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Displaying results 1 to 25 of 35.

  1. Monetary policy spillovers in the first age of financial globalisation
    a narrative VAR approach 1884-1913
    Author: Green, Georgina
    Published: March 2018
    Publisher:  Bank of England, London

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    Language: English
    Media type: Book
    Format: Online
    Series: Staff working paper / Bank of England ; no. 718
    Subjects: Bank of England; monetary policy; business cycles; financial crises; international economic history; central banking
    Scope: 1 Online-Ressource (circa 54 Seiten), Illustrationen
  2. A new approach for detecting shifts in forecast accuracy
    Author: Chiu, Ching Wai Jeremy; Hayes, Simon; Kapetanios, George; Theodoridis, Konstantinos
    Published: April 2018
    Publisher:  Bank of England, London

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    Format: Online
    Series: Staff working paper / Bank of England ; no. 721
    Subjects: Forecast breaks; statistical decision making; central banking
    Scope: 1 Online-Ressource (circa 28 Seiten), Illustrationen
  3. The bank of England as lender of last resort
    new historical evidence from daily transactional data
    Author: Anson, Mike; Bholat, David; Kang, Miao; Thomas, Ryland
    Published: November 2017
    Publisher:  Bank of England, London

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    Series: Staff working paper / Bank of England ; no. 691
    Subjects: Bank of England; lender of last resort; financial crises; financial history; central banking
    Scope: 1 Online-Ressource (circa 81 Seiten), Illustrationen
  4. Measuring financial cycle time
    Author: Filardo, Andrew J.; Lombardi, Marco; Raczko, Marek
    Published: January 2019
    Publisher:  Bank of England, London

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    Media type: Book
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    Series: Staff working paper / Bank of England ; no. 776
    Subjects: Financial cycles; continuous-time autoregressive models; time deformation; behavioural economics; endogenous risk-taking behaviour; central banking
    Scope: 1 Online-Ressource (circa 30 Seiten), Illustrationen
  5. The gender promotion gap
    evidence from central banking
    Author: Hospido, Laura; Laeven, Luc; Lamo, Ana
    Published: 2019
    Publisher:  Banco de España, Madrid

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    Media type: Book
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    Series: Documentos de trabajo / Banco de España, Eurosistema ; no. 1915
    Subjects: gender gaps; working histories; promotions; central banking
    Scope: 1 Online-Ressource (circa 53 Seiten), Illustrationen
  6. Market-function asset purchases
    Author: Duffie, Darrell; Keane, Frank
    Published: [2023]
    Publisher:  Federal Reserve Bank of New York, New York, NY

    This paper investigates the goals, costs, and benefits of official-sector purchases of government securities for the purpose of restoring market functionality. We explore the design of market-function purchase programs, including their communication,... more

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    This paper investigates the goals, costs, and benefits of official-sector purchases of government securities for the purpose of restoring market functionality. We explore the design of market-function purchase programs, including their communication, triggers, operational protocols, exit, and wind-down strategies. We further discuss whether, under some circumstances, fiscal buybacks might be a useful alternative or complement to central-bank market-function purchase programs, and how these buybacks could be funded. The use of fiscal buybacks to support market functionality can be aligned with the fiscal authority's goal of minimizing the government's interest expense and can reduce challenges that can be faced by a central bank when asset purchases are not naturally congruent with monetary policy. Depending on the setting and circumstances, fiscal buybacks can also mitigate perceptions of risks to the central bank's independence.

