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
/ / / E58: Central Banks and Their Policies

2021

• Christophe Blot & Fabien Labondance, 2021, "Beyond the Interest Rate Pass-through: Monetary Policy and Banks Interest Rates during the Effective Lower Bound," Working Papers, HAL, number hal-04221606, Jul.
• Hansson, Magnus, 2021, "Evolution of topics in central bank speech communication," Working Papers in Economics, University of Gothenburg, Department of Economics, number 811, Oct.
• Oxelheim, Lars & Randøy, Trond, 2021, "The Global Logistic Chain Under Siege in a Post-Covid Era," Working Paper Series, Research Institute of Industrial Economics, number 1404, Sep.
• Jonung, Lars, 2021, "Free Banking in Sweden: The Case of Private Bank Notes, 1831-1902," Working Papers, Lund University, Department of Economics, number 2021:6, May.
• Blix Grimaldi, Marianna & Crosta, Alberto & Zhang, Dong, 2021, "The Liquidity of the Government Bond Market – What Impact Does Quantitative Easing Have? Evidence from Sweden," Working Paper Series, Sveriges Riksbank (Central Bank of Sweden), number 402, May.
• Linh, Nguyen Thuy, 2021, "The Impact of the Bank of Japan’s Exchange Traded Fund and Corporate Bond Purchases on Firms’ Capital Structure," RCESR Discussion Paper Series, Research Center for Economic and Social Risks, Institute of Economic Research, Hitotsubashi University, number DP21-1, Jan.
• Yurii Lupenko & Svitlana Andros, 2021, "Influence of the Level of Economy Monetization and the Structure of Money Supply on Lending to the Enterprises of the Agricultural Sector," Oblik i finansi, Institute of Accounting and Finance, issue 3, pages 55-62, September, DOI: 10.33146/2307-9878-2021-3(93)-55-62.
• K.P. Prabheesh & Solikin M. Juhro & Cicilia A. Harun, 2021, "Covid-19 Uncertainty and Monetary Policy Responses: Evidence from Emerging Market Economies," Bulletin of Monetary Economics and Banking, Bank Indonesia, volume 24, issue 4, pages 489-516, December, DOI: https://doi.org/10.21098/bemp.v24i4.
• Solikin M. Juhro & Denny Lie & Aryo Sasongko, 2021, "Monetary-Macroprudential Policy Mix And Covid-19 Pandemic In An Estimated Dsge Model For Indonesia," Working Papers, Bank Indonesia, number WP/01/2021.
• Solikin M. Juhro & Prayudhi Azwar, 2021, "Fx Intervention Strategy And Exchange Rate Stability In Indonesia," Working Papers, Bank Indonesia, number WP/03/2021.
• Ferry Syarifuddin & Toni Bakhtiar, 2021, "Monetary Policy Strategy In The Presence Of Central Bank Digital Currency," Working Papers, Bank Indonesia, number WP/09/2021.
• Dorina Clichici, 2021, "The Fiscal And Monetary Response To Supporting Credit In The Eu During The Covid-19 Crisis," Euroinfo, Institute for World Economy, Romanian Academy, volume 5, issue 3, pages 63-73, September.
• Eva Lorencic & Mejra Festic, 2021, "Macroprudential Policy Versus Other Economic Policies," Croatian Economic Survey, The Institute of Economics, Zagreb, volume 23, issue 2, pages 33-66, December.
• Kristin J. Forbes & Joseph E. Gagnon & Christopher G. Collins, 2021, "Low inflation bends the Phillips curve around the world: Extended results," Working Paper Series, Peterson Institute for International Economics, number WP21-15, Sep.
• Md Gyasuddin Ansari & Rudra Sensarma, 2021, "Monetary Policy, Interbank Liquidity and Lending Behaviour of Banks in India," Working papers, Indian Institute of Management Kozhikode, number 442, Mar.
• Mauricio Ulate, 2021, "Alternative Models of Interest Rate Pass-Through in Normal and Negative Territory," International Journal of Central Banking, International Journal of Central Banking, volume 17, issue 1, pages 3-34, March.
• Katrin Assenmacher & Signe Krogstrup, 2021, "Monetary Policy with Negative Interest Rates: De-linking Cash from Digital Money," International Journal of Central Banking, International Journal of Central Banking, volume 17, issue 1, pages 67-106, March.
• Elizabeth Klee, 2021, "The First Line of Defense: The Discount Window during the Early Stages of the Financial Crisis," International Journal of Central Banking, International Journal of Central Banking, volume 17, issue 1, pages 143-190, March.
• Jack Meaning & Ben Dyson & James Barker & Emily Clayton, 2021, "Broadening Narrow Money: Monetary Policy with a Central Bank Digital Currency," International Journal of Central Banking, International Journal of Central Banking, volume 17, issue 2, pages 1-42, June.
• Carola Conces Binder, 2021, "Central Bank Communication and Disagreement about the Natural Rate Hypothesis," International Journal of Central Banking, International Journal of Central Banking, volume 17, issue 2, pages 81-123, June.
• Maritta Paloviita & Markus Haavio & Pirkka Jalasjoki & Juha Kilponen, 2021, "What Does "Below, but Close to, 2 Percent" Mean? Assessing the ECB's Reaction Function with Real-Time Data," International Journal of Central Banking, International Journal of Central Banking, volume 17, issue 2, pages 125-169, June.
• Mark Carlson & Burcu Duygan-Bump, 2021, ""Unconventional" Monetary Policy as Conventional Monetary Policy: A Perspective from the United States in the 1920s," International Journal of Central Banking, International Journal of Central Banking, volume 17, issue 2, pages 207-253, June.
• Paul Hubert & Becky Maule, 2021, "Policy and Macro Signals from Central Bank Announcements," International Journal of Central Banking, International Journal of Central Banking, volume 17, issue 2, pages 255-296, June.
