The Overview of Pillar 2 supervisory review practices and approaches describes key concepts of Pillar 2 and supervisory review practices in use across Basel Committee member jurisdictions.  The Pillar 2 supervisory review process is an integral p...
Focus We use novel, individual-level survey data across several countries to quantify inflation and deflationary biases in inflation expectations that emerge due to a loss in confidence in the central bank's price objective. Contribution We develop ...
Focus A growing empirical literature has shown, based on structural vector autoregressions (SVARs) identified through sign restrictions, that unconventional monetary policies implemented after the outbreak of the Great Financial Crisis had expansionar...
Focus A growing empirical literature has shown, based on structural vector autoregressions (SVARs) identified through sign restrictions, that unconventional monetary policies implemented after the outbreak of the Great Financial Crisis had expansionar...
Chunya Bu, John Rogers, and Wenbin Wu | Identification of Fed monetary policy shocks is complex, in light of the distinct policymaking regimes before, during, and after the ZLB period of December 2008 to December 2015. We develop a heteroscedasticity-b...
Chunya Bu, John Rogers, and Wenbin Wu | Identification of Fed monetary policy shocks is complex, in light of the distinct policymaking regimes before, during, and after the ZLB period of December 2008 to December 2015. We develop a heteroscedasticity-b...
Central counterparties (CCPs) have become increasingly critical components of the financial system in recent years, due in part to the introduction of mandatory clearing for standardised OTC derivatives in some jurisdictions. Consistent with the key re...
Summary Focus I analyse the relationship at the industry level between the exchange rate pass-through to export and import prices and volumes and the use of imported inputs in production. Contribution This paper contributes to the literature on inc...
Summary Focus Reduced form models that explain total exports with real effective exchange rates (REERs) are widely used in applied policy work, but their analytical structures are only loosely based on international trade theory. Incorrect aggregatio...
Summary Focus This paper discusses whether Law 28300 of 2004, which required Peruvian firms to express their prices in the Peruvian currency in a context of high price dollarisation, affected the exchange rate pass-through (ERPT). Contribution The...