Report NEP-MON-2026-07-27

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:

• Arifovic, Jasmina & Salle, Isabelle & Schilling, Linda, 2025, "Losing Grip? The Quantity Theory of Money under Currency Competition," CEPR Discussion Papers, Centre for Economic Policy Research, number 20529, Aug.
• Kara, A. Hakan & Simsek, Alp, 2025, "Türkiye's Homemade Crises," CEPR Discussion Papers, Centre for Economic Policy Research, number 20647, Sep.
• Jorge Abad & Saki Bigio & Salomón García-Villegas & Joël Marbet & Galo Nuño, 2026, "The Heterogeneous Bank Lending Channel of Monetary Policy," Working Papers, Banco de España, number 2620, Jul, DOI: https://doi.org/10.53479/44026.
• Forbes, Kristin & Ha, Jongrim & Kose, M. Ayhan, 2025, "Tradeoffs over Rate Cycles: Activity, Inflation and the Price Level," CEPR Discussion Papers, Centre for Economic Policy Research, number 20240, May.
• Alice Albonico & Guido Ascari & Qazi Haque & Kostas Mavromatis & Andra Smadu, 2026, "Energy and Monetary Policy in the Euro Area," CAMA Working Papers, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University, number 2026-55, Jul.
• Ascari, Guido & Carrier, Alexandre & Gasteiger, Emanuel & Grimaud, Alex & Vermandel, Gauthier, 2025, "Monetary Policy in the Euro Area, when Phillips Curves ... are Curves," CEPR Discussion Papers, Centre for Economic Policy Research, number 20489, Jul.
• Core, Fabrizio & De Marco, Filippo & Eisert, Tim & Schepens, Glenn, 2025, "Inflation and Floating-Rate Loans: Evidence from the Euro-Area," CEPR Discussion Papers, Centre for Economic Policy Research, number 20354, Jun.
• Gregorio Impavido & Shuyu Wang, 2026, "There Will Be Liquidity! But Will There Be Transmission?," IMF Working Papers, International Monetary Fund, number 2026/109, Jun.
• Conrad, Christian & Enders, Zeno & Müller, Gernot, 2025, "Inflation Forecast Targeting Revisited," CEPR Discussion Papers, Centre for Economic Policy Research, number 20467, Jul.
• Altavilla, Carlo & Bottero, Margherita & Imbierowicz, Björn & Abad, Jorge & Anyfantaki, Sofia & Benkovskis, Konstantins & Bredl, Sebastian & Burlon, Lorenzo & de Souza, Tomás Carrera & Giovannini, Mas, 2026, "Monetary policy transmission via banks to firms," Occasional Paper Series, European Central Bank, number 389, Jul.
• Jaemin Jeong & Eunseong Ma & Choongryul Yang, 2026, "Attention-Dependent Monetary Transmission to Household Beliefs," FRB Atlanta Working Paper, Federal Reserve Bank of Atlanta, number 2026-9, Jul, DOI: 10.29338/wp2026-09.
• Mateus Maquiadi, 2026, "Inflation Responses to FX Demand and Supply Shocks under Exchange Rate Segmentation: Evidence from Angola," Working Papers REM, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa, number 2026/0421, Jun.
• Bofinger, Peter, 2025, "Stablecoins and the Future of Money: Economic Principles and Policy Implications," CEPR Discussion Papers, Centre for Economic Policy Research, number 20583, Aug.
• Guerrieri D'Amati, Andrea & Hassall, Gavin, 2026, "Embracing the Future: Tense Patterns and Forward-Looking Central Bank Communication," The Warwick Economics Research Paper Series (TWERPS), University of Warwick, Department of Economics, number 1619.
• Ascari, Guido & Bijnens, Gert & Bobasu, Alina & Colciago, Andrea & Dhyne, Emmanuel & Elfsbacka-Schmöller, Michaela & Grimaud, Alex & Valderrama, Maria Teresa & Zlobins, Andrejs & Audzei, Volha, 2026, "Monetary policy transmission and structural changes," Occasional Paper Series, European Central Bank, number 393, Jul.
