Report NEP-MON-2026-05-25

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:

• De Grauwe, Paul & Ji, Yuemei, 2024, "Fighting inflation without massive transfers to banks," LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library, number 138004, Dec.
• Thomas Wangi, 2026, "Foreign Capital Inflows and Monetary Sterilization in Papua New Guinea," CAMA Working Papers, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University, number 2026-35, May.
• Martin, Reiner & Nagy Mohácsi, Piroska, 2024, "Fighting inflation within the Monetary Union and outside: the case of the Visegrad 4," LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library, number 137978, Dec.
• Spencer Krane & Leonardo Melosi & Matthias Rottner, 2026, "Learning monetary policy strategies at the effective lower bound with sudden surprises," BIS Working Papers, Bank for International Settlements, number 1349, May.
• Aeimit Lakdawala & Timothy Moreland, 2026, "Younger Households' Inflation Is More Responsive to Monetary Policy," Working Papers, Wake Forest University, Economics Department, number 133, Apr.
• Solon, Neo, 2026, "The Citizens Standard: A Constitutional Monetary Architecture with Mode-Selectable Inflation Regimes," MPRA Paper, University Library of Munich, Germany, number 129031, May, revised 07 May 2026.
• Jorge Abad & Saki Bigio & Salomon Garcia-Villegas & Joël Marbet & Galo Nuño, 2026, "The Heterogeneous Bank Lending Channel of Monetary Policy," CESifo Working Paper Series, CESifo, number 12676.
• J. Scott Davis & Pon Sagnanert, 2024, "Swap lines curbed global dollar shortages, appreciation during COVID-19 crisis," Dallas Fed Economics, Federal Reserve Bank of Dallas, number 98271, May.
• Maximilian Fandl & Boris Fišera & Adam Geršl & Christian Schmieder, 2026, "How do interest rate levels affect credit loss rates? A rule of thumb approach," BIS Working Papers, Bank for International Settlements, number 1346, May.
• Razzak, Weshah, 2026, "What The RBNZ Monetary Policy Statements Tell Us About Inflation Targeting in New Zealand 1990-2025," MPRA Paper, University Library of Munich, Germany, number 128887, Apr.
• Adnan Velic, 2026, "International Comovements and Persistence in Irish Inflation: A Nonlinear Approach," Trinity Economics Papers, Trinity College Dublin, Department of Economics, number tep1026, May.
• Vincent Bignon & Benoit Mojon & Miguel Ortiz Serrano, 2026, "The Trafalgar squeeze of global liquidity," BIS Working Papers, Bank for International Settlements, number 1347, May.
• Moritz Pfeifer & Gunther Schnabl, 2026, "The Euro as an Optimum Currency Area? A Reappraisal," CESifo Working Paper Series, CESifo, number 12675.
• Assenza, Tiziana & Huber, Stefanie J. & Mogilevskaja, Anna & Schmidt, Tobias, 2026, "When wording changes what we find: The impact of inflation expectations on spending," Discussion Papers, Deutsche Bundesbank, number 13/2026, DOI: 10.71734/DP-2026-13.
• K. Peren Arin & Ozan Eksi & Neslihan Kaya Eksi & Moo-Sung Kim, 2026, "International Transmission of Monetary Shocks: Firm Level Evidence," CAMA Working Papers, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University, number 2026-33, May.
• Willem THORBECKE, 2026, "How is Policy Normalization by the Bank of Japan Affecting the Link between Monetary Policy and Stock Prices," Discussion papers, Research Institute of Economy, Trade and Industry (RIETI), number 26038, May.
• Tomohito HONDA & Chihiro SHIMIZU & Iichiro UESUGI, 2026, "The Real Estate Channel of Unconventional Monetary Policy," Discussion papers, Research Institute of Economy, Trade and Industry (RIETI), number 26037, Apr.
• Tyler Atkinson & Ron Mau, 2024, "Running the economy hotter for longer could steepen Phillips curve," Dallas Fed Economics, Federal Reserve Bank of Dallas, number 98649, Jul.
• Ran Huang, 2026, "The Phase Structure of Metallic Money: An MPTT Framework for the Spanish Price Revolution," Papers, arXiv.org, number 2605.08788, May.
• Simone Arrigoni & Massimo Ferrari, 2026, "Beyond Borders, Within Societies: Inequality and the Global Transmission of US Monetary Policy," Working papers, Banque de France, number 1043.
• Ronald Albers & Staffan Lindén, 2026, "Trend Movements in the Swedish Krona Exchange Rate against the Euro – An Explanatory Framework," European Economy - Economic Briefs, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission, number 090, May.
• Bahaj, Saleem & Fuchs, Marie & Reis, Ricardo, 2026, "The global network of liquidity lines," LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library, number 137636, May.
