Report NEP-CBA-2009-01-03

This is the archive for NEP-CBA, a report on new working papers in the area of Central Banking. Alexander Mihailov issued this report. It is usually issued weekly.

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Other reports in NEP-CBA

The following items were announced in this report:

• Athanasios Orphanides & John C. Williams, 2008. "Learning, Expectations Formation, and the Pitfalls of Optimal Control Monetary Policy," Working Papers 2008-3, Central Bank of Cyprus.
• Nao Sudo & Yuki Teranishi, 2008. "Optimal Monetary Policy under Imperfect Financial Integration," IMES Discussion Paper Series 08-E-25, Institute for Monetary and Economic Studies, Bank of Japan.
• Devereux, Michael B. & Sutherland, Alan, 2008. "Financial globalization and monetary policy," Discussion Paper Series 1: Economic Studies 2008,20, Deutsche Bundesbank.
• Carmen M. Reinhart & Kenneth S. Rogoff, 2008. "Banking Crises: An Equal Opportunity Menace," NBER Working Papers 14587, National Bureau of Economic Research, Inc.
• Spencer Dale & Athanasios Orphanides & Par Osterholm, 2008. "Imperfect Central Bank Communication: Information versus Distraction," Working Papers 2008-1, Central Bank of Cyprus.
• Kirstin Hubrich & Kenneth D. West, 2008. "Forecast Evaluation of Small Nested Model Sets," NBER Working Papers 14601, National Bureau of Economic Research, Inc.
• Christian Kascha & Francesco Ravazzolo, 2008. "Combining inflation density forecasts," Working Paper 2008/22, Norges Bank.
• Richard M. Levich & Valerio Poti, 2008. "Predictability and 'Good Deals' in Currency Markets," NBER Working Papers 14597, National Bureau of Economic Research, Inc.
• Charles Nolan & Christoph Thoenissen, 2008. "Financial shocks and the US business cycle," CDMA Working Paper Series 200810, Centre for Dynamic Macroeconomic Analysis.
• Tommaso Monacelli & Roberto Perotti, 2008. "Fiscal Policy, Wealth Effects, and Markups," NBER Working Papers 14584, National Bureau of Economic Research, Inc.
• Fernando Broner & Jaume Ventura, 2010. "Rethinking the effects of financial globalization," Economics Working Papers 1128, Department of Economics and Business, Universitat Pompeu Fabra, revised Oct 2015.
• Joyce, Michael & Relleen, Jonathan & Sorensen, Steffen, 2008. "Measuring monetary policy expectations from financial market instruments," Bank of England working papers 356, Bank of England.
• Peacock, Chris & Baumann, Ursel, 2008. "Globalisation, import prices and inflation dynamics," Bank of England working papers 359, Bank of England.
• Cetorelli, Nicola & Goldberg, Linda S., 2008. "Banking globalization, monetary transmission and the lending channel," Discussion Paper Series 1: Economic Studies 2008,21, Deutsche Bundesbank.
• Robert W. Staiger & Alan O. Sykes, 2008. ""Currency Manipulation" and World Trade," NBER Working Papers 14600, National Bureau of Economic Research, Inc.
• Gian M Milesi-Ferretti, 2008. "Fundamentals at Odds? The U.S. Current Account Deficit and The Dollar," IMF Working Papers 08/260, International Monetary Fund.
• Frieden, Jeffry A., 2008. "Global Governance of Global Monetary Relations: Rationale and Feasibility," Economics Discussion Papers 2008-32, Kiel Institute for the World Economy (IfW Kiel).
• Andersson, Fredrik N. G., 2008. "Long Run Inflation Indicators – Why the ECB got it Right," Working Papers 2008:17, Lund University, Department of Economics.
• Hahn, Elke & Skudelny, Frauke, 2008. "Early estimates of euro area real GDP growth: a bottom up approach from the production side," Working Paper Series 0975, European Central Bank.
• Nagano, Teppei & Baba, Naohiko, 2008. "Extracting market expectations from yield curves augmented by money market interest rates: the case of Japan," Working Paper Series 0980, European Central Bank.
• Naohiko Baba & Frank Packer, 2008. "Interpreting deviations from covered interest parity during the financial market turmoil of 2007-08," BIS Working Papers 267, Bank for International Settlements.