• Juan Angel García & Sebastian E. V. Werner, 2021, "Inflation News and Euro-Area Inflation Expectations," International Journal of Central Banking, International Journal of Central Banking, volume 17, issue 3, pages 1-60, September.
• Eda Gülşen & Hakan Kara, 2021, "Policy Performance and the Behavior of Inflation Expectations," International Journal of Central Banking, International Journal of Central Banking, volume 17, issue 70, pages 1-46, October.
• Masazumi Hattori & Steven Kong & Frank Packer & Toshitaka Sekine, 2021, "The Impact of Regime Change on the Influence of the Central Bank's Inflation Forecasts: Evidence from Japan's Shift to Inflation Targeting," International Journal of Central Banking, International Journal of Central Banking, volume 17, issue 70, pages 1-34, October.
• Nigel McClung, 2021, "The Power of Forward Guidance and the Fiscal Theory of the Price Level," International Journal of Central Banking, International Journal of Central Banking, volume 17, issue 71, pages 1-57, December.
• Athanasios Orphanides, 2021, "The Power of Central Bank Balance Sheets," IMES Discussion Paper Series, Institute for Monetary and Economic Studies, Bank of Japan, number 21-E-10, Aug.
• Athanasios Orphanides, 2021, "The Power of Central Bank Balance Sheets," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, volume 39, pages 35-54, November.
• Aya Achour & Mr. Aleš Bulíř & Omar Chafik & Adam Remo, 2021, "The Morocco Policy Analysis Model: Theoretical Framework and Policy Scenarios," IMF Working Papers, International Monetary Fund, number 2021/122, Apr.
• Davide Furceri & Mr. Prakash Loungani & Mr. Jonathan David Ostry & Pietro Pizzuto, 2021, "Will COVID-19 Have Long-Lasting Effects on Inequality? Evidence from Past Pandemics," IMF Working Papers, International Monetary Fund, number 2021/127, May.
• Laurence M. Ball & Mr. Daniel Leigh & Ms. Prachi Mishra & Mr. Antonio Spilimbergo, 2021, "Measuring U.S. Core Inflation: The Stress Test of COVID-19," IMF Working Papers, International Monetary Fund, number 2021/291, Dec.
• Ruben Tarne & Dirk Bezemer & Thomas Theobald, 2021, "The Effect of borrower-specific Loan-to-Value policies on household debt, wealth inequality and consumption volatility," FMM Working Paper, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute, number 70-2021.
• Ruben Tarne & Dirk Bezemer & Thomas Theobald, 2021, "The Effect of borrower-specific Loan-to-Value policies on household debt, wealth inequality and consumption volatility," IMK Working Paper, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute, number 212-2021.
• Carlos Alberto Zarazúa Juárez, 2021, "Macroprudential regulation as part of the Mexican policy toolkit," Remef - Revista Mexicana de Economía y Finanzas Nueva Época REMEF (The Mexican Journal of Economics and Finance), Instituto Mexicano de Ejecutivos de Finanzas, IMEF, volume 16, issue 1, pages 1-27, Enero - M.
• Pablo Cotler & Rodrigo Carrillo, 2021, "La desigualdad y el disímil impacto de la política monetaria," Remef - Revista Mexicana de Economía y Finanzas Nueva Época REMEF (The Mexican Journal of Economics and Finance), Instituto Mexicano de Ejecutivos de Finanzas, IMEF, volume 16, issue 2, pages 1-19, Abril - J.
• Eduardo Saucedo & Jorge Gonzalez, 2021, "Exchange Rate Pass-Through to Prices in Mexico: A Study of the Main Border and Non-Border Cities," Remef - Revista Mexicana de Economía y Finanzas Nueva Época REMEF (The Mexican Journal of Economics and Finance), Instituto Mexicano de Ejecutivos de Finanzas, IMEF, volume 16, issue 2, pages 1-24, Abril - J.
• Vikas Chamal & Ashima Goyal, 2021, "Liquidity management and monetary transmission: Empirical analysis for India," Indira Gandhi Institute of Development Research, Mumbai Working Papers, Indira Gandhi Institute of Development Research, Mumbai, India, number 2021-008, Mar.
• Ashima Goyal & Prashant Parab, 2021, "Effectiveness of expectations channel of monetary policy transmission: Evidence from India," Indira Gandhi Institute of Development Research, Mumbai Working Papers, Indira Gandhi Institute of Development Research, Mumbai, India, number 2021-011, Apr.
• Ashima Goyal & Prashant Parab, 2021, "Qualitative and quantitative Central Bank communications and professional forecasts: Evidence from India," Indira Gandhi Institute of Development Research, Mumbai Working Papers, Indira Gandhi Institute of Development Research, Mumbai, India, number 2021-014, Apr.
• Aeimit Lakdawala & Rajeswari Sengupta, 2021, "Measuring monetary policy shocks in India," Indira Gandhi Institute of Development Research, Mumbai Working Papers, Indira Gandhi Institute of Development Research, Mumbai, India, number 2021-021, Aug.
• Ila Patnaik & Rajeswari Sengupta, 2021, "Analysing India's exchange rate regime," Indira Gandhi Institute of Development Research, Mumbai Working Papers, Indira Gandhi Institute of Development Research, Mumbai, India, number 2021-022, Aug.
• Hyunduk Suh & Jin Young Yang, 2021, "Heterogeneous Effects of Macroprudential Policies on Firm Leverage and Value," Inha University IBER Working Paper Series, Inha University, Institute of Business and Economic Research, number 2021-3, Sep.
• Dong Beom Choi & Hyun-Soo Choi, 2021, "The Effect of Monetary Policy on Bank Wholesale Funding," Management Science, INFORMS, volume 67, issue 1, pages 388-416, January, DOI: 10.1287/mnsc.2019.3463.
