Report NEP-MON-2026-08-10

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:

• Hoffmann, Mathias & Moench, Emanuel & Pavlova, Lora & Schultefrankenfeld, Guido, 2025, "A KISS for Central Bank Communication in Times of High Inflation," CEPR Discussion Papers, Centre for Economic Policy Research, number 20213, May.
• Joshua Aizenman & Jamel Saadaoui & Gazi Salah Uddin & Naoki Yago, 2026, "US Monetary Spillovers, Foreign Exchange, and Gold Reserves at Times of Geopolitical Fragmentation," CAMA Working Papers, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University, number 2026-61, Jul.
• Forbes, Kristin, 2025, "The Art of Monetary Policy: Lessons from Sun Tzu for Central Banks," CEPR Discussion Papers, Centre for Economic Policy Research, number 19905, Feb.
• Granziera, Eleonora & Larsen, Vegard H. & Meggiorini, Greta & Melosi, Leonardo, 2025, "Speaking of Inflation: The Influence of Fed Speeches on Expectations," CEPR Discussion Papers, Centre for Economic Policy Research, number 20038, Mar.
• Adalid, Ramon & Ferrari, Alessandro & Hannon, Andrew & Lane, Philip & Velasco, Sofia, 2025, "Modern Monetary Analysis," CEPR Discussion Papers, Centre for Economic Policy Research, number 20182, Apr.
• Vaishali Garga & Rajeswari Sengupta, 2026, "Do Actions Match Words? Reassessing the Taylor Rule in an Emerging-Market Context," Working Papers, Federal Reserve Bank of Boston, number 26-9, Jul, DOI: 10.29412/res.wp.2026.09.
• Coibion, Olivier & Gorodnichenko, Yuriy, 2025, "Inflation, Expectations and Monetary Policy: What Have We Learned and to What End?," CEPR Discussion Papers, Centre for Economic Policy Research, number 20274, May.
• Petr Mach, 0000, "Reserve requirements as an instrument of monetary policy," Proceedings of Economics and Finance Conferences, International Institute of Social and Economic Sciences, number 15817033.
• Stefano Gnocchi & Matteo Cacciatore, 2026, "Monetary Policy Challenges in a Volatile World," Staff Analytical Papers, Bank of Canada, number 2026-34, Jul, DOI: 10.34989/sap-2026-34.
• Lehmus, Markku & Pitkäranta, Juho, 2026, "Central bank independence under political pressure," BoF Economics Review, Bank of Finland, number 4/2026.
• Claessens, Stijn & Glaessner, Thomas & Klingebiel, Daniela, 2025, "Future Proofing Central Banks’ Financial Strength," CEPR Discussion Papers, Centre for Economic Policy Research, number 20049, Mar.
• Kolasa, Marcin & Laseen, Stefan & Lindé, Jesper, 2025, "Unconventional Monetary Policies in Small Open Economies," CEPR Discussion Papers, Centre for Economic Policy Research, number 20223, May.
• Arnoud Stevens & Pavel Tretiakov, 2026, "Public beliefs and monetary policy," Working Paper Research, National Bank of Belgium, number 494, Aug.
• Oliver de Groot & Gustavo Mellior, 2026, "Bank Heterogeneity, Deep Habits and the Pass-through of Interest Rates," Working Papers, University of Liverpool, Department of Economics, number 202601, Jun.
• Behn, Markus & Claessens, Stijn & Gambacorta, Leonardo & Reghezza, Alessio, 2025, "Macroprudential and Monetary Policy Tightening: More than a Double Whammy?," CEPR Discussion Papers, Centre for Economic Policy Research, number 20181, Apr.
• Buiter, Willem, 2025, "Central Banks as Fiscal and Financial Agents of the State," CEPR Discussion Papers, Centre for Economic Policy Research, number 19947, Feb.
