Report NEP-MON-2025-09-01

This is the archive for NEP-MON, a report on new working papers in the area of Monetary Economics. Bernd Hayo issued this report. It is usually issued weekly.

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Other reports in NEP-MON

The following items were announced in this report:

• Dzung Bui & Bernd Hayo, 2025, "Inflation Expectations of the General Public under Supply Constraints: Evidence from a Survey Experiment," MAGKS Papers on Economics, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung), number 202520.
• Jonathan Benchimol & Inon Gamrasni & Michael Kahn & Sigal Ribon & Yossi Saadon & Noam Ben-Ze'ev & Asaf Segal & Yitzchak Shizgal, 2025, "The Interaction Between Domestic Monetary Policy and Macroprudential Policy in Israel," Papers, arXiv.org, number 2508.07082, Aug.
• Enzinger, Matthias & Gechert, Sebastian & Heimberger, Philipp & Prante, Franz & Romero, Daniel Fernández, 2025, "The overstated effects of conventional monetary policy on output and prices," OSF Preprints, Center for Open Science, number 72cen_v2, Aug, DOI: 10.31219/osf.io/72cen_v2.
• Vihar Dalal & Daniel A. Dias & Pinar Uysal, 2025, "From Bank Lending Standards to Bank Credit Conditions: An SVAR Approach," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.), number 2025-055, Aug, DOI: 10.17016/FEDS.2025.055.
• Xinyu Li, 2025, "Mitigating Financial Frictions in Agriculture: A Framework for Stablecoin Adoption," Papers, arXiv.org, number 2507.14970, Jul.
• Elías Albagli & Mr. Francesco Grigoli & Emiliano Luttini & Dagoberto Quevedo & Marco Rojas, 2025, "Beyond Costs: The Dominant Role of Strategic Complementarities in Pricing," IMF Working Papers, International Monetary Fund, number 2025/164, Aug.
• Aguilar, José & Quineche, Ricardo, 2025, "Regional Inflation Spillovers and Monetary Policy Design: Evidence from Peru's Successful Inflation-Targeting Framework," MPRA Paper, University Library of Munich, Germany, number 125442, Jul.
• Godinho, Enzo & Mattos, Beatriz, 2025, "The New Development Bank and the ecological transition: Decoupling development finance from core currency hegemony?," IPE Working Papers, Berlin School of Economics and Law, Institute for International Political Economy (IPE), number 260/2025.
• Rice, Jonathan & Guerrini, Giulia Maria, 2025, "Riding the rate wave: interest rate and run risks in euro area banks during the 2022-2023 monetary cycle," Working Paper Series, European Central Bank, number 3090, Aug.
• Michel Grimm & Torben Klarl, 2025, "From Heatwaves to Cold Spells: How Extreme Temperature Events Shape Inflation in Germany," Bremen Papers on Economics & Innovation, University of Bremen, Faculty of Business Studies and Economics, number 2502, Aug, DOI: https://doi.org/10.26092/elib/4414.
• Mark A. Carlson, 2025, "The Banking Panic in New Mexico in 1924 and the Response of the Federal Reserve," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.), number 2025-064, Aug, DOI: 10.17016/FEDS.2025.064.
• Pierre L Siklos & Dora Xia & Hongyi Chen, 2025, "R* in East Asia: business, financial cycles, and spillovers," BIS Working Papers, Bank for International Settlements, number 1285, Aug.
• Nesrine Dardouri & Abdelkader Aguir & Mounir Smida, 2025, "Exchange Rate Pass-Through to Domestic Prices: Evidence Analysis of a Periphery Country," Post-Print, HAL, number hal-05154078, Mar, DOI: 10.1515/econ-2025-0154.
• Johanna Tiedemann & Olivier Bizimana & Shant Arzoumanian, 2025, "Measuring Monetary Policy Stance in Sub-Saharan African Emerging and Frontier Markets," IMF Working Papers, International Monetary Fund, number 2025/160, Aug.
• Ferrari Minesso, Massimo & Van Robays, Ine & Cassinis, Maria Giulia, 2025, "Supply shocks and inflation: timely insights from financial markets," Working Paper Series, European Central Bank, number 3096, Aug.
• Paige Ehresmann & Juan M. Morelli & Jessie Jiaxu Wang, 2025, "What Do Bank Stock Returns Say About Monetary Policy Transmission?," FEDS Notes, Board of Governors of the Federal Reserve System (U.S.), number 2025-08-04, Aug, DOI: 10.17016/2380-7172.3864.
• Oktay Özden & Alp Erinç Yeldan, 2025, "Two-Household Stock-Flow Consistent Model of the UK Economy: Post-COVID Inflation and Incomes Policy," Working Papers, Post Keynesian Economics Society (PKES), number PKWP2519, Aug.
• Viral V. Acharya & Matteo Crosignani & Tim Eisert & Christian Eufinger, 2025, "How Do Supply Shocks to Inflation Generalize? Evidence From the Pandemic Era in Europe," Staff Reports, Federal Reserve Bank of New York, number 1164, Aug, DOI: 10.59576/sr.1164.
• Quineche, Ricardo & Zapata, Juan, 2025, "Inflationary and Deflationary Pressures: A Behavioral Decomposition of U.S. Inflation Dynamics," MPRA Paper, University Library of Munich, Germany, number 125441, Jul.
• Annette Vissing-Jorgensen, 2025, "Fluctuations in the Treasury General Account and their effect on the Fed’s balance sheet," FEDS Notes, Board of Governors of the Federal Reserve System (U.S.), number 2025-08-06, Aug, DOI: 10.17016/2380-7172.3873.
