Research classified by Journal of Economic Literature (JEL) codes

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Top JEL
/ E: Macroeconomics and Monetary Economics
/ / E5: Monetary Policy, Central Banking, and the Supply of Money and Credit
/ / / E52: Monetary Policy

2021

• Jac C. Heckelman & Bonnie Wilson, 2021, "Targeting inflation targeting: the influence of interest groups," Public Choice, Springer, volume 189, issue 3, pages 533-554, December, DOI: 10.1007/s11127-021-00905-x.
• Chaoying Lin & Lerong He & Guangqing Yang, 2021, "Targeted monetary policy and financing constraints of Chinese small businesses," Small Business Economics, Springer, volume 57, issue 4, pages 2107-2124, December, DOI: 10.1007/s11187-020-00365-5.
• Sangyong Joo & Daehwan Kim & Jeffrey Nilsen, 2021, "Monetary Policy and Long-Term Interest Rates in Korea: A Decomposition Analysis," Korean Economic Review, Korean Economic Association, volume 37, pages 327-366.
• Shigenori Shiratsuka, 2021, "Monetary Policy Effectiveness under the Ultra-Low Interest Rate Environment: Evidence from Yield Curve Dynamics in Japan," Keio-IES Discussion Paper Series, Institute for Economics Studies, Keio University, number 2021-012, Jun.
• Kohei Hasui & Teruyoshi Kobayashi & Tomohiro Sugo, 2021, "Optimal irreversible monetary policy," Discussion Papers, Graduate School of Economics, Kobe University, number 2109, Feb.
• Satoshi Hoshino & Daisuke Ida, 2021, "Stock prices and monetary policy in Japan: An analysis of a Bayesian DSGE model," Discussion Papers, Graduate School of Economics, Kobe University, number 2116, May.
• Czeczeli, Vivien, 2021, "A monetáris politika hatása a jövedelmi egyenlőtlenségekre
  [Monetary-policy effects on income inequalities]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), volume 0, issue 3, pages 282-299, DOI: 10.18414/KSZ.2021.3.282.
• Peter Andre & Ingar Haaland & Christopher Roth & Johannes Wohlfart, 2021, "Narratives about the Macroeconomy," CEBI working paper series, University of Copenhagen. Department of Economics. The Center for Economic Behavior and Inequality (CEBI), number 21-18, Nov.
• Christoph Lauper & Giacomo Mangiante, 2021, "Monetary policy shocks and inflation inequality," Cahiers de Recherches Economiques du Département d'économie, Université de Lausanne, Faculté des HEC, Département d’économie, number 21.02a, Nov.
• Matthieu PICAULT & Julien PINTER & Thomas RENAULT, 2021, "Media sentiment on monetary policy: determinants and relevance for inflation expectations," LEO Working Papers / DR LEO, Orleans Economics Laboratory / Laboratoire d'Economie d'Orleans (LEO), University of Orleans, number 2895.
• Dimitri B. Papadimitriou & L. Randall Wray, 2021, "Still Flying Blind after All These Years: The Federal Reserve's Continuing Experiments with Unobservables," Economics Public Policy Brief Archive, Levy Economics Institute, number ppb_156, Dec.
• Tomas Reichenbachas & Linas Jurkšas & Rokas Kaminskas, 2021, "Natural real rates of interest across Euro area countries: Are R-stars getting closer together?," Bank of Lithuania Discussion Paper Series, Bank of Lithuania, number 24, Mar.
• Povilas Lastauskas & Julius Stakenas, 2021, "Dancing Alone or Together: The Dynamic Effects of Independent and Common Monetary Policies," Bank of Lithuania Working Paper Series, Bank of Lithuania, number 87, Mar.
• Alessia Paccagnini & Fabio Parla, 2021, "Identifying High-Frequency Shockswith Bayesian Mixed-Frequency VARs," Bank of Lithuania Working Paper Series, Bank of Lithuania, number 97, Dec.
• Konstantins Benkovskis & Olegs Tkacevs & Karlis Vilerts, 2021, "Interest Rate Spreads in the Baltics and the Rest of the Euro Area: Understanding the Factors behind the Differences," Discussion Papers, Latvijas Banka, number 2021/02, May.
• Andrejs Zlobins, 2021, "On the Time-varying Effects of the ECB's Asset Purchases," Working Papers, Latvijas Banka, number 2021/02, Oct.
• Lena Dräger & Michael J. Lamla & Damjan Pfajfar, 2021, "The Hidden Heterogeneity of Inflation and Interest Rate Expectations: The Role of Preferences," Working Paper Series in Economics, University of Lüneburg, Institute of Economics, number 402, May.
• Michael J. Lamla & Dmitri V. Vinogradov, 2021, "Is the Word of a Gentleman as Good as His Tweet? Policy communications of the Bank of England," Working Paper Series in Economics, University of Lüneburg, Institute of Economics, number 403, May.
• Biljana Jovanovic & Marko Josimovski, 2021, "Income-specific inflation rates and the effects of monetary policy: the case of North Macedonia," Working Papers, National Bank of the Republic of North Macedonia, number 2021-01.
• George J. Bratsiotis, 2021, "Interest on Reserves as a Main Monetary Policy Tool," Economics Discussion Paper Series, Economics, The University of Manchester, number 2102, Jan, revised Feb 2022.
• Bernd Hayo & Pierre-Guillaume Meon, 2021, "Measuring Household Inflation Perceptions and Expectations: The Effect of Guided vs Non-Guided Inflation Questions," MAGKS Papers on Economics, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung), number 202127.
• Jens Klose, 2021, "Daily Monetary Policy Rules and the ECB's Medium-Term Orientation," MAGKS Papers on Economics, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung), number 202129.
• Martin Baumgaertner & Johannes Zahner, 2021, "Whatever it takes to understand a central banker - Embedding their words using neural networks," MAGKS Papers on Economics, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung), number 202130.
• Immaculate Machasio & Peter Tillmann, 2021, "Remittance Flows and U.S. Monetary Policy," MAGKS Papers on Economics, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung), number 202140.
