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Social media as a monetary policy tool? : evidence from a survey experiment

Simpartl, Josef - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015610402

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Social media as a monetary policy tool? : evidence from a survey experiment

Simpartl, Josef - 2025

Book / Working Paper

Lender of Last Resort and financial systemic risks in times of economic stability : evidence from 55 countries

Miao, Wenlong; Ma, Yuxian; Huo, Yuanyuan - 2026

As a cornerstone of the modern financial safety net, the Lender of Last Resort (LOLR) is essential in mitigating liquidity crises and containing financial contagion. However, during periods of economic stability, risk-taking incentives in the banking sector may undermine its effectiveness. Using...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015591371

The architecture of central bank transparency : accounting information and financial stability as structural pillars of Monetary Policy Transparency

Bhiri, Sana; BenMabrouk, Houda - 2026

This article offers a structural reappraisal of central bank Monetary Policy Transparency (MPT) by explicitly incorporating two dimensions that have long remained peripheral in the literature: Accounting Information Transparency (AIT) and Financial Stability Transparency (FST). Building on a...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015628630

Integrating non-traditional data and AI into central banking : a Canadian perspective

Chapman, James; Haghighi, Maryam; Desai, Ajit; MacGee, James - 2026 - Last updated: May 15, 2026

Rapid advances in artificial intelligence (AI)-including machine learning, natural language processing, and generative AI -are expanding the ability to extract meaningful insights from non-traditional data sources such as text, speeches, images, and real-time transactions, thereby strengthening...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015647157

Is CBDC undermining the process of money creation?

Bibi, Samuele; Canelli, Rosa - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015546394

Quantitative easing, banks' funding costs, and credit line prices

Cerrato, Mario; Mei, Shengfeng - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015337859

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Quantitative easing, banks' funding costs and credit line prices

Cerrato, Mario; Mei, Shengfeng - 2024

Book / Working Paper

Green central bank measures and public trust : empirical evidence from survey data

Horváth, Balázs István; Kolozsi, Pál Péter; Varga, … - 2025

Central banks can play a key role in the change in finance needed for the green transition, but green central bank measures may also have an impact on the general public's trust in the institution. Trust, in turn, is crucial for central banks to successfully conduct monetary policy. The...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015191836

The rise of the modern monetary system : an integration of the credit and state money approaches

Wray, L. Randall - 2025

This working paper integrates the credit money approach (associated with Post Keynesian endogenous money theory) with the state money approach (associated with Modern Money Theory) by drawing on Wray's 1990 book (Money and Credit in Capitalist Economies: The Endogenous Money Approach, Edward...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015200189

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The rise of the modern monetary system: An integration of the credit and state money approaches

Wray, L. Randall - 2025

Book / Working Paper

How to grow an invoicing currency : micro evidence from Argentina

Benguria, Felipe; Novy, Dennis - 2025

How can a currency achieve more widespread international use? We study the internationalization of the Chinese renminbi (RMB) through the lens of a unique policy experiment in Argentina. In 2023, amid a severe dollar shortage, Argentina expanded a currency swap line with the People's Bank of...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015421067

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How to grow an invoicing currency : micro evidence from Argentina

Benguria, Felipe; Novy, Dennis - 2025

Book / Working Paper

How to grow an invoicing currency : micro evidence from argentina

Benguria, Felipe; Novy, Dennis - 2025

Book / Working Paper

How to grow an invoicing currency : micro evidence from Argentina

Benguria, Felipe; Novy, Dennis - 2025

Book / Working Paper

On the weak impact of base money on broad money in the context of unconventional monetary policy : Euro Area 2008-2024

Pateiro-Rodríguez, Carlos; Martín-Bermúdez, Federico; … - 2025

In its response to the economic and financial crises of 2008, the sovereign debt and euro crisis of 2010-2015, and the COVID-19 pandemic of 2020-2023, the European Central Bank (ECB) implemented an unconventional monetary policy aimed at providing liquidity for more than a decade, through a...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015410871

Untrustworthy authorities and complicit bankers : unraveling monetary distrust in Argentina