• Mislav Brkic, 2021, "Costs and benefits of government borrowing in foreign currency: is it a major source of risk for EU member states outside the Euro?," Public Sector Economics, Institute of Public Finance, volume 45, issue 1, pages 63-91, DOI: 10.3326/pse.45.1.2.
• Dubravko Mihaljek, 2021, "Interactions between fiscal and monetary policies: a brief history of a long relationship," Public Sector Economics, Institute of Public Finance, volume 45, issue 4, pages 419-432, DOI: 10.3326/pse.45.4.2.
• Boris Chafwehé & Charles de Beauffort & Rigas Oikonomou, 2021, "Debt Management in a World of Fiscal Dominance," JRC Working Papers on Taxation & Structural Reforms, Joint Research Centre, number 2021-11, Jul.
• Daniel Kaufmann, 2021, "Some implications of the new agreement on the distribution of SNB profits," IRENE Policy Reports, IRENE Institute of Economic Research, number 21-01, Jan.
• André Teixeira & Zoë Venter, 2021, "Macroprudential Policy and Aggregate Demand," Working Papers REM, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa, number 2021/0181, Jun.
• Oscar Gasanov, 2021, "Five Years of Inflation Targeting Without Economic Growth: What Should Be Changed? The Case of Russia," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, volume 12, issue 3, pages 162-171, May, DOI: 10.5430/ijfr.v12n3p162.
• Tödter Karl-Heinz & Ziebarth Gerhard, 2021, "Lifetime Cost of Living and Effective Prices: Theory and Evidence for Germany," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, volume 241, issue 1, pages 29-69, February, DOI: 10.1515/jbnst-2019-0022.
• William A. Barnett & Van H. Nguyen, 2021, "Constructing Divisia Monetary Aggregates for Singapore," WORKING PAPERS SERIES IN THEORETICAL AND APPLIED ECONOMICS, University of Kansas, Department of Economics, number 202114, Jun, revised Jun 2021.
• Robert Jacek Wlodarski, 2021, "Non-Euro EU Member States and ECB-Originating Monetary Shocks: A Macroeconomic Policy Trilemma Question," Atlantic Economic Journal, Springer;International Atlantic Economic Society, volume 49, issue 3, pages 309-311, September, DOI: 10.1007/s11293-022-09731-y.
• Fatemeh Mokhtarzadeh & Luba Petersen, 2021, "Coordinating expectations through central bank projections," Experimental Economics, Springer;Economic Science Association, volume 24, issue 3, pages 883-918, September, DOI: 10.1007/s10683-020-09684-6.
• Akaki Tsomaia, 2021, "Asset bubbles, financial sector, and current challenges to regulatory framework," International Economics and Economic Policy, Springer, volume 18, issue 4, pages 901-925, October, DOI: 10.1007/s10368-021-00508-3.
• Hubert Kempf, 2021, "Fiscal Federalism in a Monetary Union: The No-Cooperation Pitfall," Open Economies Review, Springer, volume 32, issue 1, pages 109-151, February, DOI: 10.1007/s11079-019-09571-5.
• Cosmas Dery & Apostolos Serletis, 2021, "The Relative Importance of Monetary Policy, Uncertainty, and Financial Shocks," Open Economies Review, Springer, volume 32, issue 2, pages 311-333, April, DOI: 10.1007/s11079-020-09602-6.
• Matthew Canzoneri & Robert Cumby & Behzad Diba & Yunsang Kim, 2021, "Did the Unconventional Monetary Policy of the U.S. Hurt Emerging Markets?," Open Economies Review, Springer, volume 32, issue 2, pages 231-257, April, DOI: 10.1007/s11079-021-09616-8.
• Montserrat Ferre & Judit Garcia & Carolina Manzano, 2021, "The Effects of Corruption in a Monetary Union," Open Economies Review, Springer, volume 32, issue 3, pages 539-557, July, DOI: 10.1007/s11079-020-09608-0.
• Marc Anderes & Alexander Rathke & Sina Streicher & Jan-Egbert Sturm, 2021, "The role of ECB communication in guiding markets," Public Choice, Springer, volume 186, issue 3, pages 351-383, March, DOI: 10.1007/s11127-019-00733-0.
• Carsten Hefeker, 2021, "Stable money and central bank independence: implementing monetary institutions in postwar Germany," Public Choice, Springer, volume 186, issue 3, pages 287-308, March, DOI: 10.1007/s11127-019-00734-z.
• Jamus Jerome Lim, 2021, "The limits of central bank independence for inflation performance," Public Choice, Springer, volume 186, issue 3, pages 309-335, March, DOI: 10.1007/s11127-019-00771-8.
• 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.
• Martin Hodula & Zlatuše Komárková & Lukáš Pfeifer, 2021, "The relationship between capital and liquidity prudential instruments," Journal of Regulatory Economics, Springer, volume 59, issue 1, pages 47-70, February, DOI: 10.1007/s11149-020-09420-1.
• 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, "Central Bank Digital Currency and Financial System," Keio-IES Discussion Paper Series, Institute for Economics Studies, Keio University, number 2021-010, May.
• 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.
• Tanweer Akram & Syed Al-Helal Uddin, 2021, "The Empirics of Long-Term Mexican Government Bond Yields," Economics Working Paper Archive, Levy Economics Institute, number wp_984, Feb.
• Yeva Nersisyan & L. Randall Wray, 2021, "Has Japan Been Following Modern Money Theory Without Recognizing It? No! And Yes," Economics Working Paper Archive, Levy Economics Institute, number wp_985, Feb.
• Tanweer Akram, 2021, "A Keynesian Approach to Modeling the Long-Term Interest Rate," Economics Working Paper Archive, Levy Economics Institute, number wp_988, Jun.
• Tanweer Akram, 2021, "Multifactor Keynesian Models of the Long-Term Interest Rate," Economics Working Paper Archive, Levy Economics Institute, number wp_991, Jul.