• Soltani, Sedigheh & Falihi, Nemat & Mehrabiyan, Azadeh & Amiri, Hossein, 2021, "Investigating the Effects of Monetary and Financial Shocks on the Key Macroeconomic Variables, Focusing on the Intermediary Role of Banks Using DSGE Models," Journal of Money and Economy, Monetary and Banking Research Institute, Central Bank of the Islamic Republic of Iran, volume 16, issue 4, pages 477-500, December.
• Rumen Kostadinov & Francisco Roldán, 2021, "Credibility Dynamics and Inflation Expectations," Department of Economics Working Papers, McMaster University, number 2021-06, Apr.
• Ashima Goyal & Gagan Goel, 2021, "Correlated Shocks, Hysteresis, and the Sacrifice Ratio: Evidence from India," Emerging Markets Finance and Trade, Taylor & Francis Journals, volume 57, issue 10, pages 2929-2945, August, DOI: 10.1080/1540496X.2019.1668770.
• Enrico Sergio Levrero, 2021, "Estimates of the Natural Rate of Interest and the Stance of Monetary Policies: A Critical Assessment," International Journal of Political Economy, Taylor & Francis Journals, volume 50, issue 1, pages 5-27, February, DOI: 10.1080/08911916.2021.1894829.
• Lilian Muchimba & Alexis Stenfors, 2021, "Beyond LIBOR: Money Markets and the Illusion of Representativeness," Journal of Economic Issues, Taylor & Francis Journals, volume 55, issue 2, pages 565-573, April, DOI: 10.1080/00213624.2021.1915085.
• Attila Becsi & Gergely Bognar & Mate Loga, 2021, "The Growing Importance of the Economic Role of the Corporate Bond Market," Financial and Economic Review, Magyar Nemzeti Bank (Central Bank of Hungary), volume 20, issue 4, pages 5-37..
• Balazs Vonnak, 2021, "Estimating the Effect of Monetary Policy with Dissenting Votes as Instrument," MNB Working Papers, Magyar Nemzeti Bank (Central Bank of Hungary), number 2021/4.
• Kenji Tanaka, 2021, "Why Do Interest Rates Remain Low Despite the Accumulation of Government Debt in Japan?," Public Policy Review, Policy Research Institute, Ministry of Finance Japan, volume 17, issue 2, pages 1-33, November.
• Etsuro Shioji, 2021, "Does the Japanese Financial Market Believe in Fiscal Sustainability?: Analysis of the Market for the JGB Futures Options," Public Policy Review, Policy Research Institute, Ministry of Finance Japan, volume 17, issue 2, pages 1-33, November.
• Tomoki Isa, 2021, "Demographic Effects on Prices: Is Aging Deflationary?," Discussion papers, Policy Research Institute, Ministry of Finance Japan, number ron342, Jul.
• Ayushi Bajaj & Nikhil Damodaran, 2021, "Consumer Payment Choice and the Heterogeneous Impact of India’s Demonetization," Monash Economics Working Papers, Monash University, Department of Economics, number 2021-15, Oct.
• Cole, Stephen J. & Huh, Sungjun, 2021, "Forward Guidance Effectiveness in a New Keynesian Model with Housing Frictions," Working Papers and Research, Marquette University, Center for Global and Economic Studies and Department of Economics, number 2021-07, Sep.
• Yayi Yan & Jiti Gao & Bin Peng, 2021, "On Time-Varying VAR models: Estimation, Testing and Impulse Response Analysis," Monash Econometrics and Business Statistics Working Papers, Monash University, Department of Econometrics and Business Statistics, number 17/21.
• Yayi Yan & Jiti Gao & Bin Peng, 2021, "Asymptotics for Time-Varying Vector MA(∞) Processes," Monash Econometrics and Business Statistics Working Papers, Monash University, Department of Econometrics and Business Statistics, number 22/21.
• Gert Bijnens & John Hutchinson & Jozef Konings & Arthur Saint Guilhem, 2021, "The interplay between green policy, electricity prices, financial constraints and jobs. Firm-level evidence," Working Paper Research, National Bank of Belgium, number 399, Apr.
• Zbigniew Polański & Mikołaj Szadkowski, 2021, "An accounting-based model of seigniorage, and recent monetary developments," Bank i Kredyt, Narodowy Bank Polski, volume 52, issue 5, pages 391-436.
• Marcin Bielecki & Michał Brzoza-Brzezina & Marcin Kolasa, 2021, "Aging, migration and monetary policy in Poland," NBP Working Papers, Narodowy Bank Polski, number 341.
• Silvia Miranda-Agrippino & Tsvetelina Nenova, 2021, "A Tale of Two Global Monetary Policies," NBER Chapters, National Bureau of Economic Research, Inc, "NBER International Seminar on Macroeconomics 2021".
• Collard, Fabrice & Boissay, Frédéric & Galì, Jordi & Manea, Cristina, 2021, "Monetary Policy and Endogenous Financial Crises," TSE Working Papers, Toulouse School of Economics (TSE), number 21-1277, Dec, revised Apr 2023.
• Thibaud Cargoet & Simon Cornée & Franck Martin & Tovonony Razafindrabe & Fabien Rondeau & Christophe Tavéra, 2021, "A Dual Banking Sector With Credit Unions and Traditional Banks : What Implications on Macroeconomic Performances?," Economics Working Paper Archive (University of Rennes & University of Caen), Center for Research in Economics and Management (CREM), University of Rennes, University of Caen and CNRS, number 2021-03, Nov.
• Luca Benati & Juan-Pablo Nicolini, 2021, "The Welfare Costs of Inflation," Diskussionsschriften, Universitaet Bern, Departement Volkswirtschaft, number dp2113, Aug.
• Ellen Ryan & Karl Whelan, 2021, "A Model of QE, Reserve Demand and the Money Multiplier," Working Papers, School of Economics, University College Dublin, number 202107, Feb.
