BDFPaper
Real wage rigidity drives policy pivot for persistent supply shocks
A Banque de France working paper by Stéphane Dupraz examines why central banks adopt tighter monetary policies during persistent supply shocks.
AI Paper Curation
ECBPaper
Euro area firms report moderate growth amid Middle East tensions
ECB staff contacts with 76 leading non-financial companies indicate moderate activity growth across the euro area in the second and third quarters of 2026.
DNBPaper
Central bank liquidity support broadens beyond traditional banks
De Nederlandsche Bank has published an occasional study analyzing the evolution of central bank liquidity provider of last resort operations over the past two decades.
BDFPaper
High public debt amplifies fiscal risks via liquidity channel
A new Banque de France working paper shows that high public debt amplifies the deterioration of fiscal sustainability after fiscal expansions.
BISPaper
Covariance structure drives SVAR impulse response asymmetry
A Federal Reserve Bank of Philadelphia working paper by Arias, Rubio-Ramírez, and Waggoner demonstrates that asymmetry in structural vector autoregression impulse responses stems from reduced-form covariance structures rather than Bayesian priors over orthogonal matrices.
BDFPaper
BISPaper
Economy size and inflation drive exchange rate pass-through
A new Bank for International Settlements working paper examines the drivers of exchange rate pass-throughs across nearly 100 countries over four decades.
BDEPaper
Oil supply shocks drive persistent inflation tail risks
A Banco de España working paper examines the asymmetric transmission of oil supply shocks to inflation distributions in the United States, the euro area, and the United Kingdom.
BDEPaper
Spain's public debt ratio falls to 100.7 percent of GDP in 2025
Spain's public debt-to-GDP ratio fell by 1 percentage point to 100.7 percent in 2025, contrasting with rising debt levels across the broader euro area.
BISPaper
Hidden corporate debt distorts leverage and reduces investment
A Federal Reserve working paper documents widespread hidden leverage in nonfinancial corporations through operating leases and intra-period borrowing.
BISPaper
Auto loan default sensitivity to unemployment declines sharply
A Federal Reserve Bank of Cleveland working paper published in July 2026 reveals persistent instability in the sensitivity of auto loan defaults to unemployment.
BISPaper
Demand shocks generate endogenous uncertainty over business cycle
A Federal Reserve working paper examines how consumer credit shocks drive endogenous uncertainty and amplify business cycles.