This is a study of the transmission of monetary policy to macroeconomic variables with structural time-varying coefficient vector autoregressions in the Czech Republic, Hungary and…

This Working Paper sheds light on the link between sovereign and banking risk in the euro zone. It provides an empirical analysis of the impact of…

Using data on exchange rates and consumer price indices and a weighting matrix, we calculate up-to-date consumer price index-based REER (the real effective exchange rate) for 178 countries – many more than in any other publicly available database – plus for the euro area. The database will be irregularly updated.

This paper focuses on the internationalisation sequence of the renminbi, its meaning and its outlook. It is part of a broader work, which concentrates on the consequences for the international monetary system as a whole.

The G20 has produced mixed results. After initial high hopes and some success, negotiations within the G20 forum have slowed, progress is less visible and…

We analyse corporate balance sheet adjustment episodes in Germany and Japan, as well as a sample of 30 countries, using national account data. A panel…

The euro area faces a double challenge: debt overhang and the need for price adjustment. This paper reviews the debt challenges in the household and…

In spite of the disappointing outcome of some recent summits, notably the most recent in Cannes, the G20 is and should remain the cornerstone of…

This working paper  argues that the international position of the US dollar is likely to erode in the coming years, though the speed of the…

In this working paper, with a unique data set summarising the quality of rules-based fiscal governance in European Union member states, the authors show that stronger fiscal rules in euro-area members reduce sovereign risk premia, in particular in times of market stress.