Report NEP-MON-2026-05-18

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:

• Rajeswari Sengupta, 2026, "Monetary policy in India: The Long road to inflation targeting," Indira Gandhi Institute of Development Research, Mumbai Working Papers, Indira Gandhi Institute of Development Research, Mumbai, India, number 2026-005, Apr.
• Domenech Palacios, Mar & Ehrmann, Michael & Ferrari Minesso, Massimo & Mehl, Arnaud & Comazzi, Fabio, 2026, "ECB exchange rate communication," Working Paper Series, European Central Bank, number 3229, May.
• J. Scott Davis & Pon Sagnanert, 2024, "Impact of inflation shocks on foreign exchange rates reflects central bank stature," Dallas Fed Economics, Federal Reserve Bank of Dallas, number 98757, Sep.
• Sam Schulhofer-Wohl, 2025, "A simple measure of monetary policy transmission," Dallas Fed Economics, Federal Reserve Bank of Dallas, number 102282, Dec.
• Vaishali Garga & Benjamin Gryzb & Rajeswari Sengupata, 2026, "Do actions match words? Reassessing the Taylor rule in an emerging-market context," Indira Gandhi Institute of Development Research, Mumbai Working Papers, Indira Gandhi Institute of Development Research, Mumbai, India, number 2026-003, Mar.
• Shutao Cao & Yahong Zhang, 2026, "Fiscal and monetary policy during the pandemic in Canada: a quantitative analysis," Working Papers, University of Windsor, Department of Economics, number 2602, May, revised May 2026.
• Lutz Kilian, 2026, "Lessons from the destabilization of inflation in the 1970s," Dallas Fed Economics, Federal Reserve Bank of Dallas, number 102856, Feb.
• Philippe Bacchetta & J. Scott Davis & Eric Van Wincoop, 2025, "Central bank swaps offer dollar crisis lifeline to non-U.S. banks," Dallas Fed Economics, Federal Reserve Bank of Dallas, number 101899, Sep.
• Jonathan Benchimol & Sathya Mellina, 2026, "Narratives and the Term Structure of Inflation Expectations," CAMA Working Papers, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University, number 2026-29, May.
• Steininger, L. E., 2026, "Against inflation: queer-feminist monetary (and price) theory," LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library, number 137946, Mar.
• Aariya Sen, 2026, "Does Perception Matter? The Role of Monetary Policy Uncertainty in Policy Transmission," Working Papers, Madras School of Economics,Chennai,India, number 2026-297, Apr.
• Giancarlo Corsetti & Keith Kuester & Gernot J. Müller & Sebastian Schmidt & Ben Schumann, 2026, "Exchange Rate Insulation Revisited," Berlin School of Economics Discussion Papers, Berlin School of Economics, number 0096, May, DOI: 10.48462/opus4-6217.
• Rosie Levy, 2025, "Payment system design can encourage intraday liquidity efficiency," Dallas Fed Economics, Federal Reserve Bank of Dallas, number 101900, Oct.
• Ryan Niladri Banerjee & Lena Boneva & Gabor Pinter & Vladyslav Sushko, 2026, "Monetary policy transmission to exchange rates: the role of currency carry trades," BIS Bulletins, Bank for International Settlements, number 124, May.
• Luca Gagliardone & Mark Gertler & Simone Lenzu & Joris Tielens, 2026, "Micro and Macro Cost-Price Dynamics in Normal Times and During Inflation Surges," Staff Reports, Federal Reserve Bank of New York, number 1195, May, DOI: 10.59576/sr.1195.
• Corinne Salter & Daniel Villar Vallenas, 2026, "Wage and Income Growth Expectations Before, During, and After the Pandemic Period," FEDS Notes, Board of Governors of the Federal Reserve System (U.S.), number 2026-04-13, Apr, DOI: 10.17016/2380-7172.4038.
• José E. Gutiérrez & Enric Martorell & Mariya Melnychuk, 2026, "The nexus between the deposit and risk-taking channels of monetary policy," Working Papers, Banco de España, number 2615, May, DOI: https://doi.org/10.53479/43145.
• Bernhard Reinsberg, 2026, "The Adoption of Money Innovations: A Comparative Analysis," Working Papers, Centre for Business Research, University of Cambridge, number wpt202601, Apr.
• Tyler Atkinson & Jim Dolmas, 2025, "What is keeping core inflation above 2 percent?," Dallas Fed Economics, Federal Reserve Bank of Dallas, number 101894, Sep.
• Christopher Otrok & Braden Strackman, 2024, "International factors broadly explain postpandemic inflation," Dallas Fed Economics, Federal Reserve Bank of Dallas, number 99021, Oct.
• Benjamin Knox & Annette Vissing-Jorgensen, 2026, "The Effect of the Federal Reserve on the Stock Market: Magnitudes, Channels and Shocks," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.), number 2026-023, May, DOI: 10.17016/FEDS.2026.023.
• Matthew McCormick & Srini Ramaswamy, 2026, "What drives mortgage rates and their response to monetary policy changes," Dallas Fed Economics, Federal Reserve Bank of Dallas, number 103186, May.
• Klaus Adam & Andrey Alexandrov & Henning Weber, 2026, "The Misallocation Costs of Inflation: A Sufficient Statistics Approach," CRC TR 224 Discussion Paper Series, University of Bonn and University of Mannheim, Germany, number crctr224_2025_743, May.
