Yang-Ho Park | Using positions data on bond futures, I document that speculators' spread trades contain private information about future economic activities and asset prices. Strong steepening trades are associated with negative payroll surprises in su...
Gianni Amisano and Oreste Tristani | We study the relationship between monetary policy and long-term rates in a structural, general equilibrium model estimated on both macro and yields data from the United States. Regime shifts in the conditional varia...
[embedded content] New Consolidated Basel Framework (2:27) 9 Apr 2019 This tutorial explains the features of the Basel Committee's new consolidated framework, bringing global standards for...
This document set out guidelines for supervisors in the process of assigning the credit risk assessments of an eligible external credit assessment institution (ECAI) to the risk weights available under the standardised approach to credit risk...
Horacio Sapriza and Judit Temesvary | We study the relationship between the strength of the bank credit channel (BCC) of monetary policy and real GDP growth in the United States using quarterly commercial bank level data between 1986 and 2008. We find ...
Summary Focus This paper investigates the entry of big technology companies (BigTech) into financial services. It seeks to address three questions: What economic forces are driving this development? Do BigTech lenders have an information advantage co...
Summary Focus The paper assesses how informality affects inflation dynamics and monetary policy. Informality is captured by a dual labour market where the share of informal workers is driven by market demand and adjusts quickly. Only formal sector fir...
In May 2017, the Basel Committee's Research Task Force initiated a work stream on sectoral countercyclical capital buffers (CCyBs). It was tasked to produce two deliverables that would contribute to the understanding of the sectoral application of the ...
Tim Dore and Traci Mach | In 2005, Prosper launched the first peer-to-peer lending website in the US, allowing for consumers to apply for and receive loans entirely online. To understand the effect of this new credit source, we match application-level ...
Cynthia L. Doniger | I document a disparity in the cyclicality of the allocative wage-the labor costs considered when deciding to form or dissolve an employment relationship-across levels of educational attainment. Specifically, workers with a bachelor...