The paper finds that the post-pandemic inflation surge and subsequent decline from 2021 to 2024 had no significant impact on public support for the Euro for the EA-19 and for most individual member states of the EA-19. From 2021 to 2024, net public support for the euro remained remarkably stable...

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...

We examine the changing attention that ECB Governing Council members pay to different policy objectives by analysing more than 4,600 speeches given between the establishment of the ECB and the summer of 2024. Alongside the primary objective of price stability, we consider the following potential...

The predictability of monetary policy surprises based on past, public information has been interpreted in two related yet fundamentally different ways. The "Fed information effect" posits that it arises due to markets updating their view of the economy, based on signals implicitly revealed by...

We study the spillovers of large-scale asset purchases (LSAPs) in the U.S. on financial intermediation in the euro area using bank-level supervisory data and high-frequency identified policy surprises. Our detailed panel data permit us to trace the impact of LSAPs through bank balance sheets. We...

We examine the changing attention that ECB Governing Council members pay to different policy objectives by analysing more than 4,600 speeches given between the establishment of the ECB and the summer of 2024. Alongside the primary objective of price stability, we consider the following potential...

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...

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...

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...

We propose a quantitative DSGE model with environmental and financial frictions to asses how high emission taxes affect optimal central bank collateral policy. Central banks specify which assets banks can pledge as collateral to obtain short-term central bank funding. This is referred to as...

This study aims to analyze the development of the Central Bank Digital Currency (CBDC) concept and create a design suitable for Turkey's financial structure. Academic studies scanned in the Web of Science (WOS) database between 2018-2025 were analyzed by bibliometric and content analysis...

We review the macroeconomic literature on retail central bank digital currency (CBDC), organizing the discussion around a CBDC-irrelevance result. We identify both fundamental and policy-related sources of relevance, or departures from neutrality. Bank disintermediation-the crowding out of...

Central banks around the world routinely engage in asset purchases in secondary markets as part of implementing monetary policy or enhancing market liquidity, but the effects of such interventions are not yet fully understood. We develop a multi-asset general equilibrium model in which the...

Utilizing logit econometric models, this paper investigates the primary factors contributing to the onset of banking, inflation, and foreign exchange reserves crises in Bolivia. The analysis reveals that banking crises are more likely when the terms of trade improve, with greater monetary...

We review the design and communication of monetary policy strategies that take into account risks and uncertainty. A key element in a robust monetary strategy is the concept of risk management, which is the weighing of key risks when setting policy. When risks to the outlook are balanced, the...