• Rokas Kaminskas & Modestas Stukas & Linas Jurksas, 2021, "ECB Communication: What Is It Telling Us?," Bank of Lithuania Discussion Paper Series, Bank of Lithuania, number 25, May.
• 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.
• Lucas Hafemann, 2021, "Prudential Policies in the Eurozone: A Propensity Score Matching Approach," MAGKS Papers on Economics, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung), number 202109.
• 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.
• Sanatkhani, Mahboobeh & Bazzazan, Fatemeh, 2021, "Stress Testing of Credit Risk in Iran’s Banking System," Journal of Money and Economy, Monetary and Banking Research Institute, Central Bank of the Islamic Republic of Iran, volume 16, issue 1, pages 93-114, March.
• Zarei, Mehran & esfandiari, marziyeh & Mirjalili, Seyed Hossein, 2021, "The Impact of Shadow Banking on the Financial Stability: Evidence from G20 Countries," Journal of Money and Economy, Monetary and Banking Research Institute, Central Bank of the Islamic Republic of Iran, volume 16, issue 2, pages 237-252, June.
• Sedaghat Parast, Eldar & Golzarian pour, Siavash & Hajizadeh, Vahid, 2021, "Bank Liquidity and Bank Performance: Looking for a Nonlinear Nexus," Journal of Money and Economy, Monetary and Banking Research Institute, Central Bank of the Islamic Republic of Iran, volume 16, issue 4, pages 417-446, December.
• So Jung Hwang & Hyunduk Suh, 2021, "Analyzing Dynamic Connectedness in Korean Housing Markets," Emerging Markets Finance and Trade, Taylor & Francis Journals, volume 57, issue 2, pages 591-609, January, DOI: 10.1080/1540496X.2019.1649653.
• 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.
• János Müller & Ádám Kerényi, 2021, "Searching for a Way Out of the Labyrinth of Digital Financial Innovations - The Trap of Regulatory Challenges in the Digital Financial System," Financial and Economic Review, Magyar Nemzeti Bank (Central Bank of Hungary), volume 20, issue 1, pages 103-126.
• Gábor József Harkácsi & László Péter Szegfû, 2021, "The Role of the Compliance Function in the Financial Sector in the Age of Digitalisation, Artificial Intelligence and Robotisation," Financial and Economic Review, Magyar Nemzeti Bank (Central Bank of Hungary), volume 20, issue 1, pages 152-170.
• Áron Drabancz & Gabriella Grosz & Alexandr Palicz & Balázs Varga, 2021, "Experiences with the Introduction of a Payment Moratorium in Hungary," Financial and Economic Review, Magyar Nemzeti Bank (Central Bank of Hungary), volume 20, issue 1, pages 5-42.
• Beata Kocsis & Laszlo Seregdi, 2021, "Expected Impact of the Introduction of the Leverage Ratio at the Hungarian and EU Level," Financial and Economic Review, Magyar Nemzeti Bank (Central Bank of Hungary), volume 20, issue 2, pages 5-32.
• Peter Gottfried, 2021, "Thoughts on the Dilemma of When to Introduce the Euro in Hungary," Financial and Economic Review, Magyar Nemzeti Bank (Central Bank of Hungary), volume 20, issue 3, pages 110-126.
• Elemer Tertak, 2021, "Reflections on the Essay 'Thoughts on the Dilemma of When to Introduce the Euro in Hungary' by Peter Gottfried," Financial and Economic Review, Magyar Nemzeti Bank (Central Bank of Hungary), volume 20, issue 4, pages 130-143..
• 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..
• 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.
• Marina Emiris & François Koulischer, 2021, "Low interest rates and the distribution of household debt," Working Paper Research, National Bank of Belgium, number 398, Mar.
• 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.
• Petra Cisková & Emília Zimková & Colin Lawson, 2021, "Visegrad trust in the European Central Bank: common and country specific determinants 2005–2018," Bank i Kredyt, Narodowy Bank Polski, volume 52, issue 6, pages 495-516.
• Simona Malovana & Martin Hodula & Zuzana Gric & Josef Bajzik, 2021, "Macroprudential Policy in Central Banks: Integrated or Separate? Survey Among Academics and Central Bankers," Research and Policy Notes, Czech National Bank, Research and Statistics Department, number 2021/04, Dec.
• Jin Cao & Valeriya Dinger & Tomas Gomez & Zuzana Gric & Martin Hodula & Alejandro Jara & Ragnar Juelsrud & Karolis Liaudinskas & Simona Malovana & Yaz Terajima, 2021, "Monetary Policy Spillover to Small Open Economies: Is the Transmission Different under Low Interest Rates?," Working Papers, Czech National Bank, Research and Statistics Department, number 2021/6, Nov.
• Simona Malovana & Martin Hodula & Josef Bajzik & Zuzana Gric, 2021, "A Tale of Different Capital Ratios: How to Correctly Assess the Impact of Capital Regulation on Lending," Working Papers, Czech National Bank, Research and Statistics Department, number 2021/8, Dec.
• Juli√°n Roa Rozo, 2021, "Spillovers de la pol√≠tica monetaria no convencional de los pa√≠ses avanzados hacia Am√©rica Latina," Documentos CEDE, Universidad de los Andes, Facultad de Economía, CEDE, number 19424, Jul.
• David Augusto Montoya Ruiz, 2021, "Efecto de la pol√≠tica fiscal sobre la transmisi√≥n de la pol√≠tica monetaria a trav√©s de la desigualdad en el ingreso," Documentos CEDE, Universidad de los Andes, Facultad de Economía, CEDE, number 19560, Sep.
• Santiago Taboada & Emiliano Libman, 2021, "Sticky Inflationary Expectations and Inflation Targeting in (some) Emerging and Less Developed Economies," Revista Cuadernos de Economia, Universidad Nacional de Colombia, FCE, CID, volume 40, issue 82, pages 83-111.
