Research Papers Fur

At a glance


Research at the BIS supports central banks in their pursuit of monetary and financial stability by providing in-depth economic analysis. BIS research is perhaps best known for its perspective that places emphasis on the links between the real economy and the financial system, on global rather than country-specific aspects and on longer-term drivers of activity rather than current conditions.

The BIS makes available its research findings through a range of BIS publications and through publications in peer-reviewed journals. Publications by individual BIS authors are listed here.

BIS researchers collaborate extensively with researchers in academia, central banks and other policy institutions. The BIS operates a range of visiting programmes for researchers, including the Lamfalussy Senior Research Fellowship for long-term visits by resident scholars, the BIS Research Fellowships for short-term collaborative visits by academics and the Central Bank Research Fellowship programme for visits by researchers from member central banks. In addition, the BIS organises conferences to galvanise research in emerging areas of policy interest, and serves as the hub for the BIS Research Network which brings together researchers in central banks and in academia for regular meetings on monetary and financial stability issues.

An independent review of BIS research was conducted in 2016 by an expert panel. Details of the survey of the users of BIS research and updates of the rankings mentioned in the independent review are available.

Follow the latest news from the BIS on Twitter (@Bis_org) or by signing up for e-mail alerts or our monthly newsletter.

Selected journal publications by BIS economists, 2014-18

  • "Effects of monetary and macroprudential policies - evidence from four inflation targeting economies"  (S Kim and A Mehrotra), Journal of Money, Credit and Banking, forthcoming.
  • "Macroprudential policy and bank risk" (L Gambacorta, Y Altunbas and M Binici), Journal of International Money and Finance, forthcoming.

