Author/Editor: Kenichi Ueda, Fabian Valencia.

Release Date: April, 2012

We consider the optimality of various institutional arrangements for agencies that conduct macro-prudential regulation and monetary policy. When a central bank is in charge of price and financial more...

Author/Editor: Gianni De Nicoló, Andrea Gamba, Marcella Lucchetta.

Release Date: March, 2012

This paper studies the impact of bank regulation and taxation in a dynamic model with banks exposed to credit and liquidity risk. We find an inverted U-shaped relationship between capital more...

Author/Editor: Vanessa Le Leslé, Sofiya Avramova.

Release Date: March, 2012

In this paper, we provide an overview of the concerns surrounding the variations in the calculation of risk-weighted assets (RWAs) across banks and jurisdictions and how this might undermine the more...

Author/Editor: Martin Goetz, Luc Laeven, Ross Levine.

Release Date: February, 2012

This paper assesses the impact of the geographic diversification of bank holding company (BHC) assets across the United States on their market valuations. Using two novel identification strategies more...

Author/Editor: Gustavo Adler, Pedro Castro, Camilo Ernesto Tovar Mora.

Release Date: February, 2012

Heavy foreign exchange intervention by central banks of emerging markets have lead to sizeable expansions of their balance sheets in recent years”accumulating foreign assets and non-money domestic more...

Author/Editor: Pelin Berkmen.

Release Date: January, 2012

This paper asks whether the BoJ's recent experience with unconventional monetary easing has been effective in supporting economic activity and inflation. Using a structural VAR model, the paper finds more...

Author/Editor: Helge Berger, Henning Weber.

Release Date: January, 2012

The natural interest rate is of great relevance to central banks, but it is difficult to measure. We show that in a standard microfounded monetary model, the natural interest rate co-moves with a more...

Author/Editor: Ales Bulir, Martin Cihák, David-Jan Jansen.

Release Date: January, 2012

This paper examines whether the clarity of central bank communication about inflation has changed with the economic environment. We use readability statistics and content analysis to study the more...

Author/Editor: Luis Ignacio Jácome, Marcela Matamoros-Indorf, Mrinalini Sharma, Simon Baker Townsend.

Release Date: January, 2012

Using a central bank legislation database, this paper documents and analyzes worldwide institutional arrangements for central bank lending to the government and identifies international practices. more...

Author/Editor: Scott Roger, Jan Vlcek.

Release Date: January, 2012

This paper surveys dynamic stochastic general equilibrium models with financial frictions in use by central banks and discusses priorities for future development of such models for the purpose of more...

Author/Editor: Obert Nyawata.

Release Date: January, 2012

This paper discusses the challenging question of whether central banks should use treasury bills or central bank bills for draining excess liquidity in the banking system. While recognizing that more...

Release Date: December, 2011

Author/Editor: Deniz Igan, Heedon Kang.

Release Date: December, 2011

With another real estate boom-bust bringing woes to the world economy, a quest for a better policy toolkit to deal with these boom-busts has begun. Macroprudential measures could be in such a more...

Author/Editor: Mynor Meza, Fernando L Delgado.

Release Date: December, 2011

Improvements in financial regulation and supervision in the Central American region (CAPDR) have strengthened financial stability. Prudential instruments with potential macroeconomic effects have more...

Release Date: November, 2011

Author/Editor: Luis I. Jacome H., Tahsin Saadi Sedik, Simon Townsend.

Release Date: November, 2011

This paper investigates whether developing and emerging market countries can implement monetary policies similar to those used by advanced countries during the recent global crisis - injecting more...

Author/Editor: Adina Popescu, Alina Carare.

Release Date: November, 2011

We document the transmission of monetary policy and risk-premium shocks in Hungary, by applying recent advances in the Bayesian estimation of large VAR models. The method allows extracting more...

Author/Editor: Stephanie Medina Cas, Alejandro Carrion-Menendez, Florencia Frantischek.

Release Date: October, 2011

Several Central American (CADR) central banks with independent monetary policies have adopted policy interest rates as their main instrument to signal their monetary policy stances, often in the more...

Author/Editor: Stephanie Medina Cas, Alejandro Carrion-Menendez, Florencia Frantischek.

Release Date: October, 2011

Several Central American (CADR) countries with independent monetary policies are strengthening their monetary frameworks and some have implemented or are moving towards inflation targeting (IT) more...

Release Date: September, 2011