• Karl Whelan, 2021, "Central Banks and Inflation: Where Do We Stand and How Did We Get Here?," Working Papers, School of Economics, University College Dublin, number 202120, Aug.
• Martin Blomhoff Holm & Pascal Paul & Andreas Tischbirek, 2021, "The Transmission of Monetary Policy under the Microscope," Journal of Political Economy, University of Chicago Press, volume 129, issue 10, pages 2861-2904, DOI: 10.1086/715416.
• Ömer Yalçinkaya & Ali Kemal Çelik & Hatira Sadeghzadeh Emsen, 2021, "The relationship between price and financial stability in new monetary policy designs: the case of the US using the TVP-SVAR model," Estudios de Economia, University of Chile, Department of Economics, volume 48, issue 2 Year 20, pages 249-276, December.
• Martin Bruns & Michele Piffer, 2021, "Monetary policy shocks over the business cycle: Extending the Smooth Transition framework," University of East Anglia School of Economics Working Paper Series, School of Economics, University of East Anglia, Norwich, UK., number 2021-07, Aug.
• Min Fang, 2021, "Lumpy Investment, Fluctuations in Volatility and Monetary Policy," Working Papers, University of Florida, Department of Economics, number 002001, Jun.
• Johari, Mohamad Shukri & Habibullah, Muzafar & Abdul Ghani, Roseziahazni & Abdul Manaf, Suhaily Maizan, 2021, "The Macroeconomic Fundamentals of the Real Exchange Rate in Malaysia: Some Empirical Evidence," Jurnal Ekonomi Malaysia, Faculty of Economics and Business, Universiti Kebangsaan Malaysia, volume 55, issue 2, pages 81-89, DOI: http://dx.doi.org/10.17576/JEM-2021.
• Verónica Acurio Vásconez & Olivier Damette & David W. Shanafelt, 2021, "Macroepidemics and unconventional monetary policy: Coupling macroeconomics and epidemiology in a financial DSGE-SIR framework," Working Papers of BETA, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg, number 2021-04.
• Camille Cornand & Rodolphe Dos Santos Ferreira, 2021, "Central bank's stabilization and communication policies when firms have motivated overconfidence in their own information accuracy or processing," Working Papers of BETA, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg, number 2021-49.
• Habiyaremye, Alexis & Jacobs, Peter & Molewa, Olebogeng & Lekomanyane, Pelontle, 2021, "Macroeconomic stimulus packages and income inequality in developing countries: Lessons from the 2007-9 Great Recession for the Covid-19 crisis in South Africa," MERIT Working Papers, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT), number 2021-006, Feb.
• Xiang-li Lim & Vatcharin Sirimaneetham, 2021, "Securing green development: Can Asia-Pacific central banks and financial supervisory authorities do more?," Asia-Pacific Sustainable Development Journal, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), volume 28, issue 2, pages 69-111, December.
• Xiang-li Lim & Vatcharin Sirimaneetham, 2021, "Securing green development: Can Asia-Pacific central banks and financial supervisory authorities do more?," MPDD Working Paper Series, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), number WP/21/10, Dec.
• Philippe Andrade & Jordi Galí & Hervé Le Bihan & Julien Matheron, 2021, "Should the ECB adjust its strategy in the face of a lower r*?," Economics Working Papers, Department of Economics and Business, Universitat Pompeu Fabra, number 1767, Jan, revised Apr 2021.
• Vladimir Asriyan & Luc Laeven & Alberto Martin & Alejandro Van der Ghote & Victoria Vanasco, 2021, "Falling interest rates and credit reallocation: Lessons from general equilibrium," Economics Working Papers, Department of Economics and Business, Universitat Pompeu Fabra, number 1784, May, revised Jun 2022.
• Régis Barnichon & Geert Mesters, 2021, "Fiscal targeting," Economics Working Papers, Department of Economics and Business, Universitat Pompeu Fabra, number 1793, Jul.
• Luca Fornaro & Martin Wolf, 2021, "Monetary policy in the age of automation," Economics Working Papers, Department of Economics and Business, Universitat Pompeu Fabra, number 1794, Jul, revised Sep 2022.
• F. Boissay & F. Collard & Jordi Galí & C. Manea, 2021, "Monetary policy and endogenous financial crises," Economics Working Papers, Department of Economics and Business, Universitat Pompeu Fabra, number 1810, Dec, revised Aug 2025.
• Martina Jasova & Caterina Mendicino & Ettore Panetti & José-Luis Peydró & Dominik Supera, 2021, "Monetary policy, labor income redistribution and the credit channel: Evidence from matched employer-employee and credit registers," Economics Working Papers, Department of Economics and Business, Universitat Pompeu Fabra, number 1832, Sep, revised Mar 2023.
• Aymo Brunetti & Reto Foellmi, 2021, "Wenn eine geldpolitische Nebensache zur politischen Hauptsache wird: Das riesige Vermögen der Schweizerischen Nationalbank," Aussenwirtschaft, University of St. Gallen, School of Economics and Political Science, Swiss Institute for International Economics and Applied Economics Research, volume 71, issue 01, pages 1-34, December.
• Brunetti, Aymo & Foellmi, Reto, 2021, "Wenn eine geldpolitische Nebensache zur politischen Hauptsache wird: Das riesige Vermögen der Schweizerischen Nationalbank," Economics Working Paper Series, University of St. Gallen, School of Economics and Political Science, number 2101, Jan, revised Feb 2021.
• Giacomo Rella, 2021, "The Fed, housing and household debt over time," Department of Economics University of Siena, Department of Economics, University of Siena, number 850, Feb.
• Sergio Cesaratto, 2021, "An ECB’s Staff Narrative of Two Decades of European Central Banking: a critical review," Department of Economics University of Siena, Department of Economics, University of Siena, number 866, Dec.
• Peter Docherty, 2021, "A Short Period Sraffa-Keynes Model for the Evaluation of Monetary Policy," Working Paper Series, Economics Discipline Group, UTS Business School, University of Technology, Sydney, number 2021/01, Feb.
