BIS Working Papers

From Bank for International Settlements
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1024: Forward guidance and expectation formation: A narrative approach

Christopher S Sutherland

1023: Monetary policy press releases: an international comparison

Mario Gonzalez and Raul Cruz Tadle

1022: Effects of Banco de la Republica's communication on the yield curve

Luis Melo-Velandia, Juan Ospina-Tejeiro and Julián Parra-Polanía

1021: Seeing the forest for the trees: Using hLDA models to evaluate communication in Banco Central do Brasil

Angelo Fasolo, Flávia M Graminho and Saulo B Bastos

1020: Alternative monetary-policy instruments and limited credibility: an exploration

Javier Garcia-Cicco

1019: Unconventional credit policy in an economy under zero lower bound

Jorge Pozo and Youel Rojas

1018: The limited power of monetary policy in a pandemic

Antoine Lepetit and Cristina Fuentes-Albero

1017: Covid-19 and market power in local credit markets: the role of digitalization

Thiago Silva, Sergio Rubens Stancato de Souza and Solange Guerra

1016: Building regional payment areas: the Single Rule Book approach

Douglas Arner, Ross Buckley, Thomas Lammer, Dirk Zetzsche and Sangita Gazi

1015: DLT-based enhancement of cross-border payment efficiency - a legal and regulatory perspective

Dirk Zetzsche, Linn Anker-Sørensen, Maria Lucia Passador and Andreas Wehrli

1014: A shot in the arm: stimulus packages and firm performance during Covid-19

Deniz Igan, Ali Mirzaei and Tomoe Moore

1013: Banking in the shadow of Bitcoin? The institutional adoption of cryptocurrencies

Raphael Auer, Marc Farag, Ulf Lewrick, Lovrenc Orazem and Markus Zoss

1012: It takes two: Fiscal and monetary policy in Mexico

Ana Aguilar, Carlos Cantu Garcia and Claudia Ramirez Bulos

1011: Big techs, QR code payments and financial inclusion

Thorsten Beck, Leonardo Gambacorta, Yiping Huang, Zhenhua Li and Han Qiu

1010: Financial openness and inequality

Stefan Avdjiev and Tsvetana Spasova

1009: Quantitative forward guidance through interest rate projections

Boris Hofmann and Fan Dora Xia

1008: Deconstructing ESG scores: how to invest with your own criteria

Torsten Ehlers, Ulrike Elsenhuber, Anandakumar Jegarasasingam and Eric Jondeau

1007: Cross-border regulatory spillovers and macroprudential policy coordination

Pierre-Richard Agénor, Timothy Jackson and Luiz Awazu Pereira da Silva

1006: Estimating conditional treatment effects of EIB lending to SMEs in Europe

Alessandro Barbera, Áron Gereben and Marcin Wolski

1005: The NAIRU and informality in the Mexican labor market

Ana Aguilar, Carlo Alcaraz Pribaz, Claudia Ramírez and Cid Alonso Rodríguez-Pérez

1004: Original sin redux: a model-based evaluation

Boris Hofmann, Nikhil Patel and Steve Pak Yeung Wu

1003: Global production linkages and stock market co-movement

Raphael Auer, Bruce Muneaki Iwadate, Andreas Schrimpf and Alexander Wagner

1002: Exorbitant privilege? Quantitative easing and the bond market subsidy of prospective fallen angels

Viral Acharya, Ryan Niladri Banerjee, Matteo Crosignani, Tim Eisert and Renée Spigt

1001: Unequal expenditure switching: Evidence from Switzerland

Raphael Auer, Ariel Burstein, Sarah Lein and Jonathan Vogel

1000: Dollar beta and stock returns

Valentina Bruno, Ilhyock Shim and Hyun Song Shin

999: Shadow loans and regulatory arbitrage: evidence from China

Amanda Liu, Jing Liu and Ilhyock Shim

998: Does IT help? Information technology in banking and entrepreneurship

Toni Ahnert, Sebastian Doerr, Nicola Pierri and Yannick Timmer

997: Money markets, collateral and monetary policy

Fiorella De Fiore, Marie Hoerova and Harald Uhlig

996: Monetary policy expectation errors

Maik Schmeling, Andreas Schrimpf and Sigurd A. M. Steffensen

995: When uncertainty decouples expected and unexpected losses

John Juselius and Nikola Tarashev

994: Capital flows and institutions

Deniz Igan, Alexandre Lauwers and Damien Puy

993: Term premium dynamics and its determinants: the Mexican case

Ana Aguilar, María Diego-Fernández, Rocio Elizondo and Jessica Roldán-Peña

992: Bank opacity - patterns and implications

Stefan Avdjiev and Maximilian Jager

991: Monetary policy and endogenous financial crises

Frederic Boissay, Fabrice Collard, Jordi Galí and Cristina Manea

990: Informational switching costs, bank competition, and the cost of finance

Jose Ornelas, Marcos Soares da Silva and Bernardus Van Doornik

989: Central bank digital currencies (CBDCs) in Latin America and the Caribbean

Viviana Alfonso C, Steven Kamin and Fabrizio Zampolli

988: The premia on state-contingent sovereign debt instruments

Deniz Igan, Taehoon Kim and Antoine Levy

987: Zombies on the brink: Evidence from Japan on the reversal of monetary policy effectiveness

Gee Hee Hong, Deniz Igan and Do Lee

986: Platform-based business models and financial inclusion

Karen Croxson, Jon Frost, Leonardo Gambacorta and Tommaso Valletti

985: Building benchmarks portfolios with decreasing carbon footprints

Eric Jondeau, Benoit Mojon and Luiz Awazu Pereira da Silva

984: Credit constrained firms and government subsidies: evidence from a European Union program

Eszter Balogh, Adám Banai, Tirupam Goel, Péter Lang, Martin Stancsics, Elod Takats and Almos Telegdy

983: Losing traction? The real effects of monetary policy when interest rates are low

Rashad Ahmed, Claudio Borio, Piti Disyatat and Boris Hofmann

982: Navigating by r*: safe or hazardous?

Claudio Borio

981: Back to the future: intellectual challenges for monetary policy

Claudio Borio

980: What does machine learning say about the drivers of inflation?

Emanuel Kohlscheen

979: Dampening the financial accelerator? Direct lenders and monetary policy

Ryan Banerjee and Jose Maria Serena Garralda

978: Financial crises and political radicalization: How failing banks paved Hitler's path to power

Sebastian Doerr, Stefan Gissler, Jose-Luis Peydro and Hans-Joachim Voth

977: Does gender diversity in the workplace mitigate climate change?

Yener Altunbas, Leonardo Gambacorta, Alessio Reghezza and Giulio Velliscig

976: Central bank digital currencies: motives, economic implications and the research frontier

Raphael Auer, Jon Frost, Leonardo Gambacorta, Cyril Monnet, Tara Rice and Hyun Song Shin

975: ETFs, illiquid assets, and fire sales

John J Shim and Karamfil Todorov