• Altavilla, Carlo & Gürkaynak, Refet & Kind, Thilo & Laeven, Luc, 2025, "Monetary Transmission with Frequent Policy Events," CEPR Discussion Papers, Centre for Economic Policy Research, number 20196, May.
• Georgarakos, Dimitris & Kenny, Geoff & Laeven, Luc & Meyer, Justus, 2025, "Consumer Attitudes towards a Central Bank Digital Currency," CEPR Discussion Papers, Centre for Economic Policy Research, number 19997, Mar.
• Jarocinski, Marek & Karadi, Peter, 2025, "Disentangling Monetary Policy, Central Bank Information, and Fed Response to News Shocks," CEPR Discussion Papers, Centre for Economic Policy Research, number 19923, Feb.
• Gödl-Hanisch, Isabel & Pandolfo, Jordan, 2025, "Monetary Policy Transmission, Bank Market Power, and Income Source," CEPR Discussion Papers, Centre for Economic Policy Research, number 20180, Apr.
• Holst Partsch, Emil & Petrella, Ivan & Santoro, Emiliano, 2025, "Consumer Durables and Monetary Policy According to HANK," CEPR Discussion Papers, Centre for Economic Policy Research, number 20083, Mar.
• Fisher, Jonas & Melosi, Leonardo & Rast, Sebastian, 2025, "Long-Run Inflation Expectations," CEPR Discussion Papers, Centre for Economic Policy Research, number 19991, Mar.
• Etienne Farvaque & Alexander Mihailov & Piotr Stanek, 2026, "From Kyiv to Frankfurt? Ukraine's Monetary Policy, 2009-2026," Economics Discussion Papers, Department of Economics, University of Reading, number em-dp2026-08, Aug.
• Ravenna, Federico & Walsh, Carl, 2025, "Inclusive Monetary Policy in a Model with Heterogeneous Workers," CEPR Discussion Papers, Centre for Economic Policy Research, number 19922, Feb.
• Ricco, Giovanni & Savini, Emanuele, 2025, "Decomposing Monetary Policy Surprises: Shock, Information, and Policy Rule Revision," CEPR Discussion Papers, Centre for Economic Policy Research, number 20166, Apr.
• Tatjana Dahlhaus & Malik Shukayev & Alexander Ueberfeldt, 2026, "Balancing Act: Monetary Policy Responses to Natural Disasters," Working Papers, University of Alberta, Department of Economics, number 2026-09, Jun.
• Giovanni Di Bartolomeo, 2026, "Structural Transformation, Monetary Conflict, and Fiscal Capacity in a Currency Union," CIMEO Working Paper Series, Centre for Investigation and Modelling of Experimental Observations (CIMEO), number 207.
• Christos Antonios Statheas & Iacovos Sterghides & Marios Zachariadis, 2026, "Household Inattention across the euro-area," University of Cyprus Working Papers in Economics, University of Cyprus Department of Economics, number 06-2025, Jul.
• Monacelli, Tommaso, 2025, "Tariffs and Monetary Policy," CEPR Discussion Papers, Centre for Economic Policy Research, number 20142, Apr.
• Emiliano Basco & Emilio Blanco & Luis Libonatti & Ignacio López Gaffney, 2025, "Analyzing recent price anomalies in Argentina: Global influences and domestic distortions," BCRA Working Paper Series, Central Bank of Argentina, Economic Research Department, number 2025118, Jul.
• Santosh Anagol & Shing-Yi Wang, 2026, "Do Monetary Policy Rates Reach Borrowers? Evidence from Household and Firm Loans in 96 Countries," NBER Working Papers, National Bureau of Economic Research, Inc, number 35439, Jul.
• de Groot, Oliver & Skok, Yevhenii, 2025, "Foreign Exchange Regimes in (Normal Times and) Times of War: Insights from Ukraine," CEPR Discussion Papers, Centre for Economic Policy Research, number 20001, Mar.