• David Laidler, 2021, "Lucas (1972), A Personal View from the Wrong Side of the Subsequent Fifty Years," University of Western Ontario, Departmental Research Report Series, University of Western Ontario, Department of Economics, number 20215.
• Davide Bernardi & Roberto Ricciuti, 2021, "An Economic Analysis of ‘Quota 90’," Working Papers, University of Verona, Department of Economics, number 09/2021, Jun.
• KOCAK, Necmettin Alpay, 2021, "The Impacts Of Speeches On Nowcasting Gdp: A Case Study On Euro Area Markets," Studii Financiare (Financial Studies), Centre of Financial and Monetary Research "Victor Slavescu", volume 25, issue 1, pages 6-29, March.
• Magdalena Szyszko & Karolina Tura-Gawron, 2021, "Eurozone or National Inflation Projections: Which has Greater Impact on Consumer Expectations?," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, volume 68, issue 1, pages 53-76.
• Agata Wierzbowska, 2021, "Monetary Policy and Bank Lending in Euro Area since the Outset of the Global Financial Crisis," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, volume 68, issue 3, pages 293-323.
• Philip Arestis & Hüseyin Şen & Ayşe Kaya, 2021, "Fiscal and Monetary Policy Effectiveness in Turkey: A Comparative Analysis," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, volume 68, issue 4, pages 415-439.
• Tetik Metin & Yıldırım Mustafa Ozan, 2021, "Distortionary effects of economic crises on policy coordination in Turkey: Threshold GMM approach," Economics and Business Review, Paradigm, volume 7, issue 3, pages 83-102, September, DOI: 10.18559/ebr.2021.3.6.
• Saiti Dashmir & Gockov Gjorgji & Trenovski Borce, 2021, "How Monetary Policy Affects the Lending and Economic Activity in a Banking System with Excess Liquidity," Economics and Culture, Paradigm, volume 18, issue 2, pages 51-60, December, DOI: 10.2478/jec-2021-0014.
• Shodipe Oladimeji T. & Shobande Olatunji Abdul, 2021, "Monetary Policy Dynamics in the United States," Open Economics, De Gruyter, volume 4, issue 1, pages 14-30, January, DOI: 10.1515/openec-2020-0111.
• Nizam Ahmed Mehedi, 2021, "On The Contribution of Interest Expense (Income) on Total Output," Open Economics, De Gruyter, volume 4, issue 1, pages 31-56, January, DOI: 10.1515/openec-2020-0112.
• Pažický Martin, 2021, "Oil price shock in the US and the euro area – evidence from the shadow rate and the term premium," Review of Economic Perspectives, Paradigm, volume 21, issue 3, pages 309-346, September, DOI: 10.2478/revecp-2021-0014.
• Bui Trung Thanh & Gábor Kiss Dávid, 2021, "Measuring monetary policy by money supply and interest rate: evidence from emerging economies," Review of Economic Perspectives, Paradigm, volume 21, issue 3, pages 347-367, September, DOI: 10.2478/revecp-2021-0015.
• Bošnjak Mile & Kordić Gordana & Novak Ivan, 2021, "Real Effective Exchange Rate and Industrial Productivity in Croatia: Wavelet Coherence Analysis," South East European Journal of Economics and Business, Paradigm, volume 16, issue 1, pages 30-37, June, DOI: 10.2478/jeb-2021-0003.
• Jahan Abdul Raheem & Gazi M. Hassan & Mark J. Holmes, 2021, "The Impact of Remittances on Monetary Transmission Mechanisms during the Pre and Post-Conflict Eras in Sri Lanka," Working Papers in Economics, University of Waikato, number 21/10, Oct.
• Junko Koeda & Yosuke Kimura, 2021, "Government Debt Maturity in Japan: 1965 to the Present," Working Papers, Waseda University, Faculty of Political Science and Economics, number 2103, Apr.
• Marcin Bielecki & Michał Brzoza-Brzezina & Marcin Kolasa, 2021, "Intergenerational redistributive effects of monetary policy," Working Papers, Faculty of Economic Sciences, University of Warsaw, number 2021-03.
• William Chen & Gregory Phelan, 2021, "Liquidity Provision and Financial Stability," Department of Economics Working Papers, Department of Economics, Williams College, number 2021-11, Aug, DOI: 10.36934/wecon:2021-11.
• William Chen & Gregory Phelan, 2021, "Should Monetary Policy Target Financial Stability?," Department of Economics Working Papers, Department of Economics, Williams College, number 2021-12, Aug, DOI: 10.36934/wecon:2021-12.
• Pamela Jakiela & Owen Ozier, 2021, "Gendered Language," Department of Economics Working Papers, Department of Economics, Williams College, number 2021-13, Jul, DOI: 10.36934/wecon:2021-13.
• Georg Leitner & Teresa Hübel & Anna Wolfmayr & Manuel Zerobin, 2021, "How risky is Monetary Policy? The Effect of Monetary Policy on Systemic Risk in the Euro Area," Department of Economics Working Papers, Vienna University of Economics and Business, Department of Economics, number wuwp312, Mar.
• Leitner, Georg & Hübel, Teresa & Wolfmayr, Anna & Zerobin, Manuel, 2021, "How risky is Monetary Policy? The Effect of Monetary Policy on Systemic Risk in the Euro Area," Department of Economics Working Paper Series, WU Vienna University of Economics and Business, number 312, Mar.
• Federico Ravenna & Marcus Mølbak Ingholt, 2021, "The impact of inflation targeting: Testing the good luck hypothesis," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, volume 54, issue 1, pages 443-470, February, DOI: 10.1111/caje.12488.
• Stylianos Asimakopoulos & Marco Lorusso & Luca Pieroni, 2021, "Can public spending boost private consumption?," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, volume 54, issue 3, pages 1275-1313, November, DOI: 10.1111/caje.12527.
• Anmol Bhandari & David Evans & Mikhail Golosov & Thomas J. Sargent, 2021, "Inequality, Business Cycles, and Monetary‐Fiscal Policy," Econometrica, Econometric Society, volume 89, issue 6, pages 2559-2599, November, DOI: 10.3982/ECTA16414.
