarding by asset managers

Stephen Morris, Ilhyock Shim and Hyun Song Shin

607: The real effects of household debt in the short and long run

Marco Lombardi, Madhusudan Mohanty and Ilhyock Shim

606: Market volatility, monetary policy and the term premium

Sushanta Mallick, Madhusudan Mohanty and Fabrizio Zampolli

605: Wage and price setting: new evidence from Uruguayan firms

Fernando Borraz, Gerardo Licandro and Daniela Sola

604: Endogenous wage indexation and aggregate shocks

Julio Carrillo, Gert Peersman and Joris Wauters

603: Multiplex interbank networks and systemic importance - An application to European data

Iñaki Aldasoro and Ivan Alves

602: The globalisation of inflation: the growing importance of global value chains

Raphael Auer, Claudio Borio and Andrew Filardo

601: Asymmetric information and the securitization of SME loans

Ugo Albertazzi, Margherita Bottero, Leonardo Gambacorta and Steven Ongena

600: The currency dimension of the bank lending channel in international monetary transmission

Elod Takats and Judit Temesvary

599: Banking industry dynamics and size-dependent capital regulation

Tirupam Goel

598: Did the founding of the Federal Reserve affect the vulnerability of the interbank system to contagion risk?

Mark Carlson and David Wheelock

597: Bank networks: contagion, systemic risk and prudential policy

Iñaki Aldasoro, Domenico Delli Gatti and Ester Faia

596: Macroeconomics of bank capital and liquidity regulations

Frédéric Boissay and Fabrice Collard

595: Bank lending and loan quality: the case of India

Pallavi Chavan and Leonardo Gambacorta

594: A quantitative case for leaning against the wind

Andrew Filardo and Phurichai Rungcharoenkitkul

593: The countercyclical capital buffer and the composition of bank lending

Raphael Auer and Steven Ongena

592: The dollar, bank leverage and the deviation from covered interest parity

Stefan Avdjiev, Wenxin Du, Catherine Koch and Hyun Song Shin

591: Adding it all up: the macroeconomic impact of Basel II and outstanding reform issues

Ingo Fender and Ulf Lewrick

590: The failure of covered interest parity: FX hedging demand and costly balance sheets

Vladyslav Sushko, Claudio Borio, Robert McCauley and Patrick McGuire

589: International prudential policy spillovers: a global perspective

Stefan Avdjiev, Catherine Koch, Patrick McGuire and Goetz von Peter

588: Macroprudential policies, the long-term interest rate and the exchange rate

Philip Turner

587: Globalisation and financial stability risks: is the residency-based approach of the national accounts old-fashioned?

Bruno Tissot

586: Leverage and risk weighted capital requirements

Leonardo Gambacorta and Sudipto Karmakar

585: The effects of a central bank's inflation forecasts on private sector forecasts: Recent evidence from Japan

Masazumi Hattori, Steven Kong, Frank Packer and Toshitaka Sekine

584: Intuitive and reliable estimates of the output gap from a Beveridge-Nelson filter

Gunes Kamber, James Morley and Benjamin Wong

583: Exchange rate pass-through: What has changed since the crisis?

Martina Jasova, Richhild Moessner and Elod Takats

582: Global inflation forecasts

Jonathan Kearns