• Djeneba Dramé & Florian Léon, 2025, "Do firms react to monetary policy in developing countries?
  [European Economic Review]," Post-Print, HAL, number hal-05172185, Sep, DOI: 10.1016/j.euroecorev.2025.105102.
• Mehmet Balcilar & Kenny Kutu & Sonali Das & Rangan Gupta, 2025, "Predicting the Conditional Distributions of Inflation and Inflation Uncertainty in South Africa: The Role of Climate Risks," Working Papers, University of Pretoria, Department of Economics, number 202529, Aug.
• Samin Abdullah & Manjola Tase, 2025, "Policy Rate Uncertainty and Money Market Funds (MMF) Portfolio Allocations," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.), number 2025-063, Aug, DOI: 10.17016/FEDS.2025.063.
• Sharjil M. Haque & Young Soo Jang & Jessie Jiaxu Wang, 2025, "Indirect Credit Supply: How Bank Lending to Private Credit Shapes Monetary Policy Transmission," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.), number 2025-059, Aug, DOI: 10.17016/FEDS.2025.059.
• Alexander Hammerl, 2025, "Optimal Control of Reserve Asset Portfolios for Stablecoins," Papers, arXiv.org, number 2508.09429, Aug, revised Feb 2026.
• Admire Tarisirayi Chirume & James Hurungo & Brandon Aaron Chinoperekweyi, 2025, "Climate change shocks and monetary policy in South Africa a simulationbased analysis," Working Papers, South African Reserve Bank, number 11087, Aug.
• Rodrigo Dias & Gavan Fitzsimons & Eesha Sharma, 2025, "Consumer Wealth and Price Expectations," Working Papers, Federal Reserve Bank of Philadelphia, number 25-23, Aug, DOI: 10.21799/frbp.wp.2025.23.
• Ozili, Peterson K & Okeke, Esther Ngozika & Obiora, Kingsley I., 2025, "Wartime monetary policy: Monetary policy options to adopt during war," MPRA Paper, University Library of Munich, Germany, number 125397.
• Daniele Ballinari & Jessica Maly, 2025, "FX sentiment analysis with large language models," Working Papers, Swiss National Bank, number 2025-11.
• Philippe Bacchetta & J. Scott Davis & Eric van Wincoop, 2025, "Dollar Funding Fragility and non-US Global Banks," Swiss Finance Institute Research Paper Series, Swiss Finance Institute, number 25-65, Jul.
• Theodore Kapopoulos & Dimitrios Anastasiou & Steven Ongena & Athanasios Sakkas, 2025, "Geopolitical Risk and Domestic Bank Deposits," Swiss Finance Institute Research Paper Series, Swiss Finance Institute, number 25-64, Jul.
• Ifrim, Adrian & Kollmann, Robert & Pfeiffer, Philipp & Ratto, Marco & Roeger, Werner, 2025, "Persistent global growth differences and Euro Area adjustment: real activity, trade and the real exchange rate," MPRA Paper, University Library of Munich, Germany, number 125401, Jul.
• Albertazzi, Ugo & Ferrando, Annalisa & Gori, Sofia & Rariga, Judit, 2025, "The cost channel of monetary policy: evidence from euro area firm-level survey data," Working Paper Series, European Central Bank, number 3097, Aug.
• López-Noria, Gabriela & Pedemonte, Mathieu, 2025, "Monetary Policy Effects on Firms’ Uncertainty," IDB Publications (Working Papers), Inter-American Development Bank, number 14223, Jul, DOI: http://dx.doi.org/10.18235/0013615.
• Danilo Leiva-León & Viacheslav Sheremirov & Jenny Tang & Egon Zakrajšek, 2025, "Inflation Factors," Working Papers, Federal Reserve Bank of Boston, number 25-5, Aug, DOI: 10.29412/res.wp.2025.05.
• Dzung Bui & Bernd Hayo, 2025, "Documentation Paper: Representative Survey on Inflation Expectations and Knowledge about Monetary and Financial Topics in Germany Conducted in 2025," MAGKS Papers on Economics, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung), number 202519.
• Colin Weiss, 2025, "Official Reserve Revaluations: The International Experience," FEDS Notes, Board of Governors of the Federal Reserve System (U.S.), number 2025-08-01-2, Aug, DOI: 10.17016/2380-7172.3788.
• Guangling Liu & Christopher D. Solomon, 2025, "South Africa's inflation: Monetary or fiscal," WIDER Working Paper Series, World Institute for Development Economic Research (UNU-WIDER), number wp-2025-52.
• Degryse, Hans & De Jonghe, Olivier & Laeven, Luc & Zhao, Tong, 2025, "Collateral and credit," Working Paper Series, European Central Bank, number 3095, Aug.
• Piergallini, Alessandro, 2025, "Corporate Finance and Interest Rate Policy," MPRA Paper, University Library of Munich, Germany, number 125362, Mar.
• Viacheslav Sheremirov & Hillary Stein, 2025, "Global Inflation, Regional Factors," Working Papers, Federal Reserve Bank of Boston, number 25-6, Aug, DOI: 10.29412/res.wp.2025.06.
• Iustina Alina Boitan & Thomas Paulovici, 0000, "Central Bank Digital Currencies and Financial Inclusion in Developing Economies: Opportunities, Challenges, and Lessons from Early Adopters," Proceedings of Economics and Finance Conferences, International Institute of Social and Economic Sciences, number 15116731.

Report NEP-MON-2025-09-01

This is the archive for NEP-MON, a report on new working papers in the area of Monetary Economics. Bernd Hayo issued this report. It is usually issued weekly.

Subscribe to this report: email, RSS, or Mastodon, or Bluesky.

Other reports in NEP-MON

The following items were announced in this report: