Research at the BIS
At a glance
Selected journal publications by BIS economists, 2014-17
- "News-driven business cycles in open economies" (G Kamber, K Theodoridis and C Thoenissen), Journal of International Economics, vol 105, 2017, pp 77-89.
- "Bank capital and dividend externalities" (V Acharya, H Le, and H S Shin), The Review of Financial Studies, forthcoming. Also published as BIS Working Papers, no 580.
- "Why bank capital matters for monetary policy" (L Gambacorta and H S Shin), Journal of Financial Intermediation, forthcoming.
- "Global dollar credit and carry trades: a firm-level analysis" (V Bruno and H S Shin), The Review of Financial Studies, forthcoming.
- "When the walk is not random: commodity prices and exchange rates" (A Schrimpf, E Kohlscheen and F Avalos), International Journal of Central Banking, forthcoming. Also published as BIS Working Papers, no 551.
- "Currency value" (A Schrimpf, L Menkhoff, M Schmeling and L Sarno), The Review of Financial Studies, forthcoming.
- "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.
- "Do oil prices drive food prices? The tale of a structural break" (F Avalos), Journal of International Money and Finance, forthcoming.
- "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.
- "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.
- "Mortgage risk and the yield curve" (A Malkhozov, P Mueller, A Vedolin and G Venter), Review of Financial Studies, forthcoming. Also published as BIS Working Papers, no 532.
- "Interbank markets and banking crises: new evidence on the establishment and impact of the Federal Reserve" (M Carlson and D Wheelock), American Economic Review, forthcoming.
- "Relationship and transaction lending in a crisis" (P Bolton, X Freixas, L Gambacorta and P Mistrulli), Review of Financial Studies, forthcoming.
- "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.
- "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.
- "A search-based model of the interbank money market and monetary policy implementation" (M Bech and C Monnet), Journal of Economic Theory, forthcoming.
- "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.
- "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 Avdjiev R Mc Cauley and H S Shin, Economic Policy, vol 31, no 87, 2016, pp 409-51.
- "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.
- "Banks and capital requirements: Channels of adjustment" (B Cohen and M Scatigna), Journal of Banking and Finance, vol 69, sup 1, s56-s59, 2016.
- "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, forthcoming.
- "Dealer financial conditions and lender-of-last-resort facilities" (V Acharya, M Fleming, W Hrung and A Sarkar), Journal of Financial Economics, forthcoming.
- "News driven business cycles and data on asset prices in estimated DSGE models" (S Avdjiev), Review of Economic Dynamics, forthcoming.
- "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.
- "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, forthcoming.
- "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, forthcoming.
- "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, forthcoming.
- "On the centrality of the current account in international economics" (C Borio), Journal of International Money and Finance, forthcoming.
- "Cross-border banking and global liquidity" (V Bruno and H S Shin), Review of Economic Studies, vol 82, no 2, 2015.
- "Capital flows and the risk-taking channel of monetary policy" (V Bruno and H S Shin), Journal of Monetary Economics, vol 71, 2015.
- "Global dollar credit: links to US monetary policy and leverage" (R McCauley, P McGuire and V Sushko), Economic Policy, vol 30, 2015.
- "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, 2015.
- "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.
- "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.
- "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.
- "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.
- "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.
- "Understanding global liquidity" (L Gambacorta, B Hofmann and S Eickmeier), European Economic Review, vol 68, 2014.
- "Interbank tiering and money center banks" (B Craig and G von Peter), Journal of Financial Intermediation, vol 23, no 3, 2014.
- "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.
- "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.
- "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.
- "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.
- "Does monetary policy affect bank risk?" (Y Altunbas, L Gambacorta, D Marques-Ibanez), International Journal of Central Banking, March 2014.
The research by BIS economists encompasses BIS publications (BIS Papers, Working Papers and Other publications) and papers in refereed journals.
The BIS also publishes the Annual Report, the Quarterly Review and committee publications. Discontinued paper series and Group of Ten publications are available as well. You can also find works published by a specific author.
BIS economists work under the guidance of the Economic Adviser and Head of MED to develop the research agenda and produce research papers. They are on occasion joined by secondees or visitors from BIS member central banks. BIS economists work closely with renowned academics, some of whom are invited for discussions or short stays in Basel or the BIS representative offices in Hong Kong and Mexico City. Researchers also organise special meetings and conferences, as well as participate actively in such events at other international organisations, national central banks and universities.
An independent review of BIS research was conducted in 2016 by an expert panel.