Monetary policy for the green transition by Luca Fornaro, Veronica Guerrieri and Lucrezia Reichlin published by BIS (9/2025). This report explores the interplay between monetary policy and investments in clean and dirty technologies, contributing to the underexplored macroeconomic dynamics…
The Sticky Leverage Channel of Monetary Policy: Evidence from Dollar-Denominated Debt in Latin America by Guojun Chen, Jinyu Liu, Shaowen Luo published by Journal of Economic Dynamics & Control (9/2025). This paper investigates the sticky leverage channel of monetary…
Loose monetary policy, dollar depreciation, and debt sustainability: Do not forget Venice by Donato Masciandaro, Davide Romelli, Stefano Ugolini published by VOXEU (9/2025). History suggests that using lax monetary policy and a weaker currency to address debt sustainability is a…
What Are Empirical Monetary Policy Shocks? Estimating the Term Structure of Policy News by Jonathan Adams, Philip Barrett published by IMF (6/2025). Empirical monetary policy shocks (EMPS) contain information about monetary policy both today and in the future. We…
The Insurer Channel of Monetary Policy by Divya Kirti and Akshat V. Singh published by IMF (3/2025). We study the role of life insurers in the transmission of US monetary policy. Insurers have uniquely long-term liabilities. We posit that…
The Spending Cap and Monetary Policy Effectiveness by Gustavo Ribeiro, Vladimir Teles, João Costa-Filho published by MPRA (1/2023) What is the impact on the transmission of monetary policy in Brazil under the fiscal ceiling implemented in 2016? We find…
Fiscal Policy under Low Interest Rates by Olivier Blanchard published by MIT Press Direct (2023). Rethinking fiscal and monetary policy in an economic environment of high debt and low interest rates. Policy makers in advanced economies find themselves in…
Herd behaviour in asset markets: the role of monetary policy by Stefano Micossi published by VOXEU (10/2019). “Robert Shiller’s influential book, Irrational Exuberance (Shiller 2015), dealt powerful blows to the hypothesis of efficient capital markets by describing in remarkable…
Corporate bond markets in a time of unconventional monetary policy published by OECD (2019). “Since the financial crisis in 2008, non-financial companies have dramatically increased their borrowing in the form of corporate bonds. Between 2008-2018 global corporate bond issuance…
