Report NEP-MON-2026-02-02

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:

• Guender, Alfred V., , "Is There a Bank Lending Channel of Monetary Policy in New Zealand?," Department of Economics Discussion Papers, University of Canterbury - New Zealand, number 263783, DOI: 10.22004/ag.econ.263783.
• Blejer, Mario I. & Leiderman, Leonardo, , "A Monetary Approach to the Crawling-Peg System: Theory and Evidence," Center for Latin American Development Studies Discussion Papers, Boston University, number 262900, DOI: 10.22004/ag.econ.262900.
• Harry Aytug, 2026, "United in Currency, Divided in Growth: Dynamic Effects of Euro Adoption," Papers, arXiv.org, number 2601.20169, Jan.
• Gabriel Montes-Rojas & Fernando Toledo & Nicolás Bertholet & Kevin Corfield, 2026, "Implicit Quantile Preferences of the Fed and the Taylor Rule," Working Papers, Red Nacional de Investigadores en Economía (RedNIE), number 384, Jan.
• Enrique G. Mendoza & Vincenzo Quadrini, 2026, "Capital Flows in a World Starved for Liquidity: Analysis and Policy Implications," NBER Working Papers, National Bureau of Economic Research, Inc, number 34688, Jan.
• Dimitris Korobilis & Leif Anders Thorsrud, 2025, "Evaluating Monetary Policy using Deviation Errors," Working Papers, Business School - Economics, University of Glasgow, number 2025_08, May.
• Blejer, Mario I., , "Strike Activity and Wage Determination Under Rapid Inflation: A Quantitiative Study of the Chilean Case," Center for Latin American Development Studies Discussion Papers, Boston University, number 262901, DOI: 10.22004/ag.econ.262901.
• Akinlade, Femi, 2025, "Literature Review on New Keynesian Phillips Curve (NKPC)," MPRA Paper, University Library of Munich, Germany, number 126878.
• Tara Iyer & Agustin Roitman & Mr. James P Walsh, 2026, "Services Inflation and the Exchange Rate in Türkiye," IMF Working Papers, International Monetary Fund, number 2026/006, Jan.
• Menon, Jayant, , "Exchange Rate Pass-through: Theory and Evidence," Center of Policy Studies (COPS) Impact Project Papers, Monash University Center of Policy Studies, number 266332, DOI: 10.22004/ag.econ.266332.
• Guender, Alfred V. & Tam, Julie, , "On the Performance of Nominal Income Targeting as a Strategy for Monetary Policy in a Small Open Economy," Department of Economics Discussion Papers, University of Canterbury - New Zealand, number 263799, DOI: 10.22004/ag.econ.263799.
• Dimitris Korobilis, 2025, "Exploring Monetary Policy Shocks with Large-Scale Bayesian VARs," Working Papers, Business School - Economics, University of Glasgow, number 2025_09, May.
• Blejer, Mario I. & Leiderman, Leonardo, , "Inflation and Relative Price Variability in the Open Economy," Center for Latin American Development Studies Discussion Papers, Boston University, number 262905, DOI: 10.22004/ag.econ.262905.
• Neilon, Gabriella & Guest, Oliver & Steenkamp, Daan, 2025, "The market impact of inflation surprises in South Africa," MPRA Paper, University Library of Munich, Germany, number 127318, Dec.
• Guender, Alfred V., , "The New Classical vs the New Keynesian Debate on the Output-Inflation Tradeoff: Evidence from Four Industrialized Countries," Department of Economics Discussion Papers, University of Canterbury - New Zealand, number 263750, DOI: 10.22004/ag.econ.263750.
• Danila Ovechkin, 2026, "Estimation and forecasting with a Nonlinear Phillips Curve based on heterogeneous sensitivity between economic activity and CPI components," Bank of Russia Working Paper Series, Bank of Russia, number wps161, Jan.
• Konstantin Styrin, 2024, "Monetary Policy Transmission in a Small Open Economy under Financial and Trade Restrictions," Bank of Russia Working Paper Series, Bank of Russia, number wps141, Dec.
• Ko Munakata, 2026, "A tractable menu cost model with an aggregate markup drift," BIS Working Papers, Bank for International Settlements, number 1327, Jan.
• Sergey Ivashchenko & Andrey Sinyakov, 2025, "Heterogeneous Inflation Expectations Across Economic Agents: Implications for Monetary Policy," Bank of Russia Working Paper Series, Bank of Russia, number wps152, Jul.
• Denis Krylov, 2024, "Russian food inflation and world food prices," Bank of Russia Working Paper Series, Bank of Russia, number wps126, Feb.
• Sergio Correia & Stephan Luck & Emil Verner, 2026, "Bank Runs With and Without Bank Failure," Papers, arXiv.org, number 2601.20285, Jan.
• Tingyi Lin, 2026, "A Blessing in Disguise: How DeFi Hacks Trigger Unintended Liquidity Injections into US Money Markets," Papers, arXiv.org, number 2601.08263, Jan, revised Jan 2026.