• Elton Beqiraj & Giuseppe Ciccarone & Giovanni Di Bartolomeo, 2026, "The expectational pass-through in a generalized time-dependent price-setting model," Working Papers in Public Economics, Department of Economics and Law, Sapienza University of Rome, number 282, May.
• Hedlund, Aaron & Larkin, Kieran & Mitman, Kurt & Ozkan, Serdar, 2025, "Mortgage Market Structure and the Transmission of Monetary Policy During the Great Inflation," CEPR Discussion Papers, Centre for Economic Policy Research, number 20364, Jun.
• Fukui, Masao & Gormsen, Niels & Huber, Kilian, 2025, "Sticky Discount Rates," CEPR Discussion Papers, Centre for Economic Policy Research, number 20502, Jul.
• Mohamed, Saladin, 2026, "Complex Dynamics and Inflation Volatility: An Overlapping Generations Approach," MPRA Paper, University Library of Munich, Germany, number 128547, Apr.
• Antoine Camous & Natalia Garcia Soto, 2026, "Austria One Century Apart: Persistent Effects of Hyperinflation on Inflation Expectations," Working papers, Banque de France, number 1050.
• Michael D. Bauer & Alexander Czarnota & Mathias Klein, 2026, "Prices and Monetary Policy: The Role of Financial Constraints," Working Paper Series, Federal Reserve Bank of San Francisco, number 2026-13, Jul, DOI: 10.24148/wp2026-13.
• Anyfantaki, Sofia & Cucic, Dominic & Fricke, Daniel & Hartmann, Philipp & Kaufmann, Christoph & Lukmanova, Elizaveta & Maddaloni, Angela & Barahona, Ricardo, 2026, "Monetary policy transmission and non-bank financial intermediation," Occasional Paper Series, European Central Bank, number 391, Jul.
• Caballero, Ricardo & Caravello, Tomás & Simsek, Alp, 2025, "FCI-star," CEPR Discussion Papers, Centre for Economic Policy Research, number 20362, Jun.
• Gebauer, Stefan & Nakov, Anton & Nuño, Galo & Osbat, Chiara & Paz-Pardo, Gonzalo & Paulus, Alari & Quintana, Javier & Valderrama, Maria Teresa & Palazzolo, Alberto, 2026, "The propagation of shocks across the production network and implications for monetary policy," Occasional Paper Series, European Central Bank, number 392, Jul.
• Dudley Cooke, 2026, "The Role of Monetary Policy for the Valuation of Collateral in Bank-Firm Lending," Working Papers, Banco de Portugal, Economics and Research Department, number w202604.
• Bonfim, Diana & Moretti, Laura & Auer, Simone & Bandoni, Emil & Briglevics, Tamás & Ferrando, Annalisa & De Jonghe, Olivier & Kho, Stephen & Mendicino, Caterina & Rodriguez-Moreno, Maria & S. Moura, A, 2026, "Monetary policy transmission through the financial system to households," Occasional Paper Series, European Central Bank, number 390, Jul.
• Best, Lea & Born, Benjamin & Menkhoff, Manuel, 2025, "The Impact of Interest: Firms' Investment Sensitivity to Interest Rates," CEPR Discussion Papers, Centre for Economic Policy Research, number 20695, Sep.
• Felipe Alves & Giovanni L. Violante, 2026, "Monetary Policy Under Okun’s Hypothesis," Staff Working Papers, Bank of Canada, number 26-3, Mar, DOI: 10.34989/swp-2026-3.
• Bergholt, Drago & Røisland, Øistein & Sveen, Tommy & Torvik, Ragnar, 2025, "Should Monetary and Fiscal Policy Pull in the Same Direction?," CEPR Discussion Papers, Centre for Economic Policy Research, number 20391, Jul.