     
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    Media type: Book
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    hdl: 10419/284014
    Series: Staff reports / Federal Reserve Bank of New York ; no. 1054 (February 2023)
    Subjects: government securities; financial stability; bond markets; central banking; debt management
    Scope: 1 Online-Ressource (circa 35 Seiten), Illustrationen
  7. Review essay
    Central banking in Italy
    Author: Maes, Ivo
    Published: 2023
    Publisher:  National Bank of Belgium, Brussels

    Gianni Toniolo was one of Italy's, and Europe's, foremost economic historians. Unfortunately, he suddenly passed away in November 2022, a few weeks after he had presented in Rome his newest book, the first volume of his history of the Bank of Italy,... more

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    Gianni Toniolo was one of Italy's, and Europe's, foremost economic historians. Unfortunately, he suddenly passed away in November 2022, a few weeks after he had presented in Rome his newest book, the first volume of his history of the Bank of Italy, Storia della Banca d'Italia. Tomo I. Formazione ed evoluzione di una banca centrale, 1893-1943 (History of the Bank of Italy. Part I. Formation and evolution of a central bank, 1893-1943). Toniolo's history of the Bank of Italy illustrates very well many issues which are at the heart of the literature on central banking. What emerges very well is the gradual transformation of the Bank of Italy, from an emission bank to a central bank, with a growing public character of the Bank. The early relationship between the Bank of Italy and the commercial banks was often one of business rivalry and competition. Through time, the Bank of Italy gained the monopoly of the emission of banknotes but had to stop its commercial activities, while being entrusted with responsibilities in the supervision of the commercial banks. Toniolo's book covers a turbulent period in Italian monetary history, with several banking crises. Monetary policy was dominated by the issue of the reconciliation of two contrasting objectives: the exchange rate of the lira and the stability of the banking system. A distinguishing feature of the Italian experience of central banking is how the development of the Bank of Italy was embedded in the process of nation-building. In other countries, where the nation-state was established before the central bank, this was very much a process of extending the network of branches. In Italy, where the process of unification was later, it implied the merger of emission banks, a much more delicate political issue.

     
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    Source: Union catalogues
    Language: English
    Media type: Review
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    Series: Working paper research / National Bank of Belgium ; no 441 (September 2023)
    Subjects: central banking; Bank of Italy; banking crises; financial stability; Italian lira
    Scope: 1 Online-Ressource (circa 12 Seiten)
  8. Can central banks do the unpleasant job that governments should do?
    Author: Dimakopoulou, Vasiliki; Oikonomidēs, Geōrgios; Philippopulos, Apostolēs; Vassilatos, Vanghelis
    Published: August 2023
    Publisher:  CESifo, Munich, Germany

    We investigate what happens when the fiscal authorities do not react to rising public debt so that the unpleasant task of fiscal sustainability falls upon the Central Bank (CB). In particular, we explore whether the CB's bond purchases in the... more

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    We investigate what happens when the fiscal authorities do not react to rising public debt so that the unpleasant task of fiscal sustainability falls upon the Central Bank (CB). In particular, we explore whether the CB's bond purchases in the secondary market can restore stability and determinacy in an otherwise unstable model. This is investigated in a DSGE model calibrated to the Euro Area (EA) and where monetary policy is conducted subject to the numerical rules of the Eurosystem (ES). We show that given the recent situation in the ES, and to the extent that a relatively big shock hits the economy and fiscal policy remains active, there is no room left for further quasi-fiscal actions by the ECB; there will be room only if the ES' rules are violated. We then search for policy mixes that can respect the ES's rules and show that debt-contingent fiscal and quantitative monetary policies can reinforce each other; this confirms the importance of policy complementarities. On the negative side, bond purchases by the CB worsen income inequality and the unavoidable reversal, in the form of QT, will come at a real cost.

     
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    Source: Union catalogues
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    Media type: Book
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    hdl: 10419/279354
    Series: CESifo working papers ; 10603 (2023)
    Subjects: central banking; fiscal policy; debt stabilization; Euro Area
    Scope: 1 Online-Ressource (circa 60 Seiten), Illustrationen
  9. Error spotting with gradient boosting
    a machine learning-based application for central bank data quality
    Author: Burger, Csaba; Berndt, Mihály
    Published: May 2023
    Publisher:  Magyar Nemzeti Bank, Budapest

    Supervised machine learning methods, in which no error labels are present, are increasingly popular methods for identifying potential data errors. Such algorithms rely on the tenet of a 'ground truth' in the data, which in other words assumes... more