• Alisdair McKay & Johannes F. Wieland, 2021, "Lumpy Durable Consumption Demand and the Limited Ammunition of Monetary Policy," Econometrica, Econometric Society, volume 89, issue 6, pages 2717-2749, November, DOI: 10.3982/ECTA18821.
• Michelle Bongard & Gabriele Galati & Richhild Moessner & William Nelson, 2021, "Connecting the dots: Market reactions to forecasts of policy rates and forward guidance provided by the Fed," International Journal of Finance & Economics, John Wiley & Sons, Ltd., volume 26, issue 1, pages 684-706, January, DOI: 10.1002/ijfe.1811.
• Stephen J. Cole, 2021, "Learning and the Effectiveness of Central Bank Forward Guidance," Journal of Money, Credit and Banking, Blackwell Publishing, volume 53, issue 1, pages 157-200, February, DOI: 10.1111/jmcb.12696.
• Björn Richter & Moritz Schularick & Paul Wachtel, 2021, "When to Lean against the Wind," Journal of Money, Credit and Banking, Blackwell Publishing, volume 53, issue 1, pages 5-39, February, DOI: 10.1111/jmcb.12701.
• Michael T. Belongia & Peter N. Ireland, 2021, "A Classical View of the Business Cycle," Journal of Money, Credit and Banking, Blackwell Publishing, volume 53, issue 2-3, pages 333-366, March, DOI: 10.1111/jmcb.12767.
• Matteo Cacciatore & Romain Duval & Giuseppe Fiori & Fabio Ghironi, 2021, "Market Reforms at the Zero Lower Bound," Journal of Money, Credit and Banking, Blackwell Publishing, volume 53, issue 4, pages 745-777, June, DOI: 10.1111/jmcb.12773.
• Marc Hofstetter & José Nicolás Rosas, 2021, "The Poor and the Rich: Preferences over Inflation and Unemployment," Journal of Money, Credit and Banking, Blackwell Publishing, volume 53, issue 4, pages 875-895, June, DOI: 10.1111/jmcb.12783.
• Kimberly A. Berg & Chadwick C. Curtis & Steven Lugauer & Nelson C. Mark, 2021, "Demographics and Monetary Policy Shocks," Journal of Money, Credit and Banking, Blackwell Publishing, volume 53, issue 6, pages 1229-1266, September, DOI: 10.1111/jmcb.12825.
• Marcelle Chauvet & Insu Kim, 2021, "Incomplete Price Adjustment and Inflation Persistence," Journal of Money, Credit and Banking, Blackwell Publishing, volume 53, issue 6, pages 1337-1371, September, DOI: 10.1111/jmcb.12813.
• Dmitry Matveev, 2021, "Time‐Consistent Management of a Liquidity Trap with Government Debt," Journal of Money, Credit and Banking, Blackwell Publishing, volume 53, issue 8, pages 2129-2165, December, DOI: 10.1111/jmcb.12820.
• Atsushi Inoue & Barbara Rossi, 2021, "A new approach to measuring economic policy shocks, with an application to conventional and unconventional monetary policy," Quantitative Economics, Econometric Society, volume 12, issue 4, pages 1085-1138, November, DOI: 10.3982/QE1225.
• Andre, Peter & Pizzinelli, Carlo & Roth, Christopher & Wohlfart, Johannes, 2021, "Subjective Models of the Macroeconomy : Evidence from Experts and a Representative Sample," The Warwick Economics Research Paper Series (TWERPS), University of Warwick, Department of Economics, number 1342.
• James Dean & Scott Schuh, 2021, "Is the Taylor Rule Still an Adequate Representation of Monetary Policy in Macroeconomic Models?," Working Papers, Department of Economics, West Virginia University, number 21-05, Dec.
• Sangyup Choi & David Furceri & Prakash Loungani & Myungkyu shim, 2021, "Inflation Anchoring and Growth: The Role of Credit Constraints," Working papers, Yonsei University, Yonsei Economics Research Institute, number 2021rwp-188, Oct.
• Nelimarkka, Jaakko & Laine, Olli-Matti, 2021, "The effects of the ECB's pandemic-related monetary policy measures," BoF Economics Review, Bank of Finland, number 4/2021.
• Fungáčová, Zuzana & Kerola, Eeva & Weill, Laurent, 2021, "Does bank efficiency affect the bank lending channel in China?," BOFIT Discussion Papers, Bank of Finland Institute for Emerging Economies (BOFIT), number 3/2021.
• Li, Xiaoming & Liu, Zheng & Peng, Yuchao & Xu, Zhiwei, 2021, "Bank risk-taking and monetary policy transmission: Evidence from China," BOFIT Discussion Papers, Bank of Finland Institute for Emerging Economies (BOFIT), number 15/2021.
• Haavio, Markus & Laine, Olli-Matti, 2021, "Monetary policy rules and the effective lower bound in the Euro area," Bank of Finland Research Discussion Papers, Bank of Finland, number 5/2021.
• Honkapohja, Seppo & McClung, Nigel, 2021, "On robustness of average inflation targeting," Bank of Finland Research Discussion Papers, Bank of Finland, number 6/2021.
• Granziera, Eleonora & Jalasjoki, Pirkka & Paloviita, Maritta, 2021, "The bias and efficiency of the ECB inflation projections: A state dependent analysis," Bank of Finland Research Discussion Papers, Bank of Finland, number 7/2021.
• Kilponen, Juha & Vilmunen, Jouko & Vähämaa, Oskari, 2021, "Revisiting intertemporal elasticity of substitution in a sticky price model," Bank of Finland Research Discussion Papers, Bank of Finland, number 9/2021.
• D'Acunto, Francesco & Hoang, Daniel & Paloviita, Maritta & Weber, Michael, 2021, "Human frictions in the transmission of economic policy," Bank of Finland Research Discussion Papers, Bank of Finland, number 12/2021.