• Andrew Lee Smith & Victor J. Valcarcel, 2026, "Rethinking Central Bank LSAPs: The Power of Market Functioning Purchases," Research Working Paper, Federal Reserve Bank of Kansas City, number RWP 26-05, Jul, DOI: 10.18651/RWP2026-05.
• Lunardelli, Andre, 2025, "Fairness, ambiguity, wage markups and disinflation costs," MPRA Paper, University Library of Munich, Germany, number 128590, Aug, revised 05 Apr 2026.
• James C. MacGee & Yuxi Yao, 2026, "Housing and the Long-Term Real Effects of Changes in Trend Inflation," Staff Working Papers, Bank of Canada, number 26-1, Feb, DOI: 10.34989/swp-2026-1.
• Monti, Francesca & Van Keirsbilck, Leila, 2025, "The Transmission of Shocks across Sectors and the Dynamics of Sectoral Prices," CEPR Discussion Papers, Centre for Economic Policy Research, number 20621, Sep.
• Leandro Lyra Braga Dognini, 2026, "Selection of Efficient Monetary Equilibria Through Aggregate Real Savings-Based Taylor Rule," Papers, arXiv.org, number 2607.06599, Jul.
• Leiva-Leon, Danilo & Sheremirov, Slavik & Tang, Jenny & ZakrajÅ¡ek, Egon, 2025, "Inflation Factors," CEPR Discussion Papers, Centre for Economic Policy Research, number 20574, Aug.
• Zhou, Sili & Ma, Chang & Rebucci, Alessandro, 2025, "A Nascent International Financial Channel of China’s Monetary Policy Transmission," CEPR Discussion Papers, Centre for Economic Policy Research, number 20672, Sep.
• Basten, Christoph & Juelsrud, Ragnar, 2025, "Monetary Policy Transmission through Cross-Selling Banks," CEPR Discussion Papers, Centre for Economic Policy Research, number 20507, Jul.
• Marcellino, Massimiliano & Tornese, Tommaso, 2025, "An Empirical Investigation of the Effects of Monetary Policy Shocks on the Italian Economy," CEPR Discussion Papers, Centre for Economic Policy Research, number 20661, Sep.
• Andrea De Polis & Álvaro Fernández-Gallardo & José Nicolás Rosas, 2026, "Oil supply shocks and inflation tail risks," Working Papers, Banco de España, number 2622, Jul, DOI: https://doi.org/10.53479/44148.
• Bacchetta, Philippe & Davis, J. Scott & van Wincoop, Eric, 2025, "Dollar Funding Fragility and non-US Global Banks," CEPR Discussion Papers, Centre for Economic Policy Research, number 20497, Jul.
• David Borner & Heiko Sorg, 2026, "CIP violations as functional components of the dynamic cross-currency basis curve," Working Papers, Swiss National Bank, number 2026-09.
• Ghassibe, Mishel & Nakov, Anton, 2025, "Business Cycles with Pricing Cascades," CEPR Discussion Papers, Centre for Economic Policy Research, number 20605, Sep.
• Sergio A. Correia & Stephan Luck & Emil Verner, 2026, "Bank Runs With and Without Bank Failure," Staff Reports, Federal Reserve Bank of New York, number 1198, Jul, DOI: 10.59576/sr.1198.
• Mfaume, Justin, 2026, "The Impact of Agricultural Supply Chain Disruptions on Headline Inflation in Malawi," MPRA Paper, University Library of Munich, Germany, number 129759, Jan.
• Le, Vo Phuong Mai & Meenagh, David & Minford, Patrick & Wickens, Michael R., 2025, "Does the Fiscal Theory of the Price Level Help to Explain the US Economy?," CEPR Discussion Papers, Centre for Economic Policy Research, number 20597, Aug.
• Malliaropulos, Dimitris & Passari, Evgenia & Petroulakis, Filippos, 2025, "Unpacking Commodity Price Fluctuations: Reading the News to Understand Inflation," CEPR Discussion Papers, Centre for Economic Policy Research, number 20404, Jul.