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    Supervised machine learning methods, in which no error labels are present, are increasingly popular methods for identifying potential data errors. Such algorithms rely on the tenet of a 'ground truth' in the data, which in other words assumes correctness in the majority of the cases. Points deviating from such relationships, outliers, are flagged as potential data errors. This paper implements an outlier-based error-spotting algorithm using gradient boosting, and presents a blueprint for the modelling pipeline. More specifically, it underpins three main modelling hypotheses with empirical evidence, which are related to (1) missing value imputation, (2) the loss-function choice and (3) the location of the error. By doing so, it uses a cross sectional view on the loan-to-value and its related columns of the Credit Registry (Hitelregiszter) of the Central Bank of Hungary (MNB), and introduces a set of synthetic error types to test its hypotheses. The paper shows that gradient boosting is not materially impacted by the choice of the imputation method, hence, replacement with a constant, the computationally most efficient, is recommended. Second, the Huber-loss function, which is piecewise quadratic up until the Huber-slope parameter and linear above it, is better suited to cope with outlier values; it is therefore better in capturing data errors. Finally, errors in the target variable are captured best, while errors in the predictors are hardly found at all. These empirical results may generalize to other cases, depending on data specificities, and the modelling pipeline described underscores significant modelling decisions

     
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    Media type: Book
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    Series: MNB occasional papers ; 148
    Subjects: data quality; machine learning; gradient boosting; central banking; loss functions; missing values
    Scope: 1 Online-Ressource (circa 34 Seiten), Illustrationen
  10. Approaching the terminal rate and the way forward
    a model-based analysis
    Author: Bartocci, Anna; Cantelmo, Alessandro; Cecioni, Martina; Hoynck, Christian; Notarpietro, Alessandro; Papetti, Andrea
    Published: [2023]
    Publisher:  Banca d'Italia, [Rom]

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    Series: Questioni di economia e finanza / Banca d'Italia ; number 791 (July 2023)
    Subjects: central banking; monetary policy
    Scope: 1 Online-Ressource (circa 19 Seiten), Illustrationen
  11. Central bank risk management, fintech, and cybersecurity
    Author: Khan, Ashraf; Malaika, Majid
    Published: April 2021
    Publisher:  International Monetary Fund, [Washington, D.C.]

    Based on technical assistance to central banks by the IMF's Monetary and Capital Markets Department and Information Technology Department, this paper examines fintech and the related area of cybersecurity from the perspective of central bank risk... more

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    Based on technical assistance to central banks by the IMF's Monetary and Capital Markets Department and Information Technology Department, this paper examines fintech and the related area of cybersecurity from the perspective of central bank risk management. The paper draws on findings from the IMF Article IV Database, selected FSAP and country cases, and gives examples of central bank risks related to fintech and cybersecurity. The paper highlights that fintech- and cybersecurity-related risks for central banks should be addressed by operationalizing sound internal risk management by establishing and strengthening an integrated risk management approach throughout the organization, including a dedicated risk management unit, ongoing sensitizing and training of Board members and staff, clear reporting lines, assessing cyber resilience and security posture, and tying risk management into strategic planning.. Given the fast-evolving nature of such risks, central banks could make use of timely and regular inputs from external experts

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9781513582344
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    Series: IMF working paper ; WP/21, 105
    Subjects: fintech; cybersecurity; central banking; financial supervision; law; technical assistance; Foreign Exchange; Informal Economy; Monetary Systems; Standards; Underground Econom
    Scope: 1 Online-Ressource (circa 76 Seiten), Illustrationen
  12. Review of macroeconomic modelling in the Eurosystem
    current practices and scope for improvement
    Published: [2021]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    This paper provides an assessment of the macroeconomic models regularly used for forecasting and policy analysis in the Eurosystem. These include semi-structural, structural and time-series models covering specific jurisdictions and the euro area... more