• Eo, Yunjong & McClung, Nigel, 2021, "Determinacy and E-stability with interest rate rules at the zero lower bound," Bank of Finland Research Discussion Papers, Bank of Finland, number 14/2021.
• Schmidt, Kirsten & Noth, Felix & Tonzer, Lena, 2021, "A note of caution on quantifying banks' recapitalization effects," Discussion Papers, Deutsche Bundesbank, number 02/2021.
• Boneva, Lena & Islami, Mevlud & Schlepper, Kathi, 2021, "Liquidity in the German corporate bond market: Has the CSPP made a difference?," Discussion Papers, Deutsche Bundesbank, number 08/2021.
• Bettendorf, Timo & Jochem, Axel, 2021, "What drives the German TARGET balances? Evidence from a BVAR approach," Discussion Papers, Deutsche Bundesbank, number 12/2021.
• Darracq Pariès, Matthieu & Kok Sørensen, Christoffer & Rottner, Matthias, 2021, "Reversal interest rate and macroprudential policy," Discussion Papers, Deutsche Bundesbank, number 24/2021.
• Adam, Klaus & Gautier, Erwan & Santoro, Sergio & Weber, Henning, 2021, "The case for a positive euro area inflation target: Evidence from France, Germany and Italy," Discussion Papers, Deutsche Bundesbank, number 26/2021.
• Bianchi, Francesco & Melosi, Leonardo & Rottner, Matthias, 2021, "Hitting the elusive inflation target," Discussion Papers, Deutsche Bundesbank, number 40/2021.
• Koenig, Philipp J. & Schliephake, Eva, 2021, "Bank risk-taking and impaired monetarypolicy transmission," Discussion Papers, Deutsche Bundesbank, number 42/2021.
• Hinterlang, Natascha & Tänzer, Alina, 2021, "Optimal monetary policy using reinforcement learning," Discussion Papers, Deutsche Bundesbank, number 51/2021.
• Beck, Thorsten & Bednarek, Peter & te Kaat, Daniel Marcel & von Westernhagen, Natalja, 2021, "Exchange rate depreciations and local business cycles: The role of bank loan supply," Discussion Papers, Deutsche Bundesbank, number 52/2021.
• Böhl, Gregor & Lieberknecht, Philipp, 2021, "The hockey stick Phillips curve and the effective lower bound," Discussion Papers, Deutsche Bundesbank, number 55/2021.
• Dobrew, Michael & Gerke, Rafael & Giesen, Sebastian & Röttger, Joost, 2021, "A comparison of monetary policy rules in a HANK model," Technical Papers, Deutsche Bundesbank, number 02/2021.
• Gerke, Rafael & Kienzler, Daniel & Scheer, Alexander, 2021, "Unconventional monetary policies at the effective lower bound," Technical Papers, Deutsche Bundesbank, number 03/2021.
• Röttger, Joost & Gerke, Rafael, 2021, "The incentive effects of monetary policy on fiscal policy behaviour," Technical Papers, Deutsche Bundesbank, number 04/2021.
• Gerke, Rafael & Giesen, Sebastian & Kienzler, Daniel & Röttger, Joost & Scheer, Alexander, 2021, "A comparison of monetary policy rules in an estimated TANK model," Technical Papers, Deutsche Bundesbank, number 05/2021.
• Zaghini, Andrea, 2021, "The Covid pandemic in the market: Infected, immune and cured bonds," CFS Working Paper Series, Center for Financial Studies (CFS), number 653.
• De Santis, Roberto A. & Zaghini, Andrea, 2021, "Unconventional monetary policy and corporate bond issuance," CFS Working Paper Series, Center for Financial Studies (CFS), number 654.
• Coenen, Günter & Montes-Galdón, Carlos & Schmidt, Sebastian, 2021, "Macroeconomic stabilisation and monetary policy effectiveness in a low-interest-rate environment," CFS Working Paper Series, Center for Financial Studies (CFS), number 656.
• Coleman, Winnie & Nautz, Dieter, 2021, "Inflation expectations, inflation target credibility and the COVID-19 pandemic: New evidence from Germany," CFS Working Paper Series, Center for Financial Studies (CFS), number 658.
• Kilian, Lutz & Zhou, Xiaoqing, 2021, "The impact of rising oil prices on U.S. inflation and inflation expectations in 2020-23," CFS Working Paper Series, Center for Financial Studies (CFS), number 670.
• Chatelain, Jean-Bernard & Ralf, Kirsten, 2021, "Imperfect Credibility versus No Credibility of Optimal Monetary Policy," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, volume 0, issue 1, pages 43-63.
• Ehrenbergerova, Dominika & Bajzik, Josef & Havranek, Tomas, 2021, "When Does Monetary Policy Sway House Prices? A Meta-Analysis," EconStor Preprints, ZBW - Leibniz Information Centre for Economics, number 234126.
• Coleman, Winnie & Nautz, Dieter, 2021, "Inflation expectations, inflation target credibility and the COVID-19 pandemic: New evidence from Germany," Discussion Papers, Free University Berlin, School of Business & Economics, number 2021/12, DOI: 10.17169/refubium-31103.
• Hülsewig, Oliver & Rottmann, Horst, 2021, "Euro area house price fluctuations and unconventional monetary policy surprises," Weidener Diskussionspapiere, University of Applied Sciences Amberg-Weiden (OTH), number 80.
• Hülsewig, Oliver & Rottmann, Horst, 2021, "Euro area periphery countries' fiscal policy and monetary policy surprises," Weidener Diskussionspapiere, University of Applied Sciences Amberg-Weiden (OTH), number 81.
• Kubitza, Christian & Grochola, Nicolaus & Gründl, Helmut, 2021, "Life insurance convexity," ICIR Working Paper Series, Goethe University Frankfurt, International Center for Insurance Regulation (ICIR), number 42/21.
• Lechthaler, Wolfgang & Tesfaselassie, Mewael F., 2021, "Endogenous growth, skill obsolescence and fiscal multipliers," Kiel Working Papers, Kiel Institute for the World Economy, number 2184.