Moreno, Guadalupe - 2025

Money, capitalist market societies' paramount contract, relies on the belief in its enduring value. However, we still know surprisingly little about the social foundations that sustain that belief. How is our collective trust in the enduring value of money socially built, and what happens if...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015413553

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Untrustworthy authorities and complicit bankers: Unraveling monetary distrust in Argentina

Moreno, Guadalupe - 2025

Book / Working Paper

An asset-liability management approach to the Federal Reserve balance sheet

De Vere, Hugo; Ramaswamy, Srini; Schulhofer-Wohl, Sam - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015437442

Assessment of the relationship between central bank interest rate, inflation and growth in Central Africa countries with the new leading-lagging method

Djoukouo, Any Flore Djoumessi; Seip, Knut Lehre - 2025

This paper assesses the causal relationship between central bank interest rate, inflation and GDP growth in Central African countries using a new leading-lagging method over the period 1990-2019. The results show a short-term relationship between the three variables, with strong evidence of...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015438640

Interest rate policy and the assets and financial results of central banks in selected European Union member states

Misztal, Piotr - 2025

In reaction to the 2008 global financial crisis, central banks made large-scale asset acquisitions using their reserves. This unusual monetary strategy has persisted throughout the pandemic, and in certain cases beyond 2022. By then, central bank balance sheets had grown by up to tenfold. Then,...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015458696

Central bank money as a catalyst for fungibility : the case of stablecoins

Coste, Charles-Enguerrand; Pantelopoulos, George - 2025

To ensure that means of payments are readily interchangeable at face value - i.e. fungible - for retail payments, three elements are required: (1) settlement finality; (2) interoperability; and (3) seamless convertibility of the means of payment into the "ultimate" or quasi-ultimate means of...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015554258

Private lenders of last resort : the debates around central banking in Brazil in the 1920s

Centurião, Lúcia Regina - 2025

The objective of this study is to analyze the debate surrounding the transformation of the Bank of Brazil into a central bank in 1923. The article seeks to answer the question: What was the role of a central bank for Brazilian policymakers at that time? Unlike other Latin American countries that...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015605362

The predictability of global monetary policy surprises

Cotton, Christopher D. - 2025 - This version: November 2025

Markets systematically misprice interest rate changes around central bank announcements. I show that the strongest predictor of this mispricing is recent change in global interest rates. More specifically, a 1 percentage point increase in global short-term interest rates in the 15 days before a...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015643241

Foreign exchange interventions and intermediary constraints

Ferreira, Alex Luiz; Mullen, Rory; Ricco, Giovanni; … - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015655755

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Foreign exchange interventions and intermediary constraints

Ferreira, Alex Luiz; Mullen, Rory; Ricco, Giovanni; … - 2024

Book / Working Paper

Foreign exchange interventions and intermediary constraints

Ferreira, Alex Luiz; Mullen, Rory; Ricco, Giovanni; … - 2024

Book / Working Paper

Effects of monetary policy in a Schumpeterian economy with pollutant emissions

Xiao, Yao; Ho, Florence Ut Meng; Zheng, Zhijie - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015481439

Central Bank Digital Currencies : financial stability perspective

Kosanović, Nikola - 2025

Digitalization of the global economy, catalysed by advancements in blockchain technology and the rise of cryptocurrencies, has led to a paradigm shift in the monetary landscape. Central Bank Digital Currencies (CBDCs) have emerged as a transformative force with the potential to revolutionize...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015376939

Does an independent central bank smooth exchange rate volatility? : evidence from time-varying panel causality analysis

Esen, Ömer; Çınar, Uğur - 2024

This paper empirically examines the effect of the central banks independence on exchange rate volatility by using a large data-set for the E7 (7 emerging countries) covering the period 1998-2017. This paper applies the time-varying panel causality analysis to obtain country-based results. The...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015076477

The digitalisation of central bank money : China advances while Europe hesitates

Hilpert, Hanns Günther; Tokarski, Paweł - 2024

The number of digital currencies has increased significantly in recent years. So-called central bank digital currencies (CBDCs), created by central banks, are at the forefront of this development. Combining the advantages of an electronic means of payment - namely the speed and efficiency of...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015076823

