Report NEP-MON-2026-05-11

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:

• Ran Huang, 2026, "The Reservation Inflation of Hard Money: Gold-Standard Deflation and the Real Expansion of Nominal Claims, 1873-1896," Papers, arXiv.org, number 2604.26248, Apr.
• Guido Ascari & Alexandre Carrier & Emanuele Gasteiger & Alex Grimaud & Gauthier Vermandel, 2026, "Monetary policy in the Euro Area, when Phillips curves ... are curves," Working Papers, DNB, number 861, May.
• Grigoli, Francesco & Sandri, Damiano & Gorodnichenko, Yuriy & Coibion, Olivier, 2026, "Monetary Policy According to Households: Perceptions, Reactions, and Channels," IZA Discussion Papers, IZA Network @ LISER, number 18591, Apr.
• Zuzana Gric & Jan Janku & Simona Malovana, 2026, "Euroisation and the Bank Lending Channel of Monetary Policy: Evidence from Czechia," Working Papers, Czech National Bank, Research and Statistics Department, number 2026/07, Mar.
• Josef Simpartl, 2026, "Social Media as a Monetary Policy Tool? Evidence from a Survey Experiment," Working Papers, Czech National Bank, Research and Statistics Department, number 2026/04, Feb.
• Giancarlo Corsetti & Keith Kuester & Gernot J. Müller & Sebastian Schmidt & Ben Schumann & Gernot Müller, 2026, "Exchange Rate Insulation Revisited," CESifo Working Paper Series, CESifo, number 12635.
• Ran Huang, 2026, "A phase transition in monetary function explains expansion without inflation," Papers, arXiv.org, number 2604.24035, Apr.
• Volha Audzei & Michal Franta, 2026, "International Spillovers from Euro Area Monetary Policy to Advanced Small Open Economies: Investment Behavior of Czech Firms," Working Papers, Czech National Bank, Research and Statistics Department, number 2026/05, Mar.
• Hanjo Odendaal & Monique Reid & Pierre Siklos, 2026, "Inflation expectations the impact of priming in survey questions," Working Papers, South African Reserve Bank, number 11103, May.
• Mushtariy Boymatova, 2026, "The emergence of wage-price spirals: Implications for Monetary Policy Response," IHEID Working Papers, Economics Section, The Graduate Institute of International Studies, number 13-2026, Apr.
• Kevin J. Lansing & Adam Hale Shapiro, 2026, "Measuring Inflation Shock Momentum," Working Paper Series, Federal Reserve Bank of San Francisco, number 2026-10, Apr, DOI: 10.24148/wp2026-10.
• Lorenzo Menna & Martín Tobal & Alejandro Werner, 2026, "Monetary Policy Transmission in an Emerging Market: The Financial-Friction Channel VS The Interest-Rate Channel," Working Papers, Red Nacional de Investigadores en Economía (RedNIE), number 394, Apr.
• Taisuke Nakata & Yoshiyuki Nakazono & Kento Tango, 2026, "Daily Inflation Expectations in Japan around the Time of Regime Change," CARF F-Series, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo, number CARF-F-624, Apr.
• Engin Kara, 2026, "From Micro Filters to the Macro Slope," CESifo Working Paper Series, CESifo, number 12638.
• Hiroyuki Oi & Shigenori Shiratsuka & Shunichi Yoneyama, 2026, "Revisiting Shadow Short-term Interest Rate Models: Evidence from the Ultra-Low Interest Rate Environment in Japan," IMES Discussion Paper Series, Institute for Monetary and Economic Studies, Bank of Japan, number 26-E-06, Mar.
• Boliang Lin & Ruixi Lin, 2026, "RSDM: The Consensus Honest Money in the AI Era," Papers, arXiv.org, number 2605.00340, Apr.
• Randy Moise Kambana & Gaël Ngongo, 2025, "De-dollarization in the Democratic Republic of Congo: A 25-Year Retrospective and a 25-Year Prospective on Usage, Market Depth, and Monetary Credibility
  [Dé-dollarisation en République démocratique du Congo : une rétrospective de 25 ans et une pro," Post-Print, HAL, number hal-05229895, DOI: 10.48424/IMIST.PRSM/ram-v1i12.59527.