  • "Leverage and risk weighted capital requirements" (L Gambacorta and S Karmakar), International Journal of Central Banking, forthcoming. Also published as BIS Working Papers, no 586.
  • "Low-For-Long' interest rates and banks' interest margins and profitability: Cross-country evidence" (S Claessens, N Coleman and M Donnelly), Journal of Financial Intermediation, forthcoming.
  • "The impact of liquidity regulation on banks" (R Banerjee and H Mio), Journal of Financial Intermediation, 2017, forthcoming. Also published as BIS Working Papers, no 470.
  • "Monetary policy spillovers and currency networks in cross-border bank lending: lessons from the 2013 Fed Taper Tantrum" (S Avdjiev and E Takáts), Review of Finance, forthcoming. Also published as BIS Working Papers, no 549.
  • "Intuitive and reliable estimates of the output gap from a Beveridge-Nelson filter" (G Kamber, J Morley and B Wong), Review of Economics and Statistics, forthcoming. Also published as BIS Working Papers, no 584.
  • "Why bank capital matters for monetary policy" (L Gambacorta and H S Shin), Journal of Financial Intermediation, forthcoming. Also published as BIS Working Papers, no 558.
  • "Financial crisis, US unconventional monetary policy and international spillovers" (F Zhu, A Filardo, Q Chen and D He), Journal of International Money and Finance, forthcoming. Also published as BIS Working Papers, no 494.
  • "Investor redemptions and fund manager sales of emerging market bonds: how are they related?" (J Shek, I Shim and H S Shin), Review of Finance, vol 22, no 1, 2018, pp 207-41. Also published as BIS Working Papers, no 509.
  • "The distance effect in banking and trade" (G von Peter and M Brei), Journal of International Money and Finance, vol 81, March 2018, pp 116-37.
  • "Threat of entry and debt maturity: evidence from airlines" (G Parise), Journal of Financial Economics, vol 127, issue 2, February 2018, pp 226-47. Also published as BIS Working Papers, no 556.
  • "Quality pricing-to-market (R Auer, T Chaney and P Sauré), Journal of International Economics, vol 110, January 2018, pp 87-102.
  • "Liquidity regulation and the implementation of monetary policy" (M Bech and T Keister), Journal of Monetary Economics, vol 92, December 2017, pp 64-77. Also published as BIS Working Papers, no 432.
  • "Product heterogeneity, cross-country taste differences, and the growth of world trade" (R Auer), European Economic Review, vol 100, November 2017, pp 1-27. 
  • "When the walk is not random: commodity prices and exchange rates" (E Kohlscheen, F Avalos and A Schrimpf), International Journal of Central Banking, vol 13, no 2, June 2017, pp 121-58. Also published as BIS Working Papers, no 551.
  • "Monetary policy and financial spillovers: Losing traction?" (P Disyatat and P Rungcharoenkitkul), Journal of International Money and Finance, vol 74, June 2017, pp 115-136. Also published as BIS Working Papers, no 518.
  • "Revisiting the commodity curse: a financial perspective" (E Alberola and G Benigno), Journal of International Economics, vol 108, no 1, May 2017. Also published as BIS Working Papers, no 609. 
  • "Risk sharing and real exchange rates: the role of non-tradable sector and trend shocks" (C Akkoyun, Y Arslan and M Kilinc), Journal of International Money and Finance, vol 73, part A, May 2017, pp 232-48. Also published as BIS Working Papers, no 613.
  • "International prudential policy spillovers: a global perspective" (S Avdjiev, C Koch, P McGuire and G von Peter), International Journal of Central Banking, vol 13(S1), 2017, pp 5-33. Also published as BIS Working Papers, no 589.
  • "Redemption risk and cash hoarding by asset managers" (I Shim, S Morris and H S Shin), Journal of Monetary Economics, vol 89, August 2017. Also published as BIS Working Papers, no 608.
  • "Bank capital and dividend externalities" (V Acharya, H Le, and H S Shin), Review of Financial Studies, vol 30, no 3, 2017, pp 988-1018. Also published as BIS Working Papers, no 580.
  • "Global dollar credit and carry trades: a firm-level analysis" (H S Shin and V Bruno), Review of Financial Studies, vol 30, no 3, 2017, pp 703-49. Also published as BIS Working Papers, no 510.
  • "Dynamic entry in vertically differentiated markets" (R Auer and P Sauré), Journal of Economic Theory, vol 167(C), 2017, pp 177-205.
  • "News-driven business cycles in open economies" (G Kamber, K Theodoridis and C Thoenissen), Journal of International Economics, vol 105, 2017, pp 77-89.
  • "Currency value" (A Schrimpf, L Menkhoff, M Schmeling and L Sarno), Review of Financial Studies, vol 30, issue 2, 2017.
  • "Dealer financial conditions and lender-of-last-resort facilities" (V Acharya, M Fleming, W Hrung and A Sarkar), Journal of Financial Economics, vol 123, issue 1, January 2017, pp 81-107.
  • "Relationship and transaction lending in a crisis" (P Bolton, X Freixas, L Gambacorta and P Mistrulli), Review of Financial Studies, vol 29, no 10, 2016, pp 2643-76. Also published as BIS Working Papers, no 417.
  • "Global liquidity and drivers of cross-border bank flows" (S Claessens, E Cerutti and L Ratnovski), Economic Policy, 2016.
  • "Market structure and exchange rate pass-through" (R Auer and R Schoenle), Journal of International Economics, vol 98(C), 2016, pp 60-77.
  • "Comments on 'Measuring openness to trade' by M E Waugh and B Ravikumar" (R Auer), Journal of Economic Dynamics and Control,  vol 72(C), 2016, pp 42-4.
  • "Liquidity risk and the credit crunch of 2007-2008: evidence from micro-level data on mortgage loan applications" (A Antoniades), Journal of Financial and Quantitative Analysis, vol 51, issue 6, December 2016, pp 1795-822.
