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
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
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
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
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
report November 16, 2021 Does gender diversity in the workplace mitigate climate change? by Yener Altunbas, Leonardo Gambacorta, Alessio Reghezza and Giulio VelliscigDoes having more women in managerial positions improve firm environmental performance? We match firm-corporate governance characteristics with firm-level carbon dioxide (CO2) emissions over the period 2009-2019 to study the relationship... Bank of International Settlements
report November 11, 2021 Bottlenecks: Causes and macroeconomic implications by Daniel Rees and Phurichai RungcharoenkitkulBottlenecks in the supply of commodities, intermediate goods and freight transport have given rise to volatile prices and delivery delays. Bottlenecks started out as pandemic-related supply disruptions amid strong demand from the global economic... Bank of International Settlements
report November 4, 2021 Central bank digital currencies: motives, economic implications and the research frontier by Raphael Auer, Jon Frost, Leonardo Gambacorta, Cyril Monnet, Tara Rice and Hyun Song ShinThe paper gives a guided tour of the growing literature on the operational architectures for CBDCs, focusing on the technologies and the implications for privacy.... Bank of International Settlements
report November 3, 2021 Project Genesis: Prototype digital platforms for green bond tokenisation A suite of three reports showcasing Genesis, the BIS Innovation Hub's first green finance project executed in conjunction with the Hong Kong Monetary Authority (HKMA), that explores the green art of the possible through combining blockchain, smart contracts, internet-of-things,... Bank of International Settlements
report November 3, 2021 ETFs, Illiquid Assets, and Fire Sales by John J. Shim and Karamfil TodorovWe document several novel facts about exchange-traded funds (ETFs) holding corporate bonds.... Bank of International Settlements
report November 2, 2021 The natural rate of interest through a hall of mirrors by Phurichai Rungcharoenkitkul and Fabian WinklerWhy have global real interest rates fallen so much? A common explanation is that factors such as shifting demographics and falling potential growth depress the natural interest rate, or r-star.... Bank of International Settlements
report October 29, 2021 What does digital money mean for emerging market and developing economies? by Erik Feyen, Jon Frost, Harish Natarajan and Tara RiceProposals for global stablecoins have put a much-needed spotlight on deficiencies in financial inclusion and cross-border payments and remittances in emerging market and developing economies (EMDEs).... Bank of International Settlements
report October 29, 2021 Non-bank financial intermediaries and financial stability by Sirio Aramonte, Andreas Schrimpf and Hyun Song ShinWe develop a risk accounting framework that describes how NBFIs' risk-taking capacity evolves during periods of market distress.... Bank of International Settlements
report October 27, 2021 Do term premiums matter? Transmission via exchange rate dynamics by Mitsuru Katagiri and Koji TakahashiUsing a small open economy model with long-term bonds, we ask whether term premia affect the inflation rate and the economy via the exchange rate.... Bank of International Settlements
report October 27, 2021 Labour markets and inflation in the wake of the pandemic by Frederic Boissay, Emanuel Kohlscheen, Richhild Moessner and Daniel ReesThe pandemic had a significant effect on labour markets. Working hours fell sharply almost everywhere, but the drivers of these declines varied greatly across countries, depending on whether policies to... Bank of International Settlements
report October 21, 2021 Big techs in finance: on the new nexus between data privacy and competition by Frederic Boissay, Torsten Ehlers, Leonardo Gambacorta and Hyun Song ShinBig techs' entry in finance builds on their established digital platforms in e-commerce, search and social media, and holds the prospect of efficiency gains and greater financial inclusion.... Bank of International Settlements
report October 20, 2021 Inter-agency coordination bodies and the speed of prudential policy responses to the Covid-19 pandemic by Michael Brei and Blaise GadaneczThis paper investigates whether the presence of inter-agency coordination bodies for financial stability (IABs) has been associated with faster prudential policy responses to the Covid-19 pandemic.... Bank of International Settlements
report October 19, 2021 Indebted Demand by Atif Mian, Ludwig Straub and Amir SufiThis paper explains the concomitant rise in debt and fall in interest rates by the liberalisation of the financial sector and income inequality.... Bank of International Settlements
report October 19, 2021 Joined at the hip: monetary and fiscal policy in a liquidity-dependent world by Guillermo Calvo and Andrés VelascoWe study the effects of monetary and fiscal policies when both money and government bonds provide liquidity services.... Bank of International Settlements
report October 19, 2021 The Treasury market in spring 2020 and the response of the Federal Reserve by Annette Vissing-JørgensenThe paper shows that Treasury yields did not spike due to a loss of confidence in Treasury fundamentals.... Bank of International Settlements
