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Central Banking
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Posts: 8
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The Impact of Colombia’s Gross Leverage Position in Foreign Exchange Derivatives on Housing Market Stability
https://d.repec.org/n?u=RePEc:col:000566:021366&r=&r=cba
Published: April 21, 2025 00:00
We assess the effectiveness of the Gross Leverage Position in Foreign Exchange Derivatives (PBA), a macroprudential policy implemented by the Colombian central bank in 2007, in regulating housing price fluctuations. Using the synthetic control method, we…
Navigating Trade-Offs between Price and Financial Stability in Times of High Inflation
https://d.repec.org/n?u=RePEc:imf:imfsdn:2025/003&r=&r=cba
Published: April 11, 2025 00:00
Trade-offs between price and financial stability can occur when inflation is above target and financial stress is rising. Use of central bank liquidity tools and other financial stability policies may, under some circumstances, allow central banks to…
Tempting FAIT: Flexible Average Inflation Targeting and the Post-COVID U.S. Inflation Surge
https://d.repec.org/n?u=RePEc:fip:feddwp:99826&r=&r=cba
Published: April 9, 2025 00:00
In August 2020, the Federal Reserve replaced Flexible Inflation Targeting (FIT) with Flexible Average Inflation Targeting (FAIT), introducing make-up strategies that allow inflation to temporarily exceed the 2% target. Using a synthetic control approach,…
How Household Saving Affects Monetary Policy Spillovers
https://d.repec.org/n?u=RePEc:fip:fednls:99794&r=&r=cba
Published: April 7, 2025 00:00
As covered in the first post in this series, the international transmission of monetary policy shocks features positive output spillovers when the so-called expenditure-switching effect is sufficiently large. Departing from textbook analysis, this post…
Monetary Policy Spillovers in the Global Economy
https://d.repec.org/n?u=RePEc:fip:fednls:99793&r=&r=cba
Published: April 7, 2025 00:00
Understanding cross-border interdependencies and inspecting the international transmission mechanism of policy shocks is the raison d’être of open-economy macroeconomics as an intellectual discipline. The relevance for the policy debate is pervasive: over…
Tradeoffs for the Poor, Divine Coincidence for the Rich
https://d.repec.org/n?u=RePEc:fip:fednsr:99759&r=&r=cba
Published: April 1, 2025 00:00
We use an estimated medium-scale HANK model to investigate how the tradeoff between stabilizing inflation and consumption volatility varies for households with different levels of wealth. Consumption for the rich is mostly affected by demand shocks via…
An Interoperability Framework for Payment Systems
https://d.repec.org/n?u=RePEc:fip:fednls:99737&r=&r=cba
Published: March 27, 2025 00:00
Novel payment systems based on blockchain networks promise to redesign financial architecture, but a notable concern about these systems is whether they can be made interoperable. This concern stems from the concept of the “singleness of money”—that…
Currency and Gold Shares in International Reserves by Country: Insights from a New Dataset
https://d.repec.org/n?u=RePEc:rdg:emxxdp:em-dp2025-01&r=&r=cba
Published: March 24, 2025 00:00
This paper fills a gap in the data by country -- and the corresponding comparative analysis of patterns and trends over the past quarter century -- in the composition of foreign exchange (FX) reserves and monetary gold in total international reserves,…