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    This paper provides an assessment of the macroeconomic models regularly used for forecasting and policy analysis in the Eurosystem. These include semi-structural, structural and time-series models covering specific jurisdictions and the euro area within a closed economy, small open economy, multi-country or global setting. Models are used as analytical frameworks for building baseline projections and for supporting the preparation of monetary policy decisions. The paper delivers four main contributions. First, it provides a survey of the macroeconomic modelling portfolios currently used or under development within the Eurosystem. Second, it explores the analytical gaps in the Eurosystem models and investigates the scope for further enhancement of the main projection and policy models, and the creation of new models. Third, it reviews current practices in model-based analysis for monetary policy preparation and forecasting and provides recommendations and suggestions for improvement. Finally, it reviews existing cooperation modalities on model development and proposes alternative sourcing and organisational strategies to remedy any knowledge or analytical gaps identified.

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289944748
    Other identifier:
    hdl: 10419/246198
    Series: Occasional paper series / European Central Bank ; no 267 (September 2021)
    ECB strategy review
    Subjects: econometric modelling; forecasting and simulation; monetary policy; central banking
    Scope: 1 Online-Ressource (193 Seiten), Illustrationen, Diagramme
  13. Macroeconomic policy in Brazil
    inflation targeting, public debt structure and credit policies
    Author: López Vicente, Fernando; Serena Gerralda, José María
    Published: 2014
    Publisher:  Banco de España, Madrid

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    Series: Documentos ocasionales / Banco de España ; 1405
    Subjects: public debt; central banking; credit policies; Brazil
    Scope: Online-Ressource (32 S.), graph. Darst.
    Notes:

    Zsfassung in span. Sprache
  14. Revisiting monetary policy objectives and strategies
    international experience and challenges from the ELB
    Author: Cecioni, Martina; Grasso, Adriana; Notarpietro, Alessandro; Pisani, Massimiliano
    Published: [2021]
    Publisher:  Banca d'Italia, [Rom]

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    Series: Questioni di economia e finanza / Banca d'Italia ; number 660 (December 2021)
    Subjects: central banking; monetary policy rules; effective lower bound
    Scope: 1 Online-Ressource (circa 33 Seiten), Illustrationen
  15. The problems of inflation targeting originate in the monetary theory of Knut Wicksell
    Author: Jonung, Lars
    Published: April 2022
    Publisher:  Department of Economics, School of Economics and Management, Lund University, Lund

    The theoretical foundation of inflation targeting was laid out by the Swedish economist Knut Wicksell (1851-1926) in his groundbreaking treatise, Interest and Prices, published originally in German in 1898. Here he proposed price stability as the... more

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    The theoretical foundation of inflation targeting was laid out by the Swedish economist Knut Wicksell (1851-1926) in his groundbreaking treatise, Interest and Prices, published originally in German in 1898. Here he proposed price stability as the rule for monetary policy. Today, inflation targeting is considered the best-practice approach to monetary policy across the world. It has contributed to stable and low consumer price inflation since the 1990s in many countries. However, inflation targeting has recently been the subject of several objections. Most prominently, the focus on consumer price stability has fostered financial instability, as reflected in the global financial crisis of 2008-09. In addition, the sharp rise in asset prices has led to growing wealth inequality. Why have these problems emerged? This paper provides an answer by comparing Wicksell's theory of price level determination in a pure credit economy, the "cumulative process", to the neo-Wicksellian world of today, characterized by inconvertible fiat money, floating exchange rates, advanced financial systems, unregulated interest rates and well-developed asset markets. In this way, it becomes apparent that the neglect of asset markets and asset prices is the source of the flaws of the present Wicksellian regime of unlimited finance. The shortcomings of the neo-Wicksellian approach can be remedied while remaining within a Wicksellian framework. The key is to combine the nominal anchor of price stability with a reformed financial system that maintains credit stability. The paper uses empirical evidence from Sweden and the United States.