• Eichenbaum, Martin & Trabandt, Mathias & Rebelo, Sergio & Puglisi, Federico, 2025, "Banks and the State-Dependent Effects of Monetary Policy," CEPR Discussion Papers, Centre for Economic Policy Research, number 20247, May.
• Kuang, Pei & Weber, Michael & Xie, Shihan, 2025, "Central Bank Communication with the Polarized Public," CEPR Discussion Papers, Centre for Economic Policy Research, number 19952, Feb.
• Hazell, Jonathon & Hobler, Stephan, 2025, "Do Deficits Cause Inflation? A High Frequency Narrative Approach," CEPR Discussion Papers, Centre for Economic Policy Research, number 19928, Feb.
• Elton Beqiraj & Mirabela Bika & Giovanni Di Bartolomeo, 2026, "When Inflation Takes Hold: Labor-Market Pressure and Price Transmission," CIMEO Working Paper Series, Centre for Investigation and Modelling of Experimental Observations (CIMEO), number 208.
• Fos, Vyacheslav & Tamburelli, Tommaso & Xu, Nancy, 2025, "Local Monetary Policy," CEPR Discussion Papers, Centre for Economic Policy Research, number 20312, May.
• 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.
• 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.
• Bremer, Björn & Chwieroth, Jeffrey & Mancosu, Anita, 2026, "When Central Banks Go Green: Public Opinion and Monetary Policy Legitimacy," SocArXiv, Center for Open Science, number jmru2_v1, Jun, DOI: 10.31235/osf.io/jmru2_v1.
• Joshua Brault & Maryam Haghighi & Jing Yang, 2026, "Monetary Policy in an AI-Driven Two-Speed Economy," Staff Working Papers, Bank of Canada, number 26-27, Jul, DOI: 10.34989/swp-2026-27.
• Karlo Kotarac & Davor Kunovac & Ozana Nadoveza, 2026, "The Regional Effects of Monetary Policy in the Euro Area: Does One Size Fit All or None?," Working Papers, The Croatian National Bank, Croatia, number 76, Jul.
• Piccolo, Jessica & Gorodnichenko, Yuriy, 2025, "Homeownership and Attention to Inflation: Evidence from Information Treatments," CEPR Discussion Papers, Centre for Economic Policy Research, number 20087, Mar.
• Mark W. Watson, 2026, "Forecasting the Covid Surge in Inflation," NBER Working Papers, National Bureau of Economic Research, Inc, number 35435, Jul.
• Favara, Giovanni & Loria, Francesca & ZakrajÅ¡ek, Egon, 2025, "Monetary Policy and the Distribution of Income: Evidence from U.S. Metropolitan Areas," CEPR Discussion Papers, Centre for Economic Policy Research, number 19995, Mar.
• Tatjana Dahlhaus & Alexander Ueberfeldt & Malik Shukayev, 2026, "Balancing Act: Monetary Policy Responses to Natural Disasters," Staff Working Papers, Bank of Canada, number 26-28, Jul, DOI: 10.34989/swp-2026-28.
• Kenechukwu E. Anadu & Pablo D. Azar & Sean Baker & Marco Cipriani & Thomas M. Eisenbach & Gabriele La Spada & Mattia Landoni & Marco Macchiavelli & J. Christina Wang, 2026, "Stablecoins and (Non)Crypto Shocks: A 2026 Update," Liberty Street Economics, Federal Reserve Bank of New York, number 20260731, Jul, DOI: 10.59576/lse.20260731.
• O'Rourke, Kevin & Vicquery, Roger, 2025, "How Fixed are Global Exchange Rates?," CEPR Discussion Papers, Centre for Economic Policy Research, number 20138, Apr.
• Sebastián Katz, 2026, "Digitalization, Forms of Money, and the Changing Morphology of the Monetary and Credit System," BCRA Working Paper Series, Central Bank of Argentina, Economic Research Department, number 2026119, Mar.