• Martha Lucia Bernal Suárez, 2021, "¿Es neutral el banco de la república? Un análisis crítico de la reforma del 91," Revista Cuadernos de Economia, Universidad Nacional de Colombia, FCE, CID, volume 40, issue 82, pages 113-135.
• Andrés Mauricio Rosero Sánchez, 2021, "¿Es posible explicar la crisis colombiana de 1998-2003 a partir de la teoría austríaca del ciclo económico?," Borradores Departamento de Economía, Universidad de Antioquia, CIE, number 19619, May.
• Centro de Investigaciones para el Desarrollo, 2021, "Efectos económicos de la Constitución del 1991, 30 anos después," Investigaciones y Productos CID, Universidad Nacional de Colombia, FCE, CID, number 19266, May.
• A. Batz & J. Montes & J. Romero & P. Rubio, 2021, "Análisis de la transmisión de la tasa de interés de política monetaria en la tasa de interés de microcréditos en Colombia: discusiones de independencia," Documentos de trabajo - Alianza EFI, Alianza EFI, number 20041, Nov.
• Brandao-Marques, Luis & Narita, Machiko & Nier, Erlend & Gelos, Gaston, 2021, "Leaning Against the Wind: An Empirical Cost-Benefit Analysis," CEPR Discussion Papers, Centre for Economic Policy Research, number 15693, Jan.
• Gnan, Phillipp & Rieder, Kilian, 2022, "The (Not So) Quiet Period: Communication by ECB Decision-makers during Monetary Policy Blackout Days," CEPR Discussion Papers, Centre for Economic Policy Research, number 15735, Jun.
• Chari, Anusha & Jain, Lakshita & Kulkarni, Nirupama, 2021, "The Unholy Trinity: Regulatory Forbearance, Stressed Banks and Zombie Firms," CEPR Discussion Papers, Centre for Economic Policy Research, number 15773, Feb.
• Dietrich, Alexander & Müller, Gernot & Schoenle, Raphael, 2022, "The Expectations Channel of Climate Change: Implications for Monetary Policy," CEPR Discussion Papers, Centre for Economic Policy Research, number 15866, Jan.
• Whelan, Karl & Ryan, Ellen, 2021, "A Model of QE, Reserve Demand and the Money Multiplier," CEPR Discussion Papers, Centre for Economic Policy Research, number 15882, Mar.
• Gorodnichenko, Yuriy & Pham, Tho & Talavera, Oleksandr, 2021, "The Voice of Monetary Policy," CEPR Discussion Papers, Centre for Economic Policy Research, number 15932, Mar.
• Honkapohja, Seppo & McClung, Nigel, 2021, "On Robustness of Average Inflation Targeting," CEPR Discussion Papers, Centre for Economic Policy Research, number 16001, Apr.
• Galí, Jordi & Andrade, Philippe & Le Bihan, Hervé & Matheron, Julien, 2021, "Should the ECB Adjust its Strategy in the Face of a Lower r*?," CEPR Discussion Papers, Centre for Economic Policy Research, number 16042, Apr.
• Ehrmann, Michael, 2021, "Point Targets, Tolerance Bands, or Target Ranges? Inflation Target Types and the Anchoring of Inflation Expectations," CEPR Discussion Papers, Centre for Economic Policy Research, number 16046, Apr.
• Orphanides, Athanasios & Lengwiler, Yvan, 2021, "Collateral Framework: Liquidity Premia and Multiple Equilibria," CEPR Discussion Papers, Centre for Economic Policy Research, number 16047, Apr.
• Lenza, Michele & Slacalek, Jirka, 2021, "How Does Monetary Policy Affect Income and Wealth Inequality? Evidence from Quantitative Easing in the Euro Area," CEPR Discussion Papers, Centre for Economic Policy Research, number 16079, Apr.
• Ostry, Jonathan D. & Furceri, Davide & Loungani, Prakash & Pizzuto, Pietro, 2021, "Will COVID-19 Have Long-Lasting Effects on Inequality? Evidence from Past Pandemics," CEPR Discussion Papers, Centre for Economic Policy Research, number 16122, May.
• Dedola, Luca & Ca’Zorzi, Michele & Georgiadis, Georgios & Jarocinski, Marek & Stracca, Livio & Strasser, Georg, 2021, "Making waves: Monetary policy and its asymmetric spillovers in a globalised world," CEPR Discussion Papers, Centre for Economic Policy Research, number 16134, May.
• Ehrmann, Michael & Tietz, Robin & Visser, Bauke, 2021, "Voting right rotation, behavior of committee members and financial market reactions: Evidence from the U.S. Federal Open Market," CEPR Discussion Papers, Centre for Economic Policy Research, number 16213, Jun.
• Rey, Hélène & Coimbra, Nuno & Kim, Daisoon, 2021, "Central Bank Policy and the Concentration of Risk: Empirical Estimates," CEPR Discussion Papers, Centre for Economic Policy Research, number 16221, Jun.
• Benigno, Pierpaolo & Benigno, Gianluca, 2021, "Interest, Reserves and Prices," CEPR Discussion Papers, Centre for Economic Policy Research, number 16222, Jun.
• Laeven, Luc & Jasova, Martina & Mendicino, Caterina & Peydró, José-Luis & Supera, Dominik, 2021, "Systemic Risk and Monetary Policy: The Haircut Gap Channel of the Lender of Last Resort," CEPR Discussion Papers, Centre for Economic Policy Research, number 16240, Jun.
• Schmidt, Sebastian & Coenen, Günter & Montes-Galdón, Carlos, 2021, "Macroeconomic stabilisation and monetary policy effectiveness in a low-interest-rate environment," CEPR Discussion Papers, Centre for Economic Policy Research, number 16403, Jul.
• Orphanides, Athanasios & Hofmann, Boris & Lombardi, Marco & Mojon, Benoit, 2021, "Fiscal and monetary policy interactions in a low interest rate world," CEPR Discussion Papers, Centre for Economic Policy Research, number 16411, Jul.
