This paper presents the main findings of an International Banking Research Network
initiative examining the interaction between monetary policy and macroprudential policy in …

We study heterogeneity in the transmission of monetary shocks across euro-area (EA)
countries using a dynamic factor model and high-frequency identification. Deploying a novel …

We reconsider the effects of common monetary policy shocks across countries in the euro
area, using a data-rich factor model and identifying shocks with high-frequency surprises …

Abstract The Alternative Reference Rate Committee, a group of private-sector market
participants convened by the Federal Reserve, has recommended that markets transition to …

Forward-looking monetary policy communication has become a key element of flexible
inflationtargeting regimes across advanced and emerging market economies. The Reserve …

We use high-frequency administrative data from Germany to study the effect of monetary-
policy shocks on incomes and employment prospects along the income distribution. We find …

In response to financial turmoil that began in 2007 and the effective lower bound for short-
term interest rates that was reached in late-2008, the Federal Reserve adopted a raft …

We study the transmission of monetary shocks across euro-area countries using a dynamic
factor model and high-frequency identification. We develop a methodology to assess the …

This paper argues that the null or weak response of emerging market currencies to domestic
monetary policy documented in the literature is the result of wide event windows. An event …

No-arbitrage dynamic term structure models (DTSMs) have regularly been used to estimate
interest rate expectations and term premia, but are beset by empirical challenges. I propose …