• Q. Farooq Akram & Dagfinn Rime & Lucio Sarno, 2008. "Does the law of one price hold in international financial markets? Evidence from tick data," Working Paper 2008/19, Norges Bank.
• Kosuke Aoki & Takeshi Kimura, 2008. "Central Bank's Two-Way Communication with the Public and Inflation Dynamics," CEP Discussion Papers dp0899, Centre for Economic Performance, LSE.
• Amund Holmsen & Jan F. Qvigstad & Øistein Røisland & Kristin Solberg-Johansen, 2008. "Communicating monetary policy intentions: The case of Norges Bank," Working Paper 2008/20, Norges Bank.
• Knut Are Aastveit & Tørres G. Trovik, 2008. "Estimating the output gap in real time: A factor model approach," Working Paper 2008/23, Norges Bank.
• Roland Döhrn & Christoph M. Schmidt & Tobias Zimmermann, 2008. "Inflation Forecasting with Inflation Sentiment Indicators," Ruhr Economic Papers 0080, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.
• Ferrero, Giuseppe & Nobili, Andrea, 2008. "Futures contract rates as monetary policy forecasts," Working Paper Series 0979, European Central Bank.
• Le, Vo Phuong Mai & Meenagh, David & Minford, Patrick & Wickens, Michael, 2008. "How much nominal rigidity is there in the US economy? Testing a New Keynesian DSGE Model using indirect inference," Cardiff Economics Working Papers E2008/32, Cardiff University, Cardiff Business School, Economics Section, revised Jul 2011.
• Niki X. Papadopoulou, 2008. "Sticky Prices, Limited Participation, or Both?," Working Papers 2008-4, Central Bank of Cyprus.
• Mario Jovanovic & Tobias Zimmermann, 2008. "Stock Market Uncertainty and Monetary Policy Reaction Functions of the Federal Reserve Bank," Ruhr Economic Papers 0077, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.
• David R. Stockman and Brian E. Raines, 2008. "Euler Equation Branching," Working Papers 08-26, University of Delaware, Department of Economics.
• Athanasios Orphanides & John C. Williams, 2008. "Imperfect Knowledge and the Pitfalls of Optimal Control Monetary Policy," Working Papers 2008-5, Central Bank of Cyprus.
• Spehar, Ann O'Ryan, 2008. "The Great Moderation and the New Business Cycle," MPRA Paper 12274, University Library of Munich, Germany.
• Ida Wolden Bache & Kai Leitemo, 2008. "The price puzzle: Mixing the temporary and permanent monetary policy shocks," Working Paper 2008/18, Norges Bank.
• Tovar, Camilo Ernesto, 2008. "DSGE Models and Central Banks," Economics Discussion Papers 2008-30, Kiel Institute for the World Economy (IfW Kiel).
• Cassola, Nuno & Morana, Claudio, 2008. "Modelling short-term interest rate spreads in the euro money market," Working Paper Series 0982, European Central Bank.
• Bernardo Guimaraes & Kevin D. Sheedy, 2008. "Sales and Monetary Policy," CEP Discussion Papers dp0887, Centre for Economic Performance, LSE.
• Olivier Coibion & Yuriy Gorodnichenko, 2008. "What Can Survey Forecasts Tell Us About Informational Rigidities?," NBER Working Papers 14586, National Bureau of Economic Research, Inc.
• Pietro Cova & Alessandro Rebucci & Akito Matsumoto & Massimiliano Pisani, 2008. "New Shocks, Exchange Rates and Equity Prices," IMF Working Papers 08/284, International Monetary Fund.
• Michel Juillard & Charles Freedman & Dmitry Korshunov & Douglas Laxton & Ondrej Kamenik & Ioan Carabenciov & Igor Ermolaev & Jared Laxton, 2008. "A Small Quarterly Multi-Country Projection Model with Financial-Real Linkages and Oil Prices," IMF Working Papers 08/280, International Monetary Fund.
• Jared Laxton & Igor Ermolaev & Charles Freedman & Ondrej Kamenik & Michel Juillard & Douglas Laxton & Ioan Carabenciov & Dmitry Korshunov, 2008. "A Small Quarterly Multi-Country Projection Model," IMF Working Papers 08/279, International Monetary Fund.
• Igor Ermolaev & Michel Juillard & Ioan Carabenciov & Charles Freedman & Douglas Laxton & Ondrej Kamenik & Dmitry Korshunov, 2008. "A Small Quarterly Projection Model of the US Economy," IMF Working Papers 08/278, International Monetary Fund.