• Cesa-Bianchi, Ambrogio & Czech, Robert & Eguren Martin, Fernando, 2021, "Dash for Dollars," CEPR Discussion Papers, Centre for Economic Policy Research, number 16415, Aug.
• Rieder, Kilian, 2021, "Financial Stability Policies and Bank Lending: Quasi-experimental Evidence from Federal Reserve Interventions in 1920-1921," CEPR Discussion Papers, Centre for Economic Policy Research, number 16490, Aug.
• Peydró, José-Luis & fabiani, andrea & Lopéz Piñeros, Martha & Soto, Paul, 2021, "Capital Controls, Domestic Macroprudential Policy and the Bank Lending Channel of Monetary Policy," CEPR Discussion Papers, Centre for Economic Policy Research, number 16510, Sep.
• Ehrmann, Michael & Wabitsch, Alena, 2021, "Central Bank Communication with Non-Experts - A Road to Nowhere?," CEPR Discussion Papers, Centre for Economic Policy Research, number 16525, Sep.
• Whelan, Karl, 2021, "Central Banks and Inflation: Where Do We Stand and How Did We Get Here?," CEPR Discussion Papers, Centre for Economic Policy Research, number 16557, Sep.
• Weber, Michael & D'Acunto, Francesco & Fuster, Andreas, 2021, "Diverse Policy Committees Can Reach Underrepresented Groups," CEPR Discussion Papers, Centre for Economic Policy Research, number 16563, Sep.
• Forbes, Kristin & Gagnon, Joseph & Collins, Christopher, 2021, "Low Inflation Bends the Phillips Curve around the World," CEPR Discussion Papers, Centre for Economic Policy Research, number 16583, Sep.
• Forbes, Kristin & Bergant, Katharina, 2021, "Macroprudential Policy during COVID-19: The Role of Policy Space," CEPR Discussion Papers, Centre for Economic Policy Research, number 16607, Oct.
• Bilbiie, Florin, 2021, "HALT: Heterogeneous-Agent Liquidity Traps," CEPR Discussion Papers, Centre for Economic Policy Research, number 16625, Oct.
• Acharya, Viral & Crosignani, Matteo & Eisert, Tim & Steffen, Sascha, 2022, "Zombie Lending: Theoretical, International, and Historical Perspectives," CEPR Discussion Papers, Centre for Economic Policy Research, number 16685, Mar.
• Ehrmann, Michael & Holton, Sarah & Kedan, Danielle & Phelan, Gillian, 2021, "Monetary Policy Communication: Perspectives from Former Policy Makers at the ECB," CEPR Discussion Papers, Centre for Economic Policy Research, number 16816, Dec.
• Zettelmeyer, Jeromin & Willems, Tim, 2021, "Sovereign Debt Sustainability and Central Bank Credibility," CEPR Discussion Papers, Centre for Economic Policy Research, number 16817, Dec.
• Bachmann, Rüdiger & Sims, Eric & Goedl Hanisch, Isabel, 2021, "Identifying Monetary Policy Shocks Using the Central Bank’s Information Set," CEPR Discussion Papers, Centre for Economic Policy Research, number 16836, Dec.
• Jobst, Clemens & Rieder, Kilian, 2022, "Supervision without Regulation: Discount Limits at the Austro-Hungarian Bank, 1909-1913," CEPR Discussion Papers, Centre for Economic Policy Research, number 16841, Mar.
• Christophe Blot & Fabien Labondance, 2021, "Beyond the Interest Rate Pass-through: Monetary Policy and Banks Interest Rates during the Effective Lower Bound," Working Papers, CRESE, number 2021-03, Jul.
• Federico Bassi & Andrea Boitani, 2021, "Monetary and macroprudential policy: The multiplier effects of cooperation," DISCE - Working Papers del Dipartimento di Economia e Finanza, Università Cattolica del Sacro Cuore, Dipartimenti e Istituti di Scienze Economiche (DISCE), number def110, Sep.
• Paul Castillo & Juan Pablo Medina, 2021, "Foreign Exchange Intervention, Capital Flows, and Liability Dollarization," GRU Working Paper Series, City University of Hong Kong, Department of Economics and Finance, Global Research Unit, number GRU_2021_027, Jun, revised 25 Jul 2021.
• Boris Chafwehé & Charles de Beauffort & Rigas Oikonomou, 2021, "Debt Management in a World of Fiscal Dominance," LIDAM Discussion Papers IRES, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES), number 2021018, Jul.
• Ben-Gad, M. & Pearlman, J. & Sabuga, I., 2021, "An Analysis of Monetary and Macroprudential Policies in a DSGE Model with Reserve Requirements and Mortgage Lending," Working Papers, Department of Economics, City St George's, University of London, number 21/04.
• Paludkiewicz, Karol, 2021, "Unconventional Monetary Policy, Bank Lending, and Security Holdings: The Yield-Induced Portfolio-Rebalancing Channel," Journal of Financial and Quantitative Analysis, Cambridge University Press, volume 56, issue 2, pages 531-568, March.
• Catullo, Ermanno & Giri, Federico & Gallegati, Mauro, 2021, "Macro- And Microprudential Policies: Sweet And Lowdown In A Credit Network Agent-Based Model," Macroeconomic Dynamics, Cambridge University Press, volume 25, issue 5, pages 1227-1246, July.
• Cova, Pietro & Notarpietro, Alessandro & Pagano, Patrizio & Pisani, Massimiliano, 2021, "Secular Stagnation, R&D, Public Investment, And Monetary Policy: A Global-Model Perspective," Macroeconomic Dynamics, Cambridge University Press, volume 25, issue 5, pages 1267-1287, July.
• Qureshi, Irfan A., 2021, "The Role Of Money In Federal Reserve Policy," Macroeconomic Dynamics, Cambridge University Press, volume 25, issue 8, pages 2037-2057, December.
