Volume 16, Issue 3

From Window Guidance to Interbank Rates: Tracing the Transition of Monetary Policy in Japan and China

Stefan Angrick and Naoyuki Yoshino

The Surprising Recovery of Currency Usage

Jonathan Ashworth and Charles A.E. Goodhart

Reserves for All? Central Bank Digital Currency, Deposits, and Their (Non)-Equivalence

Dirk Niepelt

What Can the Data Tell Us about the Equilibrium Real Interest Rate?

Michael T. Kiley

Credit, Financial Conditions, and Monetary Policy Transmission

David Aikman, Andreas Lehnert, Nellie Liang and Michele Modugno

Real Term Structure and New Keynesian Models

Burçin Kısacıkoğlu

Positive Trend Inflation and Determinacy in a Medium-Sized New Keynesian Model

Jonas E. Arias, Guido Ascari, Nicola Branzoli and Efrem Castelnuovo

Agglomeration and Industry Spillover Effects in the Aftermath of a Credit Shock

José Jorge and Joana Rocha