     
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    Media type: Book
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    hdl: 10419/260347
    Series: Working paper / Department of Economics, Lund University ; 2022, 8
    Subjects: Inflation targeting; price level targeting; natural rate; Knut Wicksell; Milton Friedman; financial crises; credit; asset inflation; central banking
    Scope: 1 Online-Ressource (circa 57 Seiten), Illustrationen
  16. Macroprudential policy in central banks: integrated or separate?
    survey among academics and central bankers
    Author: Malovaná, Simona; Hodula, Martin; Gric, Zuzana; Bajzík, Josef
    Published: 2022
    Publisher:  Institute of Economic Studies, Faculty of Social Sciences, Charles University in Prague, Prague

    We surveyed experts from academia, central banks and other regulatory institutions on the preferred institutional setup of macroprudential policy and the underlying interactions stemming from the conduct of monetary and macroprudential policy. We... more

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    We surveyed experts from academia, central banks and other regulatory institutions on the preferred institutional setup of macroprudential policy and the underlying interactions stemming from the conduct of monetary and macroprudential policy. We find substantial support for the integration setup, under which macroprudential policy is entrusted to the central bank and not to a separate institution. The most significant factors driving the respondents’ views are the large degree of interdependence of the two policies, the potential information gains from keeping them “under one roof”, and a greater capability to resolve strategic conflicts. We identify non-negligible heterogeneity in the responses, especially in terms of respondents’ age, managerial position and research orientation.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: IES occasional paper ; 2022, 1
    Subjects: central banking; expert survey; institutional arrangement; macroprudential policy; monetary policy
    Scope: 1 Online-Ressource (circa 50 Seiten), Illustrationen
  17. Economic research at central banks
    are central banks interested in the history of economic thought?
    Author: Maes, Ivo
    Published: [2022]
    Publisher:  National Bank of Belgium, Brussels

    With central banks becoming monetary authorities, research departments have become a core element of a modern central bank. Crucial elements of a central bank research department are contributing to monetary policymaking and sustaining a dialogue... more

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    With central banks becoming monetary authorities, research departments have become a core element of a modern central bank. Crucial elements of a central bank research department are contributing to monetary policymaking and sustaining a dialogue with the academic community. The importance of historical research (and central banks do not really make a difference between economic history and the history of economic thought) varies a lot. The historical curiosity of influential central bankers and the commemoration of anniversaries are important factors hereby. Historical research can allow central banks to take more distance and can help to avoid a "this time is different" view.

     
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    hdl: 10419/273117
    Series: Working paper research / National Bank of Belgium ; no 413 (September 2022)
    Subjects: central banking; economic research; economic history; history of thought
    Scope: 1 Online-Ressource (circa 16 Seiten)
  18. Securing green development
    can Asia-Pacific central banks and financial supervisory authorities do more?
    Author: Lim, Xiang-li; Sirimaneetham, Vatcharin
    Published: December 2021
    Publisher:  United Nations ESCAP, Bangkok

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    Series: Working paper series / Macroeconomic Policy and Financing for Development Division ; no. WP/21, 10
    Subjects: central banking; monetary policy; green development; green finance; climaterisks
    Scope: 1 Online-Ressource (circa 44 Seiten), Illustrationen
  19. Four mistakes in the use of measures of expected inflation
    Author: Reis, Ricardo
    Published: January 2023
    Publisher:  [London School of Economics and Political Science], [London, UK]

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    Media type: Book
    Format: Online
    Series: [CFM discussion paper series] ; [CFM-DP 2023, 02]
    Subjects: Phillips curve; anchoring; monetary policy; central banking
    Scope: 1 Online-Ressource (circa 68 Seiten), Illustrationen
  20. Four mistakes in the use of measures of expected inflation
    Author: Reis, Ricardo
    Published: 25 January 2023
    Publisher:  Centre for Economic Policy Research, London

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    Universitätsbibliothek Mannheim
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    Media type: Book
    Format: Online
    Series: Array ; DP17850
    Subjects: Phillips curve; anchoring; monetary policy; central banking
    Scope: 1 Online-Ressource (circa 15 Seiten)
  21. Central banking for a social-ecological transformation
    Author: Cahen-Fourot, Louison
    Published: 2021
    Publisher:  WU Vienna, Institute for Ecological Economics, Vienna