• Sinem Hacioglu Hoke & Daniel A. Ostry & Hélène Rey & Adrien Rousset Planat & Vania Stavrakeva & Jenny Tang, 2026, "Topography of the FX Derivatives Market: A View from London," NBER Working Papers, National Bureau of Economic Research, Inc, number 34588, Jan.
• Blejer, Mario I. & Fernandez, Roque B., , "The Effects of Unanticipated Money Growth on Prices, Output, and its Composition in a Fixed-Exchange-Rate Open Economy: The Mexican Experience," Center for Latin American Development Studies Discussion Papers, Boston University, number 262903, DOI: 10.22004/ag.econ.262903.
• Blejer, Mario I., , "Monetary Aspects of the Black-Market Exchange Rate Determination," Center for Latin American Development Studies Discussion Papers, Boston University, number 262897, DOI: 10.22004/ag.econ.262897.
• Sergey Ivashchenko, 2025, "Do We Need Тaylor-type Rules in DSGE?," Bank of Russia Working Paper Series, Bank of Russia, number wps144, Jan.
• Alina Evstigneeva & Yulia Shchadilova, 2024, "Broader Audience Transparency Index for Central Banks," Bank of Russia Working Paper Series, Bank of Russia, number wps136, Oct.
• Menon, Jayant, , "Flexible Exchange Rates and Traded Goods Prices: A Theory of the Short-Run," Center of Policy Studies (COPS) Impact Project Papers, Monash University Center of Policy Studies, number 266368, DOI: 10.22004/ag.econ.266368.
• Lin, Lin & Ortega, David L., 2025, "Food Price Inflation and Corporate Profitability," 2025 AAEA & WAEA Joint Annual Meeting, July 27-29, 2025, Denver, CO, Agricultural and Applied Economics Association, number 360618, DOI: 10.22004/ag.econ.360618.
• Dalziel, Paul, , "A Finance Theory of Monetary Policy in a World Without Money," Department of Economics Discussion Papers, University of Canterbury - New Zealand, number 263800, DOI: 10.22004/ag.econ.263800.
• Jo, Jungkeon, 2025, "Impact of Monetary Policy Shocks on Agricultural Markets," 2025 AAEA & WAEA Joint Annual Meeting, July 27-29, 2025, Denver, CO, Agricultural and Applied Economics Association, number 360650, DOI: 10.22004/ag.econ.360650.
• Parot, Rodrigo & Rodriguez, Martha, , "Inflation in Peru: 1980-1984," Center for Latin American Development Studies Discussion Papers, Boston University, number 263694, DOI: 10.22004/ag.econ.263694.
• Hardhik Mohanty & Bhaskar Krishnamachari, 2026, "Who Restores the Peg? A Mean-Field Game Approach to Model Stablecoin Market Dynamics," Papers, arXiv.org, number 2601.18991, Jan.
• Nicolas Laurence, 2026, "Special Drawing Rights and Ecological Vulnerability: Monetary Hierarchy and the Translation of Values," Post-Print, HAL, number hal-05446729, Mar, DOI: 10.1016/j.esg.2025.100304.
• Cardoso, Eliana A., , "Indexation, Monetary Accommodation and Inflation in Brazil," Center for Latin American Development Studies Discussion Papers, Boston University, number 263623, DOI: 10.22004/ag.econ.263623.
• Alexandra Glazova & Maxim Nevalennyi & Andrey Sinyakov, 2025, "An Educational Model of a Small Open Economy for Monetary Policy Analysis (with examples from Bank of Russia’s practice)," Bank of Russia Working Paper Series, Bank of Russia, number wps154, Aug.
• Vadim Grishchenko & Maria Lymar & Andrei Sinyakov, 2025, "What information is important for households’ inflation expectations: evidence from a randomized controlled trial," Bank of Russia Working Paper Series, Bank of Russia, number wps148, Apr.
• María Alejandra Amado, 2026, "Macroprudential FX Regulations and Small Firms: Unintended Consequences for Credit Growth," Working Papers, Banco de España, number 2604, Jan, DOI: https://doi.org/10.53479/42365.
• Guender, Alfred V., , "The Output-Inflation Tradeoff in the United States: Evidence on the New Classical vs. New Keynesian Debate," Department of Economics Discussion Papers, University of Canterbury - New Zealand, number 263747, DOI: 10.22004/ag.econ.263747.
• Leiderman, Leonardo, , "The Demand for Money Under Rational Expectations of Inflation: FIML Estimates for Brazil," Center for Latin American Development Studies Discussion Papers, Boston University, number 263593, DOI: 10.22004/ag.econ.263593.
• Hamoon Soleimani, 2025, "The Endogenous Constraint: Hysteresis, Stagflation, and the Structural Inhibition of Monetary Velocity in the Bitcoin Network (2016-2025)," Papers, arXiv.org, number 2512.07886, Nov.