• Lechthaler, Wolfgang & Tesfaselassie, Mewael F., 2021, "Endogenous growth, skill obsolescence and optimal monetary policy," Kiel Working Papers, Kiel Institute for the World Economy, number 2205.
• Beyer, Robert & Milivojevic, Lazar, 2021, "Dynamics and synchronization of global equilibrium interest rates," IMFS Working Paper Series, Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS), number 146.
• Fabo, Brian & Jančoková, Martina & Kempf, Elisabeth & Pástor, Luboš, 2021, "Fifty shades of QE: Conflicts of interest in economic research," IMFS Working Paper Series, Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS), number 147.
• Böhl, Gregor & Lieberknecht, Philipp, 2021, "The hockey stick Phillips curve and the zero lower bound," IMFS Working Paper Series, Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS), number 153.
• Bauer, Michael D. & Swanson, Eric T., 2021, "The Fed's response to economic news explains the "Fed information effect"," IMFS Working Paper Series, Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS), number 155.
• Bauer, Michael & Chernov, Mikhail, 2021, "Interest rate skewness and biased beliefs," IMFS Working Paper Series, Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS), number 163.
• Di Bucchianico, Stefano, 2021, "Inequality, household debt, ageing and bubbles: A model of demand-side Secular Stagnation," IPE Working Papers, Berlin School of Economics and Law, Institute for International Political Economy (IPE), number 160/2021.
• Dünhaupt, Petra & Herr, Hansjörg & Mehl, Fabian & Teipen, Christina, 2021, "Economic and social effects of the COVID-19 pandemic and the future of global value chains," IPE Working Papers, Berlin School of Economics and Law, Institute for International Political Economy (IPE), number 164/2021.
• Chang, Yoosoon & Kwak, Boreum & Qiu, Shi, 2021, "U.S. monetary and fiscal policy regime changes and their interactions," IWH Discussion Papers, Halle Institute for Economic Research (IWH), number 12/2021.
• Li, Xiang, 2021, "Dilemma and global financial cycle: Evidence from capital account liberalisation episodes," IWH Discussion Papers, Halle Institute for Economic Research (IWH), number 13/2021.
• Demary, Markus & Hüther, Michael, 2021, "Global inflation: Low for long or higher for longer?," IW-Reports, Institut der deutschen Wirtschaft (IW) / German Economic Institute, number 12/2021.
• Glas, Alexander & Müller, Lena, 2021, "Talking in a language that everyone can understand? Transparency of speeches by the ECB Executive Board," FAU Discussion Papers in Economics, Friedrich-Alexander University Erlangen-Nuremberg, Institute for Economics, number 01/2021.
• Jung, Kyu-Chul, 2021, "Korea's Inflation Expectations with regard to the Phillips Curve and Implications of the COVID-19 Crisis," KDI Journal of Economic Policy, Korea Development Institute (KDI), volume 43, issue 2, pages 81-101, DOI: 10.23895/kdijep.2021.43.2.81.
• D'Acunto, Francesco & Hoang, Daniel & Paloviita, Maritta & Weber, Michael, 2021, "Effective policy communication: Targets versus instruments," Working Paper Series in Economics, Karlsruhe Institute of Technology (KIT), Department of Economics and Management, number 147, DOI: 10.5445/IR/1000130652.
• D'Acunto, Francesco & Hoang, Daniel & Weber, Michael, 2021, "Managing households' expectations with unconventional policies," Working Paper Series in Economics, Karlsruhe Institute of Technology (KIT), Department of Economics and Management, number 148, DOI: 10.5445/IR/1000130761.
• Bartscher, Alina Kristin & Kuhn, Moritz & Schularick, Moritz & Wachtel, Paul, 2021, "Monetary Policy and Racial Inequality," LawFin Working Paper Series, Goethe University, Center for Advanced Studies on the Foundations of Law and Finance (LawFin), number 15, DOI: 10.2139/ssrn.3777942.
• D'Acunto, Francesco & Malmendier, Ulrike & Weber, Michael, 2021, "Gender Roles and the Gender Expectations Gap," LawFin Working Paper Series, Goethe University, Center for Advanced Studies on the Foundations of Law and Finance (LawFin), number 16, DOI: 10.2139/ssrn.3797091.
• D'Acunto, Francesco & Fuster, Andreas & Weber, Michael, 2021, "Diverse Policy Committees Can Reach Underrepresented Groups," LawFin Working Paper Series, Goethe University, Center for Advanced Studies on the Foundations of Law and Finance (LawFin), number 21, DOI: 10.2139/ssrn.3901975.
• Israel, Karl-Friedrich & Sepp, Tim & Sonnenberg, Nils, 2021, "Japanese monetary policy and household saving," Working Papers, University of Leipzig, Faculty of Economics and Management Science, number 173.
• Schnabl, Gunther & Sepp, Tim, 2021, "Niedrigzinspolitik und Sparkultur in Japan: Implikationen für die Wirtschaftspolitik," Working Papers, University of Leipzig, Faculty of Economics and Management Science, number 174.
• Colvin, Christopher L. & Fliers, Philip T., 2021, "Going Dutch: How the Netherlands Escaped its Golden Fetters, 1925-1936," QBS Working Paper Series, Queen's University Belfast, Queen's Business School, number 2021/06, DOI: 10.2139/ssrn.3870962.
• Swanepoel, Christie & Fliers, Philip, 2021, "The fuel of unparalleled recovery: Monetary policy in South Africa between 1925 and 1936," QUCEH Working Paper Series, Queen's University Belfast, Queen's University Centre for Economic History, number 21-05.
• Arce-Alfaro, Gabriel & Blagov, Boris, 2021, "Monetary policy uncertainty and inflation expectations," Ruhr Economic Papers, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen, number 899, DOI: 10.4419/96973039.
• Arce-Alfaro, Gabriel & Blagov, Boris, 2021, "Heterogeneity, co-movements and financial fragmentation within the euro area," Ruhr Economic Papers, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen, number 927, DOI: 10.4419/96973085.