• D'Andrea, Angelo & Fabiani, Andrea & Piersanti, Fabio Massimo & Segura, Anatoli, 2025, "Inflation, Leverage and Stock Returns," CEPR Discussion Papers, Centre for Economic Policy Research, number 19966, Feb.
• Gerlach, Stefan & Stuart, Rebecca, 2025, "Missing Persistence: Measurement Errors and US Inflation before WW1," CEPR Discussion Papers, Centre for Economic Policy Research, number 20063, Mar.
• Bergin, Paul & Corsetti, Giancarlo, 2025, "Monetary Stabilization of Sectoral Tariffs," CEPR Discussion Papers, Centre for Economic Policy Research, number 20257, May.
• Avdjiev, Stefan & Gambacorta, Leonardo & Goldberg, Linda S. & Schiaffi, Stefano, 2025, "The Risk Sensitivity of Global Liquidity Flows: Heterogeneity, Evolution and Drivers," CEPR Discussion Papers, Centre for Economic Policy Research, number 20098, Apr.
• Benguria, Felipe & Novy, Dennis, 2025, "How to Grow an Invoicing Currency: Micro Evidence from Argentina," CEPR Discussion Papers, Centre for Economic Policy Research, number 20311, May.
• Ropele, Tiziano & Gorodnichenko, Yuriy & Coibion, Olivier, 2025, "Inflation Expectations and Corporate Borrowing Decisions: New Causal Evidence," CEPR Discussion Papers, Centre for Economic Policy Research, number 20103, Apr.
• Monti, Francesca & Van Keirsbilck, Leïla, 2026, "The transmission of shocks across sectors and the dynamics of sectoral prices," Working Paper Series, European Central Bank, number 3266, Aug.
• Husnu C. Dalgic & Galip Kemal Ozhan, 2026, "Dominant Currency Pricing and Currency Risk Premia," IMF Working Papers, International Monetary Fund, number 2026/158, Jul.
• Brandon Joel Tan, 2026, "Stablecoins and Fragility in Fixed Exchange Rate Regimes," IMF Working Papers, International Monetary Fund, number 2026/144, Jul.
• Gerlach, Stefan & Stuart, Rebecca, 2025, "Have We Under-Estimated Inflation Persistence before WW1? US and International Evidence," CEPR Discussion Papers, Centre for Economic Policy Research, number 20024, Mar.
• Maria Luiza Cunha & Frederico Gonzaga Jayme Jr & Clara Zanon Brenck, 2026, "Sectoral Exchange Rate Pass-through: an empirical analysis for the Brazilian economy," Textos para Discussão Cedeplar-UFMG, Cedeplar, Universidade Federal de Minas Gerais, number 700, Jul.
• Kleopatra Nikolaou, 2026, "Repo Rate Dynamics: The Role of Dealers, Hedge Funds, and Issuance," IMF Working Papers, International Monetary Fund, number 2026/145, Jul.
• Ludwig von Auer & Sebastian Weinand, 2026, "Multilateral index approaches in the presence of product-specific price trends and data gaps," Research Papers in Economics, University of Trier, Department of Economics, number 2026-08.
• Ece Ozge Emeksiz & Andres Fernandez & Nikhil Patel & Ivan Petrella & Tatjana Schulze, 2026, "Financial Shocks in Currency Markets: Evidence from UIP Premia," IMF Working Papers, International Monetary Fund, number 2026/162, Jul.
• Reis, Ricardo, 2025, "The Four R-stars: From Interest Rates to Inflation and Back," CEPR Discussion Papers, Centre for Economic Policy Research, number 20071, Mar.
• Anastasiou, Dimitris & Katsafados, Apostolos & Ongena, Steven & Tzomakas, Christos, 2025, "Beyond Words: Fed Chairs’ Voice Sentiments and US Bank Stock Price Crash Risk," CEPR Discussion Papers, Centre for Economic Policy Research, number 20308, May.
