E58

Michael Ehrmann · Phillipp Gnan · Kilian Rieder

Layer 1 — Overview Research Question This paper investigates the economics of monetary policy leaks — anonymous disclosures of confidential information by insiders to the media — focusing on three …

Hanfeng Chen · Maria Elena Filippin

The paper analyzes the implications of introducing a retail central bank digital currency (CBDC) that competes with commercial bank deposits for household liquidity, in a model where banks must post …

Manuel Amador · Christopher Phelan

Layer 1 — Overview Research Question. How does noise in the mapping from central bank actions to realized inflation affect the existence and character of reputational equilibria in monetary policy? …

Stefania D'Amico · Iryna Kaminska

Using security-level data on individual corporate bond prices and the Bank of England’s published purchase quantities across its gilt purchase programs (QE1: £200bn, QE2: £125bn, QE3: £50bn, …

Michael McLeay · Silvana Tenreyro

Layer 1 — Summary An emerging view in international macroeconomics contends that dollar invoicing of exports renders monetary policy ineffective for non-U.S. countries: because export prices are …

Jonas E Arias · Juan F Rubio-Ramírez · Minchul Shin · Daniel F Waggoner

Layer 1 — Overview Research Question. The paper asks how to conduct valid Bayesian inference in time-varying structural vector autoregressions (SVARs) identified with sign restrictions, a setting in …

Maximilian Grimm · Òscar Jordà · Moritz Schularick · Alan M. Taylor

This paper provides the first long-run causal evidence that a persistently loose stance of monetary policy — defined as extended periods of low interest rates relative to the neutral rate — …

Michael T. Kiley

This paper examines optimal monetary policy under discretion when the loss function is asymmetric — placing greater weight on employment shortfalls than on equivalently sized employment strength. The …

Fiorella De Fiore · Marie Hoerova · Ciaran Rogers · Harald Uhlig

The paper studies the euro area interbank money markets during the global financial crisis (2007–09) and sovereign debt crisis (2010–15), documenting four empirical regularities and building a …

Camelia Minoiu · Rebecca Zarutskie · Andrei Zlate

Overview Research Question. Minoiu, Zarutskie, and Zlate ask whether participation in the Main Street Lending Program (MSLP)—a Federal Reserve emergency facility launched in mid-2020 to channel credit …

James Bullard · Alex Grimaud · Isabelle Salle · Gauthier Vermandel

Layer 1 — Overview Research Question Why did the 2021–2023 US inflation surge end in a soft landing — disinflation without a major recession — while the Volcker disinflation of 1979–1987 required …

MASAZUMI HATTORI · TOMOHIDE MINEYAMA · JOUCHI NAKAJIMA

Layer 1 — Overview Research Question The paper addresses a fundamental limitation of the standard Taylor rule as a monetary policy stance gauge: the rule is defined solely for the overnight federal …