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    Edition: This version: June 30, 2021
    Series: Working paper series / Institute for Ecological Economics, Vienna University of Economics and Business ; 40 (2021)
    Subjects: monetary policy; central banking; sustainability; social-ecological transformation; post-growth; endogenous money
    Scope: 1 Online-Ressource (circa 32 Seiten), Illustrationen
  22. The ECB's policy, the recovery fund and the importance of trust
    the case of Greece
    Author: Dimakopoulou, Vasiliki; Oikonomidēs, Geōrgios; Philippopulos, Apostolēs
    Published: October 2021
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    This paper, using a microfounded macroeconomic model that embeds the key features of the Greek economy, studies the efficacy of the various policy measures taken, at national and EU level, to cushion the economic effects of the pandemic shock. The... more

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    This paper, using a microfounded macroeconomic model that embeds the key features of the Greek economy, studies the efficacy of the various policy measures taken, at national and EU level, to cushion the economic effects of the pandemic shock. The paper attempts to give quantitative answers to questions like: What are the effects of these policies and, especially, what are the implications of the fiscal transfers and grants from the Recovery Fund and the quantitative policies of the ECB, like the PEPP, for the Greek economy? Do they help the real economy and, if yes, by how much? What would have happened had these measures not taken? How costly will be the re-emergence of the fear of debt default and risk premia?

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/248916
    Series: CESifo working paper ; no. 9371 (2021)
    Subjects: central banking; fiscal policy; international lending; pandemic
    Scope: 1 Online-Ressource (circa 88 Seiten), Illustrationen
  23. Free banking in Sweden: the case of private bank notes, 1831-1902
    Author: Jonung, Lars
    Published: May 2021
    Publisher:  Department of Economics, School of Economics and Management, Lund University, Lund

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/260326
    Series: Working paper / Department of Economics, Lund University ; 2021, 6
    Subjects: Free banking; central banking; private bank notes; unlimited liability; currency competition; Riksbank; Sweden
    Scope: 1 Online-Ressource (circa 33 Seiten)
  24. Still flying blind after all these years
    the Federal Reserve's continuing experiments with unobservables
    Author: Papadimitriou, Dimitri Basil; Wray, L. Randall
    Published: [2021]
    Publisher:  Levy Economics Institute of Bard College, Annandale-on-Hudson, NY

    Institute President Dimitri B. Papadimitriou and Senior Scholar L. Randall Wray contend that the prevailing approach to monetary policy and inflation is influenced by a set of concepts that are a poor guide to action. In this policy brief, they... more

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    Institute President Dimitri B. Papadimitriou and Senior Scholar L. Randall Wray contend that the prevailing approach to monetary policy and inflation is influenced by a set of concepts that are a poor guide to action. In this policy brief, they examine two previous cases in which the Federal Reserve misread the data and raised rates too soon, as well as the evolution of the Fed's thought and practice over the past three decades-a period in which the central bank has increasingly turned to unobservable indicators that are supposed to predict inflation. Noting that their criticisms have now been raised by the Fed's own members and research staff, the authors highlight the ways in which we need to rethink our overall framework for monetary and fiscal policy. The Fed has far less control over inflation than is presumed, they argue, and, at worst, might have the whole inflation-fighting strategy backwards. Managing inflation, they conclude, should not be left entirely in the hands of central banks.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9781936192731
    Other identifier:
    hdl: 10419/251480
    Series: Public policy brief ; no. 156 (2021)
    Subjects: inflation; monetary policy; central banking
    Scope: 1 Online-Ressource (circa 18 Seiten), Illustrationen
  25. Determinanty siły finansowej banku centralnego na przykładzie krajów Unii Europejskiej
    Author: Pajdo, Barbara
    Published: 2021
    Publisher:  Narodowy Bank Polski, Warsaw

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    Language: Polish
    Media type: Book
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    Series: NBP Materiały i studia ; no. 340
    Subjects: central banking; financial strength of the central bank; frameworkaccounting; profit sharing; recapitalization; European Union
    Scope: 1 Online-Ressource (circa 70 Seiten), Illustrationen