While the euro area ponders another round of quantitative easing, Poland's monetary policy remains stubbornly conventional. Although the NBP's Monetary Policy Council has delivered a monetary easing cycle, policy rates in Poland remain above those of many peers, most notably the largest trading...

We document recent developments in the use of sterilization bonds by six central banks in emerging Asia, and discuss the implications for monetary policy and the financial sector. An important development in the sterilization of foreign exchange interventions in past years has been the frequent...

This paper provides a first assessment of the Federal Reserve's recent Maturity Extension Program, dubbed Operation Twist 2. Despite the mere exchange of short-term for long-term Treasury securities, the announcement effect is comparable to the second Large Scale Asset Purchase programme...

This Paper, which extends earlier work by Filardo and Guinigundo (2008) and Nelson (2008), reports on a survey conducted in 2007 on the communication practices of 32 members of the Central Bank Governance Network. The questionnaire sent to Network members was divided into two main parts. The...

The Bank for International Settlements (BIS) and the Bank of Korea (BoK) jointly organized a conference on macroprudential regulation and policy in Seoul, Korea, on 16-18 January 2011. The conference aimed to bring academics together with researchers at central banks and other public...

Engel and Zhu (2017) revisit a number of major exchange rate puzzles and conduct empirical tests to compare the behaviour of real exchange rates among pairs of economies that have rigidly fixed nominal exchange rates with their behaviour among pairs of economies under floating rates. They find...

Has financial globalisation compromised central banks' ability to manage domestic financial conditions? This paper summarises the results from our recent research, which tackles this question from the bond market perspective for both advanced and emerging market economies. Using an asset pricing...

Chile is no exception to the high co-movement of sovereign long-term rates observed between EMEs and the United States. In particular, we show that the high co-movement is mainly driven by synchronisation of the term premium. The aggressive monetary policy in developed economies since the...

This paper examines the analytical underpinnings of the standard micro portfolio approach to public debt management (PDM) that aims at minimising longer-term cash-flow based borrowing costs at an acceptable level of risk. The study concludes that two technical key assumptions need to hold for...