Working Papers


  • 30-September-2009

    English

    The role of transparency in the conduct of monetary policy

    In contrast to the once prevailing norm of secrecy and opaqueness, transparency has now become one of the main features characterising the conduct of monetary policy.

  • 24-August-2009

    English

    Is there a case for price-level targeting?

    There is a case, but there are also counter-arguments. With sufficient forward-looking behaviour among firms and households, price-level targeting can act as a powerful built-in stabiliser through automatic shifts in inflation expectations.

  • 22-July-2009

    English

    Financial stability in the United Kingdom: Banking on prudence

    This paper reviews the supervisory and regulatory framework and the many reforms that have already been adopted to remedy these weaknesses. It also provides recommendations for further reforms.

    Related Documents
  • 15-July-2009

    English

    The bank lending channel of monetary transmission in Brazil: A VECM approach

    This paper tests for the existence of a bank lending channel in the transmission of monetary policy in Brazil using monthly aggregate data for the period 1995:12 through 2008:6.

    Related Documents
  • 22-May-2009

    English

    The effect of financial crises on potential output: new empirical evidence from OECD countries

    The aim of this paper is to assess the impact of financial crises on potential output.

  • 10-April-2009

    English

    The impact of monetary and commodity fundamentals, macro news and central bank communication on the exchange rate: Evidence from South Africa

    This paper studies drivers of high-frequency (daily) dynamics of the South African rand vis-à-vis the dollar from January 2001 to July 2007.

  • 1-April-2009

    English

    Inflation Responses to Recent Shocks: Do G7 Countries Behave Differently?

    This working paper uses a variety of empirical methods to examine the apparent differences in monetary policy stances as between the United States and other G7 economies.

  • 9-March-2009

    English

    The macroeconomic consequences of banking crises in OECD countries

    This paper examines the characteristics of downturns and subsequent recoveries following past banking crises in OECD countries as well as evidence of any effects on potential output growth.

  • 6-March-2009

    English

    Do Latin American central bankers behave non linearly? The experiences of Brazil, Chile, Colombia and Mexico

    This paper estimates unrestricted monetary reaction functions for four Latin American countries (Brazil, Chile, Colombia and Mexico) and tests for the presence of non linear effects in central bank behaviour.

  • 6-March-2009

    English

    Quantifying the effect of financial conditions in the Euro Area, Japan, United Kingdom and United States

    This paper constructs a broad measure of financial conditions for the United States, Japan, the Euro Area and the United Kingdom, by extending monetary condition indices which are traditionally used to gauge the impact of monetary policy on the economy.

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