• Chatelain, Jean-Bernard & Ralf, Kirsten, 2021, "Hopf Bifurcation From New-Keynesian Taylor Rule To Ramsey Optimal Policy," Macroeconomic Dynamics, Cambridge University Press, volume 25, issue 8, pages 2204-2236, December.
• Jean Louis EKOMANE, 2021, "How is monetary policy transmittedto the Human Development Index?," Journal of Economics and Political Economy, EconSciences Journals, volume 8, issue 4, pages 261-275, December.
• Владимир Сиркаров, 2021, "Оптимизиране На Паричните Агрегати От Гледна Точка На Австрийската Парична Теория – Възможности И Ефекти," Electronic magazine "Dialogue", D. A. Tsenov Academy of Economics, Svishtov, Bulgaria, issue 3 Year 20, pages 79-95.
• Franziska Bremus & Franziska Schütze & Aleksandar Zaklan, 2021, "ECB Policy Facilitating Corporate Financing in the Green Bond Market," DIW Weekly Report, DIW Berlin, German Institute for Economic Research, volume 11, issue 22, pages 147-154.
• Kerstin Bernoth & Gökhan Ider, 2021, "Inflation in the Euro Area: Factors Mostly Have Only a Temporary Effect, but Risk of Prolonged Elevated Inflation Remains," DIW Weekly Report, DIW Berlin, German Institute for Economic Research, volume 11, issue 41/42, pages 315-323.
• Franziska Bremus & Franziska Schütze & Aleksandar Zaklan, 2021, "EZB-Politik erleichtert Unternehmen Finanzierung am Markt grüner Anleihen," DIW Wochenbericht, DIW Berlin, German Institute for Economic Research, volume 88, issue 22, pages 367-375.
• Kerstin Bernoth & Gökhan Ider, 2021, "Inflation im Euroraum: Faktoren wirken meist nur temporär, aber Risiko für länger erhöhte Inflation vorhanden," DIW Wochenbericht, DIW Berlin, German Institute for Economic Research, volume 88, issue 42, pages 695-704.
• Geraldine Dany-Knedlik & Andrea Papadia, 2021, "Berücksichtigung von selbstgenutztem Wohnen im Preisindex kann Glaubwürdigkeit der EZB stärken," DIW Wochenbericht, DIW Berlin, German Institute for Economic Research, volume 88, issue 49, pages 795-802.
• Franziska Bremus & Franziska Schütze & Aleksandar Zaklan, 2021, "The Impact of ECB Corporate Sector Purchases on European Green Bonds," Discussion Papers of DIW Berlin, DIW Berlin, German Institute for Economic Research, number 1938.
• Markus Kirchner & Malte Rieth, 2021, "Sovereign Default Risk, Macroeconomic Fluctuations and Monetary-Fiscal Stabilization," Discussion Papers of DIW Berlin, DIW Berlin, German Institute for Economic Research, number 1966.
• Dimitris Mokas & Massimo Giuliodori, 2021, "Effects of LTV announcements in EU economies," Working Papers, DNB, number 704, Jan.
• Yvo Mudde & Anna Samarina & Robert Vermeulen, 2021, "Spillover effects of sovereign bond purchases in the euro area," Working Papers, DNB, number 706, Jan.
• Nils Brouwer & Jakob de Haan, 2021, "The impact of providing information about the ECB's instruments on inflation expectations and trust in the ECB. Experimental evidence," Working Papers, DNB, number 707, Mar.
• Michiel Bijlsma & Carin van der Cruijsen & Nicole Jonker & Jelmer Reijerink, 2021, "What triggers consumer adoption of CBDC?," Working Papers, DNB, number 709, Apr.
• Gabriele Galati & Richhild Moessner & Maarten van Rooij, 2021, "Anchoring of consumers’ long-term euro area inflation expectations during the pandemic," Working Papers, DNB, number 715, Jun.
• Frank van der Horst & Joshua Snell & Jan Theeuwes, 2021, "Enhancing banknote authentication by guiding attention to security features and prevalence expectancy," Working Papers, DNB, number 716, Jun.
• Carin van der Cruijsen & Anna Samarina, 2021, "Trust in the ECB in turbulent times," Working Papers, DNB, number 722, Jul.
• Carin van der Cruijsen & Jakob de Haan & Nicole Jonker, 2021, "Has the COVID-19 pandemic affected public trust? Evidence for the US and the Netherlands," Working Papers, DNB, number 723, Aug.
• Rémi Odry & Roman Mestre, 2021, "Monetary Policy and Business Cycle Synchronization in Europe," EconomiX Working Papers, University of Paris Nanterre, EconomiX, number 2021-19.
• Hamza Bennani, 2021, "Monetary Policy and the Racial Unemployment Rates in the US," EconomiX Working Papers, University of Paris Nanterre, EconomiX, number 2021-8.
• WARBURTON, Christopher E.S., 2021, "Secular Stagnation And The Negative Interest Rate Conundrum: International Analysis Of The Period 2010-2019," Applied Econometrics and International Development, Euro-American Association of Economic Development, volume 21, issue 1, pages 19-36.
• Barthelemy, Jean & Mengus, Eric, 2021, "Implementation Under Limited Commitment," HEC Research Papers Series, HEC Paris, number 1412, Feb, DOI: 10.2139/ssrn.3789635.
• Zamora-Pérez, Alejandro, 2021, "The paradox of banknotes: Understanding the demand for cash beyond transactional use," Economic Bulletin Articles, European Central Bank, volume 2.
• Barbiero, Francesca & Boucinha, Miguel & Burlon, Lorenzo, 2021, "TLTRO III and bank lending conditions," Economic Bulletin Articles, European Central Bank, volume 6.
• Gybas, Daniel & Lizarazo, Christian, 2021, "Liquidity conditions and monetary policy operations in the period from 4 November 2020 to 26 January 2021," Economic Bulletin Boxes, European Central Bank, volume 2.
