Report NEP-MON-2026-01-26

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:

• Cwik, Tobias & Winter, Christoph, 2025, "FX interventions as a form of unconventional monetary policy," IMFS Working Paper Series, Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS), number 228.
• De Santis, Roberto A. & Cardamone, Dario, 2026, "Understanding the inflation–output relationship across business cycle phases," Working Paper Series, European Central Bank, number 3175, Jan.
• Ferrari Minesso, Massimo & Siena, Daniele, 2026, "Private money and public debt. U.S. Stablecoins and the global safe asset channel," Working Paper Series, European Central Bank, number 3174, Jan.
• Alexa Kaminski & Alistair Macaulay & Wenting Song, 2026, "Monetary Policy Narratives and the Transmission of Monetary Policy," School of Economics Discussion Papers, School of Economics, University of Surrey, number 0126, Jan.
• Thomas Ankenbrand & Denis Bieri & Stefano Ferrazzini & Johannes Hoehener, 2025, "Classifying Tokenised Money: Dimensions and Design Features," Papers, arXiv.org, number 2512.11010, Dec, revised Jan 2026.
• Lukas Hack & Klodiana Istrefi & Matthias Meier, 2025, "The Systematic Origins of Monetary Policy Shocks," Working papers, Banque de France, number 1021.
• Philipp Poyntner & Sofie R. Waltl, 2026, "The Connection Between Monetary Policy and Housing Prices: Public Perception and Expert Communication," Papers, arXiv.org, number 2601.08957, Jan, revised Jan 2026.
• Matthieu Bussiere & Tommaso Gasparini & Guillaume Horny & Benoit Nguyen, 2025, "Deposit Funding and the Credit Channel of Monetary Policy," Working papers, Banque de France, number 1029.
• Silvia Miranda-Agrippino & Tsvetelina Nenova & Hélène Rey, 2026, "The Ins & Outs of Chinese Monetary Policy Transmission," NBER Working Papers, National Bureau of Economic Research, Inc, number 34626, Jan.
• Neil Wilson & Richard Tye & Andrew Berkeley, 2026, "Legal Tender, Debt, and the Institutional Settlement of Monetary Obligations in English Law," Economics Working Paper Archive, Levy Economics Institute, number wp_1103, Jan.
• Friedheim Diego & De Marco Filippo, 2025, "Banks' Inflation Expectations and Credit Allocation: the Fisher Effect," Asociación Argentina de Economía Política: Working Papers, Asociación Argentina de Economía Política, number 4803, Dec.
• Eric Vansteenberghe, 2025, "Monetary Policy, Uncertainty, and Credit Supply," Papers, arXiv.org, number 2512.12255, Dec.
• Rubio Mateo Luis, 2025, "Long and Variable Lags in Argentina's Monetary Policy: Evidence from Disaggregated Price Indices," Asociación Argentina de Economía Política: Working Papers, Asociación Argentina de Economía Política, number 4836, Dec.
• Maria Manuel Campos & José Miguel Cardoso da Costa & Sandra Gomes & Pascal Jacquinot, 2025, "Monetary and fiscal policy interactions in the aftermath of an inflationary shock," Working Papers, Banco de Portugal, Economics and Research Department, number w202515.
• Elton Beqiraj & Stefano Di Bucchianico & Mario Di Serio & Michele Raitano, 2026, "The effects of monetary policy shocks on wage inequality: evidence from Italy," Working Papers in Public Economics, Department of Economics and Law, Sapienza University of Rome, number 270, Jan.
• H. Ozlem Dursun-de Neef & Tarik Alperen Er & Ibrahim Yarba, 2026, "The Impact of Banks’ Interest Rate Risk on Monetary Policy Transmission," Working Papers, Research and Monetary Policy Department, Central Bank of the Republic of Turkey, number 2601.
• Sébastien Blanco & Miriam Koomen & Pinar Yesin, 2026, "Heterogeneous effects of monetary policy surprises on bond fund flows," Working Papers, Swiss National Bank, number 2026-01.
• Verona, Fabio, 2026, "Forecasting inflation: The sum of the cycles outperforms the whole," Bank of Finland Research Discussion Papers, Bank of Finland, number 1/2026.
• Joana Passinhas & Isabel Proença, 2025, "A DSTI limit in an increasing interest rate environment: benefits across the LSTI distribution," Working Papers, Banco de Portugal, Economics and Research Department, number w02524.
• Diana Bonfim & Sujiao Zhao & Olivier De Jonghe, 2025, "Household Borrowing and Monetary Policy Transmission: Post-Pandemic Insights from Nine European Credit Registers," Working Papers, Banco de Portugal, Economics and Research Department, number w202514.
• Di Iorio Juan Pablo, 2025, "Fiscal dominance, shocks, and the currency distribution of sovereign debt: the case of a small open economy," Asociación Argentina de Economía Política: Working Papers, Asociación Argentina de Economía Política, number 4794, Dec.
• Vanessa B. Schmidt, 2025, "Inequality, Home Production, and Monetary Policy," Berlin School of Economics Discussion Papers, Berlin School of Economics, number 0082, Nov, DOI: 10.48462/opus4-5993.
• Jean Barthélemy & Eric Mengus & Guillaume Plantin, 2025, "A State Theory of Price Levels," Working papers, Banque de France, number 1023.