• Christine Desan, 2026, "Democratic Sovereignty and the Prerogative to Make Money: The Case of the Federal Reserve," Working Papers Series, Institute for New Economic Thinking, number inetwp247, Mar, DOI: 10.36687/inetwp247.
• Martin Bruns & Helmut Lütkepohl & James McNeil, 2026, "Reassessing Proxy-based Identification of Multiple Monetary Policy Shocks for the Euro Area, the US, and the UK," Discussion Papers of DIW Berlin, DIW Berlin, German Institute for Economic Research, number 2163.
• Filip Blaha & Jan Botka & Josef Sveda & Ales Michl, 2026, "AI-Based Forecasting of Czech Inflation: Quantile Regression Forests with Dynamic Weights," Working Papers, Czech National Bank, Research and Statistics Department, number 2026/09, Apr.
• George Cui & Xiaosheng Guo & Leticia Juarez, 2026, "Bank Loans, Trade Credit and Export Prices: Evidence from Exchange Rate Shocks in China," IMF Working Papers, International Monetary Fund, number 2026/084, Apr.
• Frantisek Masek, 2026, "Households' Inflation Expectations and Consumption in Macroeconomic Models: A Negative Real Income Channel," Working Papers, Czech National Bank, Research and Statistics Department, number 2026/06, Mar.
• Rösl, Gerhard & Seitz, Franz, 2026, "Affordability of cash: From stocktaking to why and how," Weidener Diskussionspapiere, University of Applied Sciences Amberg-Weiden (OTH), number 101.
• Khawaja, Jawad & Raza, Hamid, 2026, "Beyond neutrality: Uncovering the sectoral and distributional consequences of monetary policy in the Nordic countries," ZÖSS-Discussion Papers, University of Hamburg, Centre for Economic and Sociological Studies (CESS/ZÖSS), number 127.
• Knüppel, Malte & Pavlova, Lora, 2026, "Survey design and professional forecasters: The case of uncertainty in the US SPF," ZEW Discussion Papers, ZEW - Leibniz Centre for European Economic Research, number 26-017.
• Arrigoni, Simone & Ferrari Minesso, Massimo, 2026, "Beyond borders, within societies: inequality and the global transmission of US monetary policy," Working Paper Series, European Central Bank, number 3221, May.
• Chaewon Baek & Vitaliia Yaremko, 2026, "The Puzzle of a Missing Wage‐Price Spiral: Experimental Evidence on Inflation Expectations and Labor Supply," Trinity Economics Papers, Trinity College Dublin, Department of Economics, number tep0926, Apr.
• Wataru Hagio & Daisuke Ikeda & Koji Takahashi & Keisuke Yoshida, 2026, "Mind the Gap When Exiting Low-for-Long," IMES Discussion Paper Series, Institute for Monetary and Economic Studies, Bank of Japan, number 26-E-02, Feb.
• Daisuke Ikeda & Hidehiko Matsumoto, 2025, "Towards a Macroeconomic Model of Banking Crises," IMES Discussion Paper Series, Institute for Monetary and Economic Studies, Bank of Japan, number 25-E-17, Dec.
• Masayuki Okada, 2026, "Decomposing Loan Rate Dispersion in the Interbank Market," IMES Discussion Paper Series, Institute for Monetary and Economic Studies, Bank of Japan, number 26-E-04, Mar.
• Kevin L. Kliesen, 2026, "Comparing the FOMC’s Estimate of R-Star with Alternative Estimates," On the Economy, Federal Reserve Bank of St. Louis, number 103131, May.
• Eric Hillebrand, 2026, "Property, Interest, and Money: Is Heinsohn and Steiger's Property Premium a Determinant of Interest?," Papers, arXiv.org, number 2604.24489, Apr, revised May 2026.
• Alan Chernoff & Julapa Jagtiani & Nathaniel Yoshida, 2026, "Flight to Safety: Evaluating Stablecoin’s Role as a Safe-Haven Asset in DeFi Markets," Working Papers, Federal Reserve Bank of Philadelphia, number 26-24, May, DOI: 10.21799/frbp.wp.2026.24.
• Andrés Fernández & Alejandro Vicondoa, 2026, "Capital Flows to Emerging Markets: Disentangling Quantities from Prices," Working Papers, Red Nacional de Investigadores en Economía (RedNIE), number 393, Apr.