• della Valle, Guido & Solonar, Nikolaus, 2021, "Liquidity conditions and monetary policy operations in the period from 27 January to 27 April 2021," Economic Bulletin Boxes, European Central Bank, volume 4.
• Fioretto, Elvira & Daskalova, Svetla, 2021, "Liquidity conditions and monetary policy operations from 28 April 2021 to 27 July 2021," Economic Bulletin Boxes, European Central Bank, volume 6.
• Meyler, Aidan & Moreno, Marta Saez & Arioli, Rodolfo & Fischer, Franziska, 2021, "Results of a special survey of professional forecasters on the ECB’s new monetary policy strategy," Economic Bulletin Boxes, European Central Bank, volume 7.
• Forsyth, Simon & Murphy, Ross, 2021, "Liquidity conditions and monetary policy operations in the period from 22 July to 3 November 2020," Economic Bulletin Boxes, European Central Bank, volume 8.
• Dautović, Ernest & Ponte Marques, Aurea & Reghezza, Alessio & Rodriguez d’Acri, Costanza & Martín, Diego Vila & Wildmann, Nadya, 2021, "Evaluating the benefits of euro area dividend distribution recommendations on lending and provisioning," Macroprudential Bulletin, European Central Bank, volume 13.
• Budnik, Katarzyna & Dimitrov, Ivan & Groß, Johannes & Jančoková, Martina & Lampe, Max & Sorvillo, Bianca & Stular, Anze & Volk, Matjaz, 2021, "Policies in support of lending following the coronavirus (COVID 19) pandemic," Occasional Paper Series, European Central Bank, number 257, May.
• Budnik, Katarzyna & Dimitrov, Ivan & Giglio, Carla & Groß, Johannes & Lampe, Max & Sarychev, Andrei & Tarbé, Matthieu & Vagliano, Gianluca & Volk, Matjaz, 2021, "The growth-at-risk perspective on the system-wide impact of Basel III finalisation in the euro area," Occasional Paper Series, European Central Bank, number 258, Jul.
• Tamele, Barbora & Zamora-Pérez, Alejandro & Litardi, Chiara & Howes, John & Steinmann, Eike & Todt, Daniel, 2021, "Catch me (if you can): assessing the risk of SARS-CoV-2 transmission via euro cash," Occasional Paper Series, European Central Bank, number 259, Jul.
• Lodge, David & Pérez, Javier J. & Albrizio, Silvia & Everett, Mary & De Bandt, Olivier & Georgiadis, Georgios & Ca' Zorzi, Michele & Lastauskas, Povilas & Carluccio, Juan & Parraga Rodriguez, Susana &, 2021, "The implications of globalisation for the ECB monetary policy strategy," Occasional Paper Series, European Central Bank, number 263, Sep.
• Darracq Pariès, Matthieu & Notarpietro, Alessandro & Kilponen, Juha & Papadopoulou, Niki & Zimic, Srečko & Aldama, Pierre & Langenus, Geert & Alvarez, Luis Julian & Lemoine, Matthieu & Angelini, Elena, 2021, "Review of macroeconomic modelling in the Eurosystem: current practices and scope for improvement," Occasional Paper Series, European Central Bank, number 267, Sep.
• Cecion, Martina & Coenen, Günter & Gerke, Rafael & Le Bihan, Hervé & Motto, Roberto & Aguilar, Pablo & Ajevskis, Viktors & Giesen, Sebastian & Albertazzi, Ugo & Gilbert, Niels & Al-Haschimi, Alexander, 2021, "The ECB’s price stability framework: past experience, and current and future challenges," Occasional Paper Series, European Central Bank, number 269, Sep.
• Drudi, Francesco & Moench, Emanuel & Holthausen, Cornelia & Weber, Pierre-François & Ferrucci, Gianluigi & Setzer, Ralph & Adao, Bernardino & Dées, Stéphane & Alogoskoufis, Spyros & Téllez, Mar Delgad, 2021, "Climate change and monetary policy in the euro area," Occasional Paper Series, European Central Bank, number 271, Sep.
• Debrun, Xavier & Masuch, Klaus & Ferrero, Guiseppe & Vansteenkiste, Isabel & Ferdinandusse, Marien & von Thadden, Leopold & Hauptmeier, Sebastian & Alloza, Mario & Derouen, Chloé & Bańkowski, Krzyszto, 2021, "Monetary-fiscal policy interactions in the euro area," Occasional Paper Series, European Central Bank, number 273, Sep.
• Assenmacher, Katrin & Glöckler, Gabriel & Holton, Sarah & Trautmann, Peter & Ioannou, Demosthenes & Mee, Simon & Alonso, Conception & Argiri, Eleni & Arigoni, Filippo & Bakk-Simon, Klára & Bergbauer, , 2021, "Clear, consistent and engaging: ECB monetary policy communication in a changing world," Occasional Paper Series, European Central Bank, number 274, Sep.
• Holm-Hadulla, Fédéric & Musso, Alberto & Rodriguez-Palenzuela, Diego & Vlassopoulos, Thomas, 2021, "Evolution of the ECB’s analytical framework," Occasional Paper Series, European Central Bank, number 277, Sep.
• Altavilla, Carlo & Lemke, Wolfgang & Linzert, Tobias & Tapking, Jens & von Landesberger, Julian, 2021, "Assessing the efficacy, efficiency and potential side effects of the ECB’s monetary policy instruments since 2014," Occasional Paper Series, European Central Bank, number 278, Sep.
• Aberg, Pontus & Corsi, Marco & Grossmann-Wirth, Vincent & Hudepohl, Tom & Mudde, Yvo & Rosolin, Tiziana & Schobert, Franziska, 2021, "Demand for central bank reserves and monetary policy implementation frameworks: the case of the Eurosystem," Occasional Paper Series, European Central Bank, number 282, Sep.