• Reuter, Marco & Agur, Itai & Copestake, Alexander & Martínez Pería, Maria Soledad & Teoh, Ken, 2025, "Payment Frictions, Capital Flows, and Exchange Rates," CEPR Discussion Papers, Centre for Economic Policy Research, number 20722, Oct.
• Stavrakeva, Vania & Tang, Jenny, 2025, "Individual Beliefs, Demand for Currency, and Exchange Rate Dynamics," CEPR Discussion Papers, Centre for Economic Policy Research, number 20321, Jun.
• Diego Franco & Delia Ruiz & Walter Cuba, 2026, "Intraday Prediction of Operating-Rate Deviations from the Policy Rate: Evidence from Peru," IHEID Working Papers, Economics Section, The Graduate Institute of International Studies, number 17-2026, Jul.
• Acharya, Viral & Rajan, Raghuram & Shu, Zhi Quan (Bill), 2025, "When is Less More? Bank Arrangements for Liquidity vs Central Bank Support," CEPR Discussion Papers, Centre for Economic Policy Research, number 20550, Aug.
• Allan Pedersen, 2026, "Circulation or Category? A Null Result on the Boundary of the Lender of Last Resort," Philosophers Mint Working Papers, Philosophers Mint, number 6, Jul, DOI: 10.2139/ssrn.7131482.
• Hünewaldt, Victoria & Weinig, Max, 2026, "Inflation narratives, political polarization and policy support," LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library, number 140238, Jul.
• Aldasoro, Inaki & Hördahl, Peter & Schrimpf, Andreas & Zhu, Sonya, 2025, "Predicting Financial Market Stress with Machine Learning," CEPR Discussion Papers, Centre for Economic Policy Research, number 20439, Jul.
• Djourelova, Milena & Ferroni, Filippo & Melosi, Leonardo & Villa, Alessandro, 2025, "One Fed, Many Voices: Coordinated Communication vs. Transparent Debate," CEPR Discussion Papers, Centre for Economic Policy Research, number 20636, Sep.
• Allan Pedersen, 2026, "Money or Credit, Operationalised: A Comment on Digital Money (The Future of Banking 8)," Philosophers Mint Working Papers, Philosophers Mint, number 5, Jul, DOI: 10.2139/ssrn.7131481.
• Nielsson, Ulf & Rangvid, Jesper Rangvid & Saidi, Farzad & Seyrich, Fabian & Streitz, Daniel, 2025, "The Exchange Rate Between Monetary and Fiscal Policy: What Is an Interest Rate Cut Worth?," CEPR Discussion Papers, Centre for Economic Policy Research, number 20499, Jul.
• Eichengreen, Barry & Razo-Garcia, Raul, 2025, "The International Monetary System in the Last and Next 20 Years Redux," CEPR Discussion Papers, Centre for Economic Policy Research, number 20763, Oct.
• Barthélemy, Jean & Mengus, Eric & Plantin, Guillaume, 2025, "A State Theory of Price Levels," CEPR Discussion Papers, Centre for Economic Policy Research, number 20716, Oct.
• Rogoff, Kenneth & Rossi, Barbara & Schmelzing, Paul, 2025, "Rethinking Short-Term Real Interest Rates and Term Spreads Using Very Long-Run Data," CEPR Discussion Papers, Centre for Economic Policy Research, number 20790, Oct.
• Chen, Yuchen & Salomao, Juliana & Sharma, Varun & Wang, Yicheng, 2025, "Granular Markups and Inflation Surge: The Role of Managerial Incentives," CEPR Discussion Papers, Centre for Economic Policy Research, number 20577, Aug.
• Ozdenoren, Emre & Tian, Yuan & Yuan, Kathy, 2025, "Platform Money," CEPR Discussion Papers, Centre for Economic Policy Research, number 20436, Jul.
• Niklas Humann & Dimitrios Kanelis & Lars H. Kranzmann & Pierre L. Siklos, 2026, "Financial Market Reactions to the Novelty of Information in FOMC Minutes," CAMA Working Papers, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University, number 2026-54, Jul.