Report

Monetary-fiscal crosswinds in the European Monetary Union

Bank of International Settlements
May 19, 2021

We study the monetary-fiscal mix in the European Monetary Union. The medium and long-run effects of conventional and unconventional monetary policy can be analysed by combining monetary policy shocks identified in a Structural VAR, and the general government budget constraint featuring a single central bank and multiple fiscal authorities.

Subscribe to receive updates from Bank of International Settlements

Most recent by Bank of International Settlements

<img data-src="https://speevr.com/wp-content/uploads/2021/06/bis-bank-for-international-settlements-logo-1024x1024.png" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" class="lazyload" style="--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024/1024;" /><noscript><img data-src="https://speevr.com/wp-content/uploads/2021/06/bis-bank-for-international-settlements-logo-1024x1024.png" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" class="lazyload" style="--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024/1024;" /><noscript><img data-src="https://speevr.com/wp-content/uploads/2021/06/bis-bank-for-international-settlements-logo-1024x1024.png" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" class="lazyload" style="--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024/1024;" /><noscript><img src="https://speevr.com/wp-content/uploads/2021/06/bis-bank-for-international-settlements-logo-1024x1024.png" />

report

November 25, 2021

Back to the future: intellectual challenges for monetary policy

by Claudio BorioThe central banking community is facing major challenges – economic, intellectual and institutional. A key economic challenge is the need to rebuild room for policy manoeuvre, which has fallen drastically over time. This lecture focuses on the...

Bank of International Settlements

<img data-src="https://speevr.com/wp-content/uploads/2021/06/bis-bank-for-international-settlements-logo-1024x1024.png" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" class="lazyload" style="--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024/1024;" /><noscript><img data-src="https://speevr.com/wp-content/uploads/2021/06/bis-bank-for-international-settlements-logo-1024x1024.png" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" class="lazyload" style="--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024/1024;" /><noscript><img data-src="https://speevr.com/wp-content/uploads/2021/06/bis-bank-for-international-settlements-logo-1024x1024.png" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" class="lazyload" style="--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024/1024;" /><noscript><img src="https://speevr.com/wp-content/uploads/2021/06/bis-bank-for-international-settlements-logo-1024x1024.png" />

report

November 24, 2021

What does machine learning say about the drivers of inflation?

by Emanuel KohlscheenThis paper examines the drivers of CPI inflation through the lens of a simple, but computationally intensive machine learning technique....

Bank of International Settlements

<img data-src="https://speevr.com/wp-content/uploads/2021/06/bis-bank-for-international-settlements-logo-1024x1024.png" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" class="lazyload" style="--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024/1024;" /><noscript><img data-src="https://speevr.com/wp-content/uploads/2021/06/bis-bank-for-international-settlements-logo-1024x1024.png" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" class="lazyload" style="--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024/1024;" /><noscript><img data-src="https://speevr.com/wp-content/uploads/2021/06/bis-bank-for-international-settlements-logo-1024x1024.png" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" class="lazyload" style="--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024/1024;" /><noscript><img src="https://speevr.com/wp-content/uploads/2021/06/bis-bank-for-international-settlements-logo-1024x1024.png" />

report

November 22, 2021

Dampening the financial accelerator? Direct lenders and monetary policy

by Ryan Niladri Banerjee and José María Serena GarraldaIn this paper we investigate the role they play in the monetary policy transmission mechanism, using syndicated loan data covering the 2000-2018 period....

Bank of International Settlements

<img data-src="https://speevr.com/wp-content/uploads/2021/06/bis-bank-for-international-settlements-logo-1024x1024.png" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" class="lazyload" style="--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024/1024;" /><noscript><img data-src="https://speevr.com/wp-content/uploads/2021/06/bis-bank-for-international-settlements-logo-1024x1024.png" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" class="lazyload" style="--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024/1024;" /><noscript><img data-src="https://speevr.com/wp-content/uploads/2021/06/bis-bank-for-international-settlements-logo-1024x1024.png" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" class="lazyload" style="--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024/1024;" /><noscript><img src="https://speevr.com/wp-content/uploads/2021/06/bis-bank-for-international-settlements-logo-1024x1024.png" />

report

November 22, 2021

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

by Sebastian Doerr, Stefan Gissler, Jose-Luis Peydro and Hans-Joachim VothDo financial crises radicalize voters? We study Germany's 1931 banking crisis, collecting new data on bank branches and firm-bank connections....

Bank of International Settlements

<img data-src="https://speevr.com/wp-content/uploads/2021/06/bis-bank-for-international-settlements-logo-1024x1024.png" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" class="lazyload" style="--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024/1024;" /><noscript><img data-src="https://speevr.com/wp-content/uploads/2021/06/bis-bank-for-international-settlements-logo-1024x1024.png" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" class="lazyload" style="--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024/1024;" /><noscript><img data-src="https://speevr.com/wp-content/uploads/2021/06/bis-bank-for-international-settlements-logo-1024x1024.png" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" class="lazyload" style="--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024/1024;" /><noscript><img src="https://speevr.com/wp-content/uploads/2021/06/bis-bank-for-international-settlements-logo-1024x1024.png" />

report

November 17, 2021

Non-bank financial institutions and the functioning of government bond markets

The structure of market making in government bond markets has shifted from a bank-centric model to a hybrid one in which non-bank financial institutions, notably principal trading firms and hedge funds, play an important role alongside banks. This shift...

Bank of International Settlements