• Danila Ovechkin, 2025, "Decomposition of the consumer price index into cyclical and acyclical components," Bank of Russia Working Paper Series, Bank of Russia, number wps149, Apr.
• Joe Cannataci & Benjamin Fehrensen & Mikolai Gutschow & Ozgur Kesim & Bernd Lucke, 2026, "Digital Euro: Frequently Asked Questions Revisited," Papers, arXiv.org, number 2601.18644, Jan.
• Cilengi Kandolo, Augustin, 2026, "Dualisme des régimes de change et contrainte de coordination des politiques économiques en République Démocratique du Congo
  [Dualism of exchange rate regimes and the constraint of economic policy c," MPRA Paper, University Library of Munich, Germany, number 127804, Jan, revised 14 Jan 2026.
• Peng, Rundong & Ortega, David L., 2025, "Food Price, Inflation Expectations, and Consumer Sentiment," 2025 AAEA & WAEA Joint Annual Meeting, July 27-29, 2025, Denver, CO, Agricultural and Applied Economics Association, number 360716, DOI: 10.22004/ag.econ.360716.
• Romain Baeriswyl & Kene Boun My & Camille Cornand, 2026, "Central Bank Digital Currency and Gresham's law: An experimental analysis," Working Papers, Swiss National Bank, number 2026-03.
• Steele, David & Wright, Julian, , "The Forward Premium Bias Under Different Monetary Policy Environments," Department of Economics Discussion Papers, University of Canterbury - New Zealand, number 263781, DOI: 10.22004/ag.econ.263781.
• Carlos Cañizares Martínez & Adriana Lojschová & Alicia Aguilar, 2026, "Non-linear effects of monetary policy shocks on housing: Evidence from a CESEE country," Working Papers, Banco de España, number 2602, Jan, DOI: https://doi.org/10.53479/42325.
• Fernando Avalos & Boris Hofmann & José María Serena Garralda, 2026, "Monetary policy and private equity acquisitions: tracing the links," BIS Working Papers, Bank for International Settlements, number 1326, Jan.
• Tiago Neves Sequeira & Pedro Lima & Joshua Duarte, 2025, "Inflation, the Skill Premium and the labor share: An empirical and theoretical analysis," CeBER Working Papers, Centre for Business and Economics Research (CeBER), University of Coimbra, number 2025-04, Dec.
• Ryuichiro Hirano & Yutaro Takano & Kosuke Takatomi, 2026, "What Drives Trend Inflation in Japan? : A Trend-Cycle BVAR Decomposition Approach," Bank of Japan Working Paper Series, Bank of Japan, number 26-E-1, Jan.
• Wright, Julian, , "Credit Frictions, Debt Choice and the Transmission of Monetary Policy," Department of Economics Discussion Papers, University of Canterbury - New Zealand, number 263780, DOI: 10.22004/ag.econ.263780.
• Hamoon Soleimani, 2025, "An Examination of Bitcoin's Structural Shortcomings as Money: A Synthesis of Economic and Technical Critiques," Papers, arXiv.org, number 2512.07840, Nov.
• Menon, Jayant, , "Exchange Rate Pass-Through for Australian Manufactured Imports: Estimates from the Johansen Maximum-Likelihood Procedure," Center of Policy Studies (COPS) Impact Project Papers, Monash University Center of Policy Studies, number 266333, DOI: 10.22004/ag.econ.266333.
• Powell, Alan A., , "From Dornbusch to Murphy: STYLIZED MONETARY DYNAMICS OF A CONTEMPORARY MACROECONOMETRIC MODEL," Center of Policy Studies (COPS) Impact Project Papers, Monash University Center of Policy Studies, number 266341, DOI: 10.22004/ag.econ.266341.
• Emilio Barucci & Andrea Gurgone & Giulia Iori & Michele Azzone, 2026, "Central Bank Digital Currency, Flight-to-Quality, and Bank-Runs in an Agent-Based Model," Working Papers, Department of Economics, University of Venice "Ca' Foscari", number 2026: 01.
• Degiannakis, Stavros & Delis, Panagiotis & Filis, George, 2025, "Forecasting household-level inflation in Greece," MPRA Paper, University Library of Munich, Germany, number 127228, Oct.
• Fernando Ávalos & Boris Hofmann & Jose M. Serena, 2026, "Monetary policy and private equity acquisitions: tracing the links," Working Papers, Banco de España, number 2605, Jan, DOI: https://doi.org/10.53479/42385.
• Martin Hodula & Simona Malovana, 2025, "When Foreign Rates Matter More: Domestic Investor Responses in a Small Open Economy," Working Papers, Czech National Bank, Research and Statistics Department, number 2025/11, Aug.
• Gabriela Araujo & David Rivero Leiva & Hugo Rodríguez Mendizábal, 2026, "Endogenous Bank Risks and the Lending Channel of Monetary Policy," Working Papers, Barcelona School of Economics, number 1549, Jan.