  • "Illiquidity component of credit risk- the 2015 Lawrence R Klein Lecture" (H S Shin and S Morris), International Economic Review, vol 57, issue 4, November 2016, pp 1135-48.
  • "On the centrality of the current account in international economics" (C Borio), Journal of International Money and Finance, vol 68, November 2016, pp 266-274.
  • Banks and capital requirements: channels of adjustment" (B Cohen and M Scatigna), Journal of Banking and Finance, vol 69, supp 1, pp S56-S69, August 2016.
  • "A search-based model of the interbank money market and monetary policy implementation" (M Bech and C Monnet), Journal of Economic Theory, vol 164, July 2016, pp 32-67. Also published as BIS Working Papers, no 529.
  • "Common belief foundations of global games" (H S Shin, S Morris and M Yildiz), Journal of Economic Theory, vol 163, May 2016, pp 826-48.
  • "Interbank markets and banking crises: new evidence on the establishment and impact of the Federal Reserve" (M Carlson and D Wheelock), American Economic Review, vol 106, no 5, May 2016, pp 533-7.
  • "News driven business cycles and data on asset prices in estimated DSGE models" (S Avdjiev), Review of Economic Dynamics, vol 20, April 2016, pp 181-97. Also published as BIS Working Papers, no 358.
  • "Mortgage risk and the yield curve" (A Malkhozov, P Mueller, A Vedolin and G Venter), Review of Financial Studies, vol 29, no 5, January 2016, pp 1220-53. Also published as BIS Working Papers, no 532.
  • "Corporate governance and risk management at unprotected banks: National banks in the 1890s" (C Calomiris and M Carlson), Journal of Financial Economics, vol 119, no 3, 2016, pp 512-32.
  • "Booms and banking crises" (F Boissay, F Collard and F Smets), Journal of Political Economy, vol 124, no 2, 2016, pp 489-538. Also published as BIS Working Papers, no 545.
  • "Information flows in foreign exchange markets: dissecting customer currency trades" (L Menkhoff, L Sarno, A Schrimpf and M Schmeling), Journal of Finance, vol 71, no 2, April 2016, pp 601-34. Also published as BIS Working Papers, no 405.
  • "Asymmetric information in securitization: an empirical assessment" (U Albertazzi, G Eramo, L Gambacorta and C Salleo), Journal of Monetary Economics, vol 71, April 2016, pp 33-49. Also published as BIS Working Papers, no 601.
  • "Does variance risk have two prices? Evidence from the equity and option markets" (L Barras and A Malkhozov), Journal of Financial Economics, vol 121, no 1, 2016, pp 79-92. Also published as BIS Working Papers, no 521.
  • "The response of tail risk perceptions to unconventional monetary policy" (M Hattori, A Schrimpf and V Sushko), American Economic Journal: Macroeconomics, vol 8, no 2, 2016. Also published as BIS Working Papers, no 425.
  • "Applying an inflation targeting lens to macro-prudential policy institutions" (G Kamber, O Karagedikli and C Smith), International Journal of Central Banking, September 2015.
  • "US monetary policy and commodity sector prices" (R Sousa, S Hammoudeh and D Khuong Nguyen), Journal of International Money and Finance, vol 57, 2015, pp 61-85.
  • "Risk attribution using the Shapley value: methodology and policy applications" (N Tarashev, K Tsatsaronis and C Borio), Review of Finance, vol 20, no 3, 2015, pp 1189-213.
  • "Breaking free of the triple coincidence in international finance" (S AvdjievR Mc Cauley and H S Shin, Economic Policy, vol 31, no 87, 2016, pp 409-51. Also published as BIS Working Papers, no 524.
  • "Are bank capital ratios pro-cyclical? New evidence and perspectives" (M Brei and L Gambacorta), Economic Policy, vol 31, no 86, 2016, pp 357-403. Also published as BIS Working Papers, no 471.
  • "Banks and capital requirements: Channels of adjustment" (B Cohen and M Scatigna), Journal of Banking and Finance, vol 69, sup 1, s56-s59, 2016. Also published as BIS Working Papers, no 443.
  • "Assessing the CNH-CNY pricing differential: role of fundamentals, contagion and policy" (M Funke, C Shu, X Q Cheng and S Eraslan), Journal of International Money and Finance, vol 59, December 2015, pp 245-62. Also published as BIS Working Papers, no 492.
  • "Self-oriented monetary policy, global financial markets and excess volatility of international capital flows" (R Banerjee, M B Devereux and G Lombardo), Journal of International Money and Finance, vol 68, November 2016, pp 275-97. Also published as BIS Working Papers, no 540.
  • "How do global investors differentiate between sovereign risks? The new normal versus the old" (M Amstad, E Remolona and J Shek), Journal of International Money and Finance, January 2016. Also published as BIS Working Papers, no 541.
  • "Human capital and the dynamic effects of trade"(R Auer), Journal of Development Economics, vol 117(C), 2015, pp 107-18.
  • "Cross-border banking and global liquidity" (V Bruno and H S Shin), Review of Economic Studies, vol 82, no 2, 2015. Also published as BIS Working Papers, no 458.
  • "Capital flows and the risk-taking channel of monetary policy" (V Bruno and H S Shin), Journal of Monetary Economics, vol 71, 2015. Also published as BIS Working Papers, no 400.
  • "Global dollar credit: links to US monetary policy and leverage" (R McCauley, P McGuire and V Sushko), Economic Policy, vol 30, 2015. Also published as BIS Working Papers, no 483.
  • "Credit availability and the collapse of the banking sector in the 1930s" (M Carlson and J Rose), Journal of Money, Credit and Banking, vol 47, no 7, 2015.