Taylor rule and shadow rates : theory and empirical analysis

Lupiani, Camilla - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014482859

The price of money: the reserves convertibility premium over the term structure

Nyborg, Kjell G.; Woschitz, Jiri - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014486914

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The price of money : the reserves convertibility premium over the term structure

Nyborg, Kjell; Woschitz, Jiri - 2023

Book / Working Paper

Revealing priors from posteriors with an application to inflation forecasting in the UK

Ikefuji, Masako; Magnus, Jan R.; Yamagata, Takashi - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014528096

Investor heterogeneity and large-scale asset purchases

Breckenfelder, Johannes; De Falco, Veronica - 2024

Large-Scale Asset Purchases can impact the price of securities directly, when securities are targeted by the central bank, or indirectly through portfolio re-balancing of private investors. We quantify both the direct and the portfolio re-balancing impact, emphasizing the role of investor...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014528264

25 years of the OeNB in the Eurosystem : tracing the evolution of Governing Council governance

Ettl, Ingrid; Roitner, Anita - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014534485

Swiss National Bank : is the recent loss a threat to monetary policy? ; a research note

Kämpf, Vanessa; Stadtmann, Georg; Zimmermann, Lilli - 2024

The Swiss National Bank (SNB) has announced it will refrain from profit distribution in 2022 owing to the accumulation of a huge financial loss. In this paper we examine key determinants of the SNB's loss and shed light on its implications to monetary policy pursuit. In particular, we show that...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014496282

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Swiss National Bank: is the recent loss a threat to monetary policy? : a research note

Kämpf, Vanessa; Stadtmann, Georg; Zimmermann, Lilli - 2023

Book / Working Paper

Central bank capital and shareholder relationship

Bonetti, Matteo; Broeders, Dirk; Chen, Damiaan H. J.; … - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015449027

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Central bank capital and shareholder relationship

Bonetti, Matteo; Broeders, Dirk; Chen, Damiaan H. J.; … - 2024

Book / Working Paper

Accumulation of international reserves in Latin America : the Mexican case

Pineda Albarrán, José Rafael - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015427634

Forecasting oil prices

Kulkaeva, Altyn; Taibekova, Aida; Orlov, Konstantin - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015050144

Central bank digital currency as a new means of payment : an experimental approach

Magin, Jana; Neyer, Ulrike; Stevens, Alexandra - 2026

Many Central banks around the world are considering the introduction of a Central Bank Digital Currency (CBDC) as a new means of payment. One of the reasons for introducing a CBDC is a change in payment behavior towards an increasing use of electronic forms of payment. This paper examines the...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015618518

Facts or feelings? : the role of relatable narratives in shaping inflation expectations

Ludolph, Melina; Giang Hong Nghiem; Tonzer, Lena - 2026

We examine whether combining factual information on inflation levels and forecasts with a narrative can persistently shape consumers' inflation expectations. In a preregistered randomized controlled trial with a representative sample of 3,000 German consumers, participants received either...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015654676

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Facts or feelings? : the role of relatable narratives in shaping inflation expectations

Ludolph, Melina; Giang Hong Nghiem; Tonzer, Lena - 2026

Book / Working Paper

Sustainable digital finance in central banking

Park, Ki Young; Ha, Hyuk Jin; Ryu, Jaemin - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015549149

Innovations and the layering of money and payments

Bindseil, Ulrich - 2026

This paper analyses the role of layering in the architecture of money and payment systems and how recent technological innovations affect it. Layering in payments, whereby payment ledgers are hierarchical to each other, and senior ledgers allow for interoperability between junior ledgers, has...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015618783

An in-depth assessment of the Central Bank of Malta's projections

Saliba, Maria Christine - 2026

This paper presents an in-depth analysis of the performance of the macroeconomic projections produced by Central Bank of Malta (CBM) staff. A real-time macroeconomic database published by the CBM is utilized, allowing for the computation of forecast errors based on the first official data...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015655280

To tokenize, or not to tokenize : the design question for a central bank digital currency

Chiu, Jonathan; Monnet, Cyril; Xu, Oliver Junye - 2026 - Last updated: May 7, 2026