• Alessandro Franconi & Giacomo Rella, 2025, "Monetary policy and the wealth distribution," Cahiers de recherche / Working Papers, Chaire de recherche sur les enjeux économiques intergénérationnels / Research Chair in Intergenerational Economics, number 2504.
• Nikoleta Anesti & Edward Hill & Andreas Joseph, 2025, "Inflation Attitudes of Large Language Models," Papers, arXiv.org, number 2512.14306, Dec.
• George-Marios Angeletos & Chen Lian & Christian K. Wolf, 2026, "Fiscal Inaction as Monetary Support," NBER Working Papers, National Bureau of Economic Research, Inc, number 34654, Jan.
• Stefano Herzel & Marco Nicolosi, 2026, "Sensitivity of the Euro OIS Term Structure to ECB Policy Rate Surprises," CEIS Research Paper, Tor Vergata University, CEIS, number 619, Jan, revised 12 Jan 2026.
• Federico Di Pace & Giacomo Mangiante & Riccardo Masolo, 2025, "Brexit and the cost of living: a tale of two phases," DISCE - Working Papers del Dipartimento di Economia e Finanza, Università Cattolica del Sacro Cuore, Dipartimenti e Istituti di Scienze Economiche (DISCE), number def147, Dec.
• Benjamin Jungmann & Eckhard Hein & Juan Manuel Campana, 2025, "A post-Keynesian open economy model of conflict inflation, distribution, employment, and external balance," FMM Working Paper, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute, number 120-2025.
• Alex Huang, 2026, "Journal Impact Factor and Federal Reserve Monetary Policy: An Econometric Analysis Based on 1975-2026," Papers, arXiv.org, number 2601.09618, Jan.
• Seula Kim & Michael Navarrete, 2025, "Geospatial Heterogeneity in Inflation: A Market Concentration Story," FRB Atlanta Working Paper, Federal Reserve Bank of Atlanta, number 2025-15, Nov, DOI: 10.29338/wp2025-15.
• Tran, Lan & Su, Ye & Tran, Doc Lap, 2025, "Resilience of small farmers in the face of high inflation: A case in Missouri," 2025 AAEA & WAEA Joint Annual Meeting, July 27-29, 2025, Denver, CO, Agricultural and Applied Economics Association, number 360624, DOI: 10.22004/ag.econ.360624.
• Georges Prat, 2026, "Towards a Demand for Money Measurement ? Application to the German hyperinflation of the early 1920s," EconomiX Working Papers, University of Paris Nanterre, EconomiX, number 2026-2.
• Philip Bunn & Nicholas Bloom & Craig Menzies & Paul Mizen & Gregory Thwaites & Ivan Yotzov, 2026, "State and Time-Dependent Pricing," NBER Working Papers, National Bureau of Economic Research, Inc, number 34666, Jan.
• Nam, Hosung & Jo, Jungkeon, 2025, "Impact of Food Price Inflation on Consumer Welfare Using Aggregated Time-Series Data," 2025 AAEA & WAEA Joint Annual Meeting, July 27-29, 2025, Denver, CO, Agricultural and Applied Economics Association, number 360842, DOI: 10.22004/ag.econ.360842.
• Yan, Hongqiang & Mishra, Ashok K. & Manfredo, Mark, 2025, "Drivers of Food Price Inflation in the United States: A High-Dimensional Local Projection Approach," 2025 AAEA & WAEA Joint Annual Meeting, July 27-29, 2025, Denver, CO, Agricultural and Applied Economics Association, number 360685, DOI: 10.22004/ag.econ.360685.
• Danial Lashkari, 2026, "Understating Rising Quality Means Import Price Inflation Is Overstated," Liberty Street Economics, Federal Reserve Bank of New York, number 20260114, Jan, DOI: 10.59576/lse.20260114.
• Domínguez Juan Ignacio, 2025, "The Macroeconomics of Exchange Controls: Distortions, Resource Allocation, and Crisis Timing," Asociación Argentina de Economía Política: Working Papers, Asociación Argentina de Economía Política, number 4795, Dec.
• Yihan Hong & Hengxiang Feng & Yinghan Wang & Boxuan Li, 2025, "The Impact of Bitcoin ETF Approval on Bitcoin's Hedging Properties Against Traditional Assets," Papers, arXiv.org, number 2512.12815, Dec.
• Fabien Clive Ntonga Efoua & Françoise Okah Efogo & Bernard Cléry Nomo Beyala & Bruno Emmanuel Ongo Nkoa, 2025, "Adopting the BASI-coins in Africa. A SWOT Analysis
  [Adoption des BASI-coins en Afrique. Une analyse SWOT]," Post-Print, HAL, number hal-05402623, DOI: 10.4000/157ir.
• Marinelli Gaston, 2025, "Global Dollar Shocks and Spillovers into EMDEs: The Channels of Commodity Prices and Country Risk," Asociación Argentina de Economía Política: Working Papers, Asociación Argentina de Economía Política, number 4818, Dec.
• McLaughlin, Patrick W. & Okrent, Abigail M., 2025, "Has consumer food demand become more price sensitive? A case study of beverages using retail- and household-based scanner data," 2025 AAEA & WAEA Joint Annual Meeting, July 27-29, 2025, Denver, CO, Agricultural and Applied Economics Association, number 360837, DOI: 10.22004/ag.econ.360837.