  • "Global liquidity through the lens of monetary aggregates" (H S Shin, K Chung, J E Lee, E Loukoianova and H Park), Economic Policy, vol 82, 2015.
  • "Joint dynamics of house prices and foreclosures" (Y Arslan, B Guler and T Taskin), Journal of Money, Credit and Banking, vol 47, no 1, 2015.
  • "International reserves and gross capital flow dynamics" (E Alberola-Ila, A Erce and J M Serena), Journal of International Money and Finance, vol 60, pp 151-71, February 2016. Also published as BIS Working Papers, no 512.
  • "Liquidity hoarding and inefficient abundant funding" (E Kharroubi), International Journal of Central Banking, vol 11, 2015.
  • "Official FX interventions through derivatives" (E Kohlscheen and S Andrade), Journal of International Money and Finance, vol 47, 2015, pp 202-16.
  • "Responses to the financial crisis, treasury debt, and the impact on short-term money markets" (J Seligman and W Hrung), International Journal of Central Banking, vol 11, 2015.
  • "Does the US dollar confer an exorbitant privilege?" (R McCauley), Journal of International Money and Finance, vol 57, pp 1-14, 2015.
  • "What drives TARGET2 balances? Evidence from a panel analysis" (R Auer), Economic Policy, vol 29, no 77, 2014, pp 139-97.
  • "Sudden floods, macroprudential regulation and stability in an open economy" (P-R Agénor, K Alper and L A Pereira da Silva), Journal of International Money and Finance, vol 48, 2014.
  • "Procyclical leverage and value-at-risk" (T Adrian and H S Shin), Review of Financial Studies, vol 27, no 2, 2014.
  • "Cyclical fiscal policy, credit constraints, and industry growth" (P Aghion, D Hémous and E Kharroubi), Journal of Monetary Economics, vol 62, 2014. Also published as BIS Working Papers, no 340.
  • "Dividend predictability around the world" (J Rangvid, M Schmeling and A Schrimpf), Journal of Financial and Quantitative Analysis, vol 49, no 5-6, 2014.
  • "International diversification benefits with foreign exchange investment styles" (A Schrimpf, T Kroencke and F Schindler), Review of Finance, vol 18, no 5, 2014.
  • "The financial cycle and macroeconomics: What have we learnt?" (C Borio), Journal of Banking and Finance, August 2014. Also published as BIS Working Papers, no 395.
  • "The effectiveness of unconventional monetary policy at the zero lower bound" (L Gambacorta, B Hofmann and G Peersman), Journal of Money, Credit and Banking, vol 46, no 4, 2014.
  • "Bank heterogeneity and interest rate setting: what lessons have we learned since Lehman Brothers?" (L Gambacorta and P E Mistrulli), Journal of Money, Credit and Banking, vol 46, no 4, 2014. Also published as BIS Working Papers, no 359.
  • "Understanding global liquidity" (L Gambacorta, B Hofmann and S Eickmeier), European Economic Review, vol 68, 2014. Also published as BIS Working Papers, no 402. 
  • "Interbank tiering and money center banks" (B Craig and G von Peter), Journal of Financial Intermediation, vol 23, no 3, 2014. Also published as BIS Working Papers, no 322.
  • "Should monetary policy lean against the wind? An analysis based on a DSGE model with banking" (L Gambacorta and F Signoretti), Journal of Economic Dynamics and Control, vol 43, 2014. Also published as BIS Working Papers, no 418.
  • "Trade linkages and the globalisation of inflation in Asia and the Pacific" (R Auer and A Mehrotra), Journal of International Money and Finance, vol 49, 2014. Also published as BIS Working Papers, no 447.
  • "Globalisation, pass-through and the optimal policy response to exchange rates" (J Yetman and M Devereux), Journal of International Money and Finance, vol 49, 2014. Also published as BIS Working Papers, no 450.
  • "The impact of monetary policy on the exchange rate: A high frequency exchange rate puzzle in emerging economies" (E Kohlscheen), Journal of International Money and Finance, vol 44, 2014.
  • "Do oil prices drive food prices? The tale of a structural break" (F Avalos), Journal of International Money and Finance, vol 42, April 2014, pp 253-71.
  • "Does monetary policy affect bank risk?" (Y Altunbas, L Gambacorta, D Marques-Ibanez), International Journal of Central Banking, March 2014. Also published as BIS Working Papers, no 298.
  • "Information flows during the Asian crisis: evidence from closed-end funds" (B Cohen and E Remolona), Journal of International Money and Finance, 2008, pp 636-53.

The Journal for Labour Market Researchis a quarterly journal in the interdisciplinary field of labour market research. As of 2016 the Journal publishes Open Access. The journal follows international research standards and strives for international visibility. With its empirical and multidisciplinary orientation, the journal publishes papers in English language concerning the labour market, employment, education / training and careers. The journal is distinct from most others in the field, as it provides a platform for contributions from a broad range of academic disciplines. The editors encourage replication studies, as well as studies based on international comparisons. Accordingly, authors are expected to make their empirical data available to readers who might wish to replicate a published work on request. Supported by an international Editorial Board, each research article is reviewed by two peer reviewers, who remain anonymous for the author. In addition to the regular issues, special issues covering selected topics are published at least once a year. As of April 2015 the Journal for Labour Market Research has a "No Revisions" option for submissions (see ‘Instructions for Authors’).

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