This paper develops a general equilibrium model to assess central bank digital currency (CBDC) design in a monetary system where traditional banks and "crypto banks" (i.e., banks that issue stablecoins) coexist. We compare tokenized and non-tokenized CBDC, showing that their desirability depends...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015655361

Balancing volatility and returns in the Czech National Bank's foreign exchange portfolio

Adam, Tomáš; Michl, Aleš; Škoda, Michal - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015609222

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Balancing volatility and returns in the Czech National Bank's foreign exchange portfolio

Adam, Tomáš; Michl, Aleš; Škoda, Michal - 2023

Book / Working Paper

Populistic surfing : consensus, monetary and banking policies

Favaretto, Federico; Masciandaro, Donato - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015609534

From cash to crypto: towards a consistent regulatory approach to illicit payments

Minto, Andrea; Kosse, Anneke; Shirakami, Takeshi; … - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015609560

Effect of a funding-for- lending program : evidence from the Bank of Japan's COVID-19 operation

Gunji, Hiroshi; Ono, Arito; Shizume, Masato; Uchida, … - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015611083

The effect of increased transparency on an individualistic monetary policy committee

Apel, Mikael; Blix Grimaldi, Marianna; Ahrenberg, Lars; … - 2026

Most empirical research on the effects of transparency on monetary policy committees is based on a natural experiment in 1993 at the Federal Reserve, when it was decided that transcripts of meetings would be released with a five-year lag. Evidence is found of both a conformity effect (reluctance...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015612448

Republic of Kazakhstan : Enhancing Monetary Analysis and Forecasting Capacity of the National Bank of Kazakhstan

Fukac, Martin - 2026

In August 2024, the IMF's CCAMTAC conducted a scoping mission at the request of the National Bank of Kazakhstan to enhance the forecasting capabilities of the Monetary Analysis Division. The mission evaluated the Division's current resources, tools, and data management practices, identifying...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015612589

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Republic of Kazakhstan : Enhancing Monetary Analysis and Forecasting Capacity of the National Bank of Kazakhstan

Fukac, Martin - 2025

Book / Working Paper

Ukraine : Technical Assistance Report-Strengthening Macroeconomic Modeling in Support of Forecasting and Policy Analysis System (FPAS) at the National Bank of Ukraine (NBU)

2026

This Technical Assistance followed a request by the National Bank of Ukraine for a review of their existing Quarterly Projection Model (QPM) and Forecasting and Policy Analysis System (FPAS). Although the NBU had an established FPAS, which benefited from previous IMF TA, the existing model-based...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015612632

Rules vs. discretion and the role of the central bank

El-Shagi, Makram; Gerth, Florian; Philemon, Paul Lukuliko - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015613464

The expert assessment within Banca d'Italia's in-house credit assessment system

Esposito, Lorenzo; Guglielmi, Massimo; Monterisi, Francesco - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015613766

A public-private partnership? : central bank funding and credit supply

Chavaz, Matthieu; Elliott, David; Monroe, Win - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015613835

Monetary policy committees, independence, and influence

Colla de Robertis, Esteban - 2026

We develop a model of monetary policy committee decision-making, building on the framework of games played through agents (GPTA). Interest groups seek to influence policy by offering action-contingent contracts to committee members. The resulting equilibrium admits a simple characterization and...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015615291

Central bank digital currency and Gresham's law : an experimental analysis

Baeriswyl, Romain; Boun My, Kene; Cornand, Camille - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015615535

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Central bank digital currency and Gresham's law : an experimental analysis

Baeriswyl, Romain; Boun My, Kene; Cornand, Camille - 2025

Book / Working Paper

Inflation expectations and a conservative central banker : evidence from a natural experiment

Grebe, Moritz; Tillmann, Peter - 2026

This paper studies the response of inflation expectations to an exogenous shift in central bank preferences. We use the unexpected announcement of the resignation of Jens Weidmann, the president of the Deutsche Bundesbank, in 2021 as a natural experiment constituting a rare case of an exogenous...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015615749

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Inflation expectations and a conservative central banker : evidence from a natural experiment

Grebe, Moritz; Tillmann, Peter - 2025

Book / Working Paper