• Braden Strackman & Mark A. Wynne, 2024, "Not all price increases are equal; pandemic-era outliers drove inflation spike," Dallas Fed Economics, Federal Reserve Bank of Dallas, number 98443, Jun.
• 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," University of East Anglia School of Economics Working Paper Series, School of Economics, University of East Anglia, Norwich, UK., number 2026-02, Mar.
• Gustav Olaf Yunus Laitinen-Fredriksson Lundstrom-Imanov, 2026, "The Economics of AI Inference: Inflation Dynamics, Welfare Costs, and Optimal Monetary Policy under the Inference-Cost Phillips Curve," Papers, arXiv.org, number 2605.20281, May.
• Firmin Ayivodji & Etienne Briand & Kevin Moran & Dalibor Stevanovic, 2026, "Monetary Policy in the Media Spotlight: Sentiments, Signals, and Economic Impact," Working Papers, Chair in macroeconomics and forecasting, University of Quebec in Montreal's School of Management, number 26-03, May.
• Cara Bordier & Lukas Frei & Simon Stalder, 2026, "Dollar dominance: A source of dollar volatility?," Working Papers, Swiss National Bank, number 2026-05.
• den Besten, M J & Stadhouders, N W & Cylus, Jon & Jeurissen, P P T, 2026, "High inflation rates can induce significant disparities in Dutch hospital margins: a mixed methods study," LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library, number 138008, Jun.
• Stefan Tanevski & Marjan Petreski, 2026, "Wage Rigidity, Exchange Rate Regimes, and Inflation Persistence in Transition Economies: A Cohort-Based Institutional Approach," Papers, arXiv.org, number 2605.16862, May.
• Tatsushi Okuda & Tomohiro Tsuruga & Francesco Zanetti, 2026, "Imperfect Information, Composition of Demand Shocks, and the Flattening of the Phillips Curve," CAMA Working Papers, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University, number 2026-31, May.
• Ozan Eksi & K. Peren Arin & Neslihan Kaya Eksi & Moo-Sung Kim, 2026, "Sectoral Heterogeneity in the International Transmission of Monetary Policy," CAMA Working Papers, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University, number 2026-32, May.
• Firmin Ayivodji & Etienne Briand & Kevin Moran & Dalibor Stevanovic, 2026, "Monetary Policy in the Media Spotlight: Sentiments, Signals, and Economic Impact," Papers, arXiv.org, number 2605.15092, May.
• Hugo De Vere & Ipek Ozil & Srini Ramaswamy & Seth Searls, 2026, "Term Funding Premium—Time Is Money After All," Working Papers, Federal Reserve Bank of Dallas, number 2613, May, DOI: 10.24149/wp2613.
• Takushi Kurozumi & Willem Van Zandweghe, 2026, "Fixing the Phillips Curve: Implications of Firms' Monopsonistic Wage-setting for Inflation Dynamics," Working Papers, Federal Reserve Bank of Cleveland, number 26-10, May, DOI: 10.26509/frbc-wp-202610.
• Petre Caraiani & Rangan Gupta, 2026, "Firm-Level Inflationary Expectations in South Africa: The Role of Oil Supply News Shocks," Working Papers, University of Pretoria, Department of Economics, number 202615, May.
• Anton Cheremukhin & Sewon Hur & Ron Mau & Alexander W. Richter, 2024, "Surging population growth from immigration may have little effect on inflation," Dallas Fed Economics, Federal Reserve Bank of Dallas, number 98529, Jul.
• Martha Elena Delgado Rojas & Juan Herreño & Marc Hofstetter & Mathieu Pedemonte, 2026, "The Causal Effects of Expected Depreciations," NBER Working Papers, National Bureau of Economic Research, Inc, number 35175, May.
• Stefan Tanevski, 2026, "The Asset Price Channel of Monetary Policy: Evidence from Regional Stock-Market Developments in the Successor States of Former Yugoslavia," Papers, arXiv.org, number 2605.14575, May.
• Pedro Bordalo & Nicola Gennaioli & Florencio Lopez-de-Silanes & Simon G. Schröder & Andrei Shleifer & Maarten van Rooij, 2026, "The Psychology of Macroeconomic Expectations," NBER Working Papers, National Bureau of Economic Research, Inc, number 35214, May.
• Sarah Mouabbi & Jean-Paul Renne & Adrien Tschopp, 2026, "US inflation and growth risk through expert eyes
  [Les risques d’inflation et de croissance aux USA sous le prisme des experts]," Eco Notepad, Banque de France, number 450, May.
• Solon, Neo, 2026, "The Citizens Standard as Counterfactual Benchmark: Empirical Analysis of an Alternative US Monetary Architecture, 1960–2055," MPRA Paper, University Library of Munich, Germany, number 129035, May.