• Gasteiger, Emanuel, 2021, "Optimal Constrained Interest-Rate Rules under Heterogeneous Expectations," ECON WPS - Working Papers in Economic Theory and Policy, TU Wien, Institute of Statistics and Mathematical Methods in Economics, Economics Research Unit, number 04/2021.
• Grimaud, Alex, 2021, "Precautionary saving and un-anchored expectations," ECON WPS - Working Papers in Economic Theory and Policy, TU Wien, Institute of Statistics and Mathematical Methods in Economics, Economics Research Unit, number 08/2021.
• Tsang, Andrew, 2021, "Uncovering Heterogeneous Regional Impacts of Chinese Monetary Policy," WiSo-HH Working Paper Series, University of Hamburg, Faculty of Business, Economics and Social Sciences, WISO Research Laboratory, number 62.
• Bennani, Hamza & Burgard, Jan Pablo & Neuenkirch, Matthias, 2021, "The Financial Accelerator in the Euro Area: New Evidence Using a Mixture VAR Model," VfS Annual Conference 2021 (Virtual Conference): Climate Economics, Verein für Socialpolitik / German Economic Association, number 242327.
• Harms, Philipp & Knaze, Jakub, 2021, "Effective Exchange Rate Regimes and Inflation," VfS Annual Conference 2021 (Virtual Conference): Climate Economics, Verein für Socialpolitik / German Economic Association, number 242340.
• Müller, Lena Sophia & Glas, Alexander, 2021, "Talking in a language that everyone can understand? Transparency of speeches by the ECB Executive Board," VfS Annual Conference 2021 (Virtual Conference): Climate Economics, Verein für Socialpolitik / German Economic Association, number 242364.
• Radke, Lucas & Wicknig, Florian, 2021, "Experience-Based Heterogeneity in Expectations and Monetary Policy," VfS Annual Conference 2021 (Virtual Conference): Climate Economics, Verein für Socialpolitik / German Economic Association, number 242414.
• Horn, Carl-Wolfram & Fischer, Johannes J., 2021, "Does Monetary Policy Affect Mergers and Acquisitions?," VfS Annual Conference 2021 (Virtual Conference): Climate Economics, Verein für Socialpolitik / German Economic Association, number 242445.
• Müller, Gernot & Dietrich, Alexander & Schoenle, Raphael, 2021, "The Expectations Channel of Climate Change:Implications for Monetary Policy," VfS Annual Conference 2021 (Virtual Conference): Climate Economics, Verein für Socialpolitik / German Economic Association, number 242446.
• Epp, Markus & Jäger, Marius, 2021, "Network Exposure in the Propagation of the COVID-19 Pandemic," VfS Annual Conference 2021 (Virtual Conference): Climate Economics, Verein für Socialpolitik / German Economic Association, number 242465.
• Große Steffen, Christoph, 2021, "Anchoring of long-term inflation expectations: Do inflation target formulations matter?," VfS Annual Conference 2021 (Virtual Conference): Climate Economics, Verein für Socialpolitik / German Economic Association, number 242466.
• Riedler, Jesper & Koziol, Tina, 2021, "Scaling, unwinding and greening QE in a calibrated portfolio balance model," ZEW Discussion Papers, ZEW - Leibniz Centre for European Economic Research, number 21-086.

2020

• Hamza Bennani & Jan Pablo Burgard & Matthias Neuenkirch, 2020, "The Financial Accelerator in the Euro Area: New Evidence Using a Mixture VAR Model," Working Paper Series, University of Trier, Research Group Quantitative Finance and Risk Analysis, number 2020-08.
• Hamza Bennani & Jan Pablo Burgard & Matthias Neuenkirch, 2020, "The Financial Accelerator in the Euro Area: New Evidence Using a Mixture VAR Model," Research Papers in Economics, University of Trier, Department of Economics, number 2020-11.
• Fabio Canetg, 2020, "Monetary Policy Implementation and Pass-Through," Diskussionsschriften, Universitaet Bern, Departement Volkswirtschaft, number dp2004, Feb.
• Dirk Niepelt, 2020, "Monetary Policy with Reserves and CBDC: Optimality, Equivalence, and Politics," Diskussionsschriften, Universitaet Bern, Departement Volkswirtschaft, number dp2018, Nov.
• Supriya Kapoor & Oana Peia, 2020, "The Impact of Quantitative Easing on Liquidity Creation," Working Papers, School of Economics, University College Dublin, number 202009, Apr.
• George-Marios Angeletos & Jennifer La’O, 2020, "Optimal Monetary Policy with Informational Frictions," Journal of Political Economy, University of Chicago Press, volume 128, issue 3, pages 1027-1064, DOI: 10.1086/704758.
• John Y. Campbell & Carolin Pflueger & Luis M. Viceira, 2020, "Macroeconomic Drivers of Bond and Equity Risks," Journal of Political Economy, University of Chicago Press, volume 128, issue 8, pages 3148-3185, DOI: 10.1086/707766.
• Davide Debortoli & Jordi Galí & Luca Gambetti, 2020, "On the Empirical (Ir)Relevance of the Zero Lower Bound Constraint," NBER Macroeconomics Annual, University of Chicago Press, volume 34, issue 1, pages 141-170, DOI: 10.1086/707177.
• Michael McLeay & Silvana Tenreyro, 2020, "Optimal Inflation and the Identification of the Phillips Curve," NBER Macroeconomics Annual, University of Chicago Press, volume 34, issue 1, pages 199-255, DOI: 10.1086/707181.
• Dongwon Lee, 2020, "Global financial integration and monetary policy spillovers," Working Papers, University of California at Riverside, Department of Economics, number 202026, Nov.
• Adam Hashchyshyn & Kateryna Marushchak & Oleksandr Sukhomlyn & Andrii Tarasenko, 2020, "How Does the Interest Rate Influence the Exchange Rate?," Visnyk of the National Bank of Ukraine, National Bank of Ukraine, issue 250, pages 4-14, DOI: 10.26531/vnbu2020.250.01.