• Kaminska, Iryna, 2008. "A no-arbitrage structural vector autoregressive model of the UK yield curve," Bank of England working papers 357, Bank of England.
• Elif Arbatli, 2008. "Futures Markets, Oil Prices and the Intertemporal Approach to the Current Account," Staff Working Papers 08-48, Bank of Canada.
• Messina, Julián & Strozzi, Chiara & Turunen, Jarkko, 2008. "Real Wages over the Business Cycle: OECD Evidence from the Time and Frequency Domains," IZA Discussion Papers 3884, Institute of Labor Economics (IZA).
• Joyce, Michael & Kaminska, Iryna & Lildholdt, Peter, 2008. "Understanding the real rate conundrum: an application of no-arbitrage finance models to the UK real yield curve," Bank of England working papers 358, Bank of England.
• Item repec:gla:glaewp:2008_33 is not listed on IDEAS anymore

• Guidolin, Massimo & Thornton, Daniel L., 2008. "Predictions of short-term rates and the expectations hypothesis of the term structure of interest rates," Working Paper Series 0977, European Central Bank.
• Tamborini, Roberto, 2008. "The "Credit-Cost Channel" of Monetary Policy. A Theoretical Assessment," Economics Discussion Papers 2008-33, Kiel Institute for the World Economy (IfW Kiel).
• Maria Grydaki & Stilianos Fountas, 2008. "Exchange Rate Volatility and Output Volatility: a Theoretical Approach," Discussion Paper Series 2008_16, Department of Economics, University of Macedonia, revised Dec 2008.
• Ricardo M. Sousa & António Afonso, 2008. "The Macroeconomic Effects of Fiscal Policy," NIPE Working Papers 22/2008, NIPE - Universidade do Minho.
• António Afonso & Ricardo M. Sousa, 2008. "The Macroeconomic Effects of Fiscal Policy," Working Papers Department of Economics 2008/56, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
• Hilde C. Bjørnland & Dag Henning Jacobsen, 2008. "The role of house prices in the monetary policy transmission mechanism in the U.S," Working Paper 2008/24, Norges Bank.
• Marco Terrones & Ayhan Kose & Stijn Claessens, 2008. "What Happens During Recessions, Crunches and Busts?," IMF Working Papers 08/274, International Monetary Fund.
• Sophie Béreau & Antonia Lopez Villavicencio & Valérie Mignon, 2008. "Nonlinear Adjustment of the Real Exchange Rate Towards its Equilibrium Value: a Panel Smooth Transition Error Correction Modelling," Working Papers 2008-23, CEPII research center.
• Jiri Podpiera, 2008. "Policy Rate Decisions and Unbiased Parameter Estimation in Conventionally Estimated Monetary Policy Rules," Working Papers 2008/2, Czech National Bank.
• Jonathan Chiu & Césaire Meh, 2008. "Financial Intermediation, Liquidity and Inflation," Staff Working Papers 08-49, Bank of Canada.
• Thornton, Daniel L., 2008. "The daily and policy-relevant liquidity effects," Working Paper Series 0984, European Central Bank.
• Andrea Fracasso & Stefano Schiavo, 2008. "Trade-imbalances networks and exchange rate adjustments: The paradox of a new Plaza," Department of Economics Working Papers 0824, Department of Economics, University of Trento, Italia.
• Välimäki, Tuomas, 2008. "Why the effective price for money exceeds the policy rate in the ECB tenders?," Working Paper Series 0981, European Central Bank.
• Idier, Julien & Nardelli, Stefano, 2008. "Probability of informed trading on the euro overnight market rate: an update," Working Paper Series 0987, European Central Bank.
• Herwartz, Helmut & Weber, Henning, 2008. "When, how fast and by how much do trade costs change in the euro area?," Economics Working Papers 2008-17, Christian-Albrechts-University of Kiel, Department of Economics.
• Francisco J. Buera & Alexander Monge-Naranjo & Giorgio E. Primiceri, 2008. "Learning the Wealth of Nations," NBER Working Papers 14595, National Bureau of Economic Research, Inc.
• Andersson, Fredrik N. G., 2008. "Core Inflation - Why the Federal Reserve Got it Wrong," Working Papers 2008:19, Lund University, Department of Economics.