• Eichenbaum, Martin & Puglisi, Federico & Rebelo, Sergio & Trabandt, Mathias, 2025, "Banks and the State-Dependent Effects of Monetary Policy," CEPR Discussion Papers, Centre for Economic Policy Research, number 20167, Apr.
• Weber, Michael & Candia, Bernardo & Coibion, Olivier & Gorodnichenko, Yuriy, 2025, "Do You Even Crypto, Bro? Cryptocurrencies in Household Finance," CEPR Discussion Papers, Centre for Economic Policy Research, number 20089, Mar.
• Ampudia, Miguel & Schobert, Franziska & von Landesberger, Julian & da Silva, Pedro Formoso & Hesse, Simon & Pütz, Alexander & Wohlert, Alexander, 2026, "Central banks, debt managers, and specialness in the Bund repo market," Working Paper Series, European Central Bank, number 3259, Jul.
• Pietro Saggese & Michael Sigmund & Burkhard Raunig & Esther Segalla & Bernhard Haslhofer & Christos A. Makridis, 2026, "Stablecoins under Stress in a National Economy: Transaction-Level Evidence from Austrian Crypto-Asset Service Providers," CESifo Working Paper Series, CESifo, number 12823.
• Iñaki Aldasoro & Leonardo Gambacorta & Enisse Kharroubi & Matthias Rottner, 2026, "AI and the global economy: implications for central banks," BIS Bulletins, Bank for International Settlements, number 130, Jul.
• Kalemli-Ozcan, Sebnem & Soylu, Can & Yıldırım, Muhammed A., 2025, "Global Networks, Monetary Policy, Trade," CEPR Discussion Papers, Centre for Economic Policy Research, number 20168, Apr.
• Iván Weigandi, 2026, "Global Banks’ Leverage and Global Liquidity," Working Papers, Red Nacional de Investigadores en Economía (RedNIE), number 402, Jul.
• Aquilina, Matteo & Cornelli, Giulio & Frost, Jon & Gambacorta, Leonardo, 2025, "Cryptocurrencies and decentralised finance: functions and financial stability implications," CEPR Discussion Papers, Centre for Economic Policy Research, number 20178, Apr.
• Oscar Monterroso & Diego Vilán, 2026, "Monetary Policy Stance and Commodity Cycles in Emerging Economies," FEDS Notes, Board of Governors of the Federal Reserve System (U.S.), number 2026-07-31, Jul, DOI: 10.17016/2380-7172.4116.
• Cole, Stephen J., 2026, "FOMC Forecasts, Constant-Gain Learning, and Optimism/Pessimism," Working Papers and Research, Marquette University, Center for Global and Economic Studies and Department of Economics, number 2026-03, Jun.
• Degryse, Hans & Huylebroek, Cédric & Van Doornik, Bernardus, 2025, "The Disciplining Effect of Bank Supervision: Evidence from SupTech," CEPR Discussion Papers, Centre for Economic Policy Research, number 19988, Mar.
• Catherine Chen & Chen Gao & Jonathon Hazell & Lihua Lei & Chen Lian, 2026, "Forecasting Inflation with Microdata: An Adaptive Machine Learning Approach," Papers, arXiv.org, number 2607.12345, Jul.
• Saffie, Felipe & Varela, Liliana & Yi, Kei-Mu, 2026, "The micro and macro dynamics of capital flows," LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library, number 137804, Jul.
• Pietro Saggese & Michael Sigmund & Burkhard Raunig & Esther Segalla & Bernhard Haslhofer & Christos Makridis, 2026, "Stablecoins under Stress in a National Economy: Transaction-Level Evidence from Austrian Crypto-Asset Service Providers," Papers, arXiv.org, number 2607.08524, Jul.
• Bahaj, Saleem & Czech, Robert & Ding, Sitong & Reis, Ricardo, 2025, "The Market for Inflation Risk," CEPR Discussion Papers, Centre for Economic Policy Research, number 20157, Apr.