• Zeqin Liu & Zongwu Cai & Ying Fang, 2026, "An LLM Approach to Study Expectation Management Frictions under China's Dual-Track Regulation and Multi-Objective Constraints," WORKING PAPERS SERIES IN THEORETICAL AND APPLIED ECONOMICS, University of Kansas, Department of Economics, number 202613, May, revised May 2026.
• Merendino, Alfonso & Monacelli, Tommaso, 2026, "Supply chain uncertainty, energy prices, and inflation," Working Paper Series, European Central Bank, number 3230, May.
• Adolfsen, Jakob Feveile & Lappe, Marie-Sophie & Manu, Ana-Simona & Rößler, Denise & Schupp, Fabian & Stalla-Bourdillon, Arthur, 2026, "Gas market shocks: tracing the effect on euro area inflation expectations," Working Paper Series, European Central Bank, number 3227, May.
• Martin Bruns & Helmut Luetkepohl & James McNeil, 2026, "Reassessing Proxy-based Identification of Multiple Monetary Policy Shocks for the Euro Area, the US, and the UK," Working Papers, Dalhousie University, Department of Economics, number daleconwp2026-01, May.
• Lutz Kilian & Michael D. Plante & Alexander W. Richter & Xiaoqing Zhou, 2026, "Implications of the Iran war for U.S. inflation," Dallas Fed Economics, Federal Reserve Bank of Dallas, number 103086, Apr.
• Anthony Murphy & Isha Parmar, 2024, "Inflation stress and concern remain elevated despite stabilizing prices," Dallas Fed Economics, Federal Reserve Bank of Dallas, number 99407, Dec.
• Anton Cheremukhin & Sewon Hur & Ronald R. Mau & Karel Mertens & Alexander W. Richter & Xiaoqing Zhou, 2026, "The Postpandemic U.S. Immigration Surge: New Facts and Inflationary Implications," NBER Working Papers, National Bureau of Economic Research, Inc, number 35168, May.
• Hung Q. Tran, 2026, "Stablecoins’ Potential Effects on Monetary Systems," Policy briefs on Economic Trends and Policies, Policy Center for the New South, number 2616, May.
• Tyler Atkinson & Ron Mau, 2025, "Is inflation still slowing? Early 2025 data pivotal to outlook," Dallas Fed Economics, Federal Reserve Bank of Dallas, number 99565, Feb.
• Samuel J. Hempel & JP Perez-Sangimino & Jessie Jiaxu Wang, 2026, "Banks in the Age of Stablecoins: Lessons from Their Historical Responses to Financial Innovations," FEDS Notes, Board of Governors of the Federal Reserve System (U.S.), number 2026-05-01-1, May, DOI: 10.17016/2380-7172.4017.
• Tyler Atkinson & Jim Dolmas & Rebecca Zarutskie, 2026, "Skewness warrants caution as Trimmed Mean PCE inflation eases," Dallas Fed Economics, Federal Reserve Bank of Dallas, number 103085, Apr.
• Perazzi, Elena, 2026, "Forward Guidance in the Nonlinear New Keynesian Model," MPRA Paper, University Library of Munich, Germany, number 128045, Feb.
• Mariam Camarero & Antonia López-Villavicencio & Cecilio Tamarit, 2026, "GVC participation and inflation in the European Union," Working Papers, Department of Applied Economics II, Universidad de Valencia, number 2609, May.
• Lorie Logan & Sam Schulhofer-Wohl, 2025, "Options for modernizing the FOMC’s operating target interest rate," Dallas Fed Economics, Federal Reserve Bank of Dallas, number 101893, Sep.
• Christian Moser & Farzad Saidi & Benjamin Wirth & Stefanie Wolter, 2026, "Credit Supply, Firms, and Earnings Inequality," CESifo Working Paper Series, CESifo, number 12656.
• Sam Schulhofer-Wohl, 2025, "Monetary policy implementation and the consolidated government balance sheet," Dallas Fed Economics, Federal Reserve Bank of Dallas, number 99847, Apr.
• Owen Kay & Lutz Kilian & Reid Taylor, 2026, "Data center boom expected to raise electricity component of PCE inflation," Dallas Fed Economics, Federal Reserve Bank of Dallas, number 102868, Mar.
• Hugo De Vere & Srini Ramaswamy & Sam Schulhofer-Wohl, 2025, "Accounting for interest rate risk: Matching Fed assets to liabilities," Dallas Fed Economics, Federal Reserve Bank of Dallas, number 101409, Aug.
• Rachel A. Jones & Reid Taylor & Nitzan Tzur-Ilan, 2026, "Measures of inflation misalign with pricier home insurance," Dallas Fed Economics, Federal Reserve Bank of Dallas, number 103080, Apr.
• Ron Mau & Tucker Smith, 2026, "Effects of realized tariff changes on PCE prices peaked in first quarter 2026," Dallas Fed Economics, Federal Reserve Bank of Dallas, number 103184, May.
• Uraku Yoshimoto & Kiyotaka Sato & Taiyo Yoshimi & Takatoshi Ito & Junko Shimizu & Yushi Yoshida, , "Protecting Subsidiaries from Exchange Rate Risk:The Role of Ownership Ratios in Invoice Currency Choices," Discussion papers, Policy Research Institute, Ministry of Finance Japan, number ron385.