• Joyce, Michael & Relleen, Jonathan & Sorensen, Steffen, 2008. "Measuring monetary policy expectations from financial market instruments," Working Paper Series 0978, European Central Bank.
• Adam Cagliarini & Mariano Kulish, 2008. "Solving Linear Rational Expectations Models with Predictable Structural Changes," RBA Research Discussion Papers rdp2008-10, Reserve Bank of Australia.
• Item repec:voc:wpaper:ten52008 is not listed on IDEAS anymore

• Assenmacher-Wesche, Katrin & Gerlach, Stefan, 2008. "The term structure of interest rates across frequencies," Working Paper Series 0976, European Central Bank.
• Pelin Ilbas, 2007. "Revealing the preferences of the US Federal Reserve," Working Paper 2008/21, Norges Bank, revised 12 Dec 2008.
• International Monetary Fund, 2008. "The Impact of Introducing a Minimum Wage on Business Cycle Volatility; A Structural Analysis for Hong Kong SAR," IMF Working Papers 08/285, International Monetary Fund.
• International Monetary Fund, 2008. "Cross-Border Coordination of Prudential Supervision and Deposit Guarantees," IMF Working Papers 08/283, International Monetary Fund.
• Linzert, Tobias & Schmidt, Sandra, 2008. "What explains the spread between the euro overnight rate and the ECB's policy rate?," Working Paper Series 0983, European Central Bank.
• Michiel van Leuvensteijn & Christoffer Kok Sørensen & Jacob A. Bikker & Adrian van Rixtel, 2008. "Impact of bank competition on the interest rate pass-through in the euro area," Working Papers 0828, Banco de España.
• Claudio Borio & Haibin Zhu, 2008. "Capital regulation, risk-taking and monetary policy: a missing link in the transmission mechanism?," BIS Working Papers 268, Bank for International Settlements.
• Gösta Ljungman, 2008. "Expenditure Ceilings—A Survey," IMF Working Papers 08/282, International Monetary Fund.
• António Afonso & Luca Agnello & Davide Furceri, 2008. "Fiscal Policy Responiveness, Persistence and Discretion," Working Papers Department of Economics 2008/50, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
• António Afonso & Ricardo M. Sousa, 2008. "Fiscal Policy, Housing and Stock Prices," Working Papers Department of Economics 2008/58, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
• Vahagn Galstyan and Philip R. Lane, 2008. "Fiscal Policy and International Competitiveness: Evidence from Ireland," The Institute for International Integration Studies Discussion Paper Series iiisdp274, IIIS.
• António Afonso & Luca Agnello & Davide Furceri, 2008. "Fiscal Policy Responsiveness, Persistence, and Discretion," OECD Economics Department Working Papers 659, OECD Publishing.
• Robert Price & Isabelle Joumard & Christophe André & Makoto Minegishi, 2008. "Strategies for Countries with Favourable Fiscal Positions," OECD Economics Department Working Papers 655, OECD Publishing.
• Plachta, Robert C., 2008. "Fiscal Equalisation and the Soft Budget Constraint," FiFo Discussion Papers - Finanzwissenschaftliche Diskussionsbeiträge 08-8, University of Cologne, FiFo Institute for Public Economics.
• Andreas Beyer & Vitor Gaspar & Christina Gerberding & Otmar Issing, 2008. "Opting Out of the Great Inflation: German Monetary Policy After the Break Down of Bretton Woods," NBER Working Papers 14596, National Bureau of Economic Research, Inc.
• George M. Georgiou, 2007. "Measuring the Size of the Informal Economy: A Critical Review," Working Papers 2007-1, Central Bank of Cyprus.
• J. Ferwerda, 2008. "The Economics of Crime and Money Laundering: Does Anti-Money Laundering Policy Reduce Crime?," Working Papers 08-35, Utrecht School of Economics.
• Magdalena Morgese Borys & Roman Horvath, 2008. "The Effects of Monetary Policy in the Czech Republic: An Empirical Study," Working Papers 2008/4, Czech National Bank.
• Philip Liu, 2008. "The Role of International Shocks in Australia’s Business Cycle," RBA Research Discussion Papers rdp2008-08, Reserve Bank of Australia.
• Silva, Cleomar Gomes da & Bresser-Pereira, Luiz Carlos, 2008. "Inflation targeting in Brazil: a Keynesian approach," Textos para discussão 158, FGV EESP - Escola de Economia de São Paulo, Fundação Getulio Vargas (Brazil).