Research at BIS

At a glance


The BIS carries out research and analysis to contribute to the understanding of issues that are at the core of the central bank community's work, to inform meetings of Governors and other central bank officials, and to provide analytical support to the activities of the various Basel-based committees. The BIS's research agenda focuses on areas such as monetary and financial stability, monetary policy and exchange rates, financial institutions and infrastructure, financial markets, central bank governance, and legal issues. The BIS also comments on global economic and financial developments.
  

  • "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.
  • "Information flows in foreign exchange markets: dissecting customer currency trades" (L Menkhoff, L Sarno, A Schrimpf and M Schmeling), Journal of Finance, forthcoming.
  • "Mortgage risk and the yield curve" (A Malkhozov, P Mueller, A Vedolin and G Venter), 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, forthcoming.
  • "Does variance risk have two prices? Evidence from the equity and option markets" (L Barras and A Malkhozov), Journal of Financial Economics, forthcoming.
  • "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, forthcoming.
  • "Risk attribution using the Shapley value: methodology and policy applications" (N Tarashev, K Tsatsaronis and C Borio), Review of Finance, forthcoming.
  • "Are bank capital ratios pro-cyclical? New evidence and perspectives" (M Brei and L Gambacorta), Economic Policy, forthcoming.
  • "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.
  • "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.
  • "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, 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 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 A 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 research by BIS economists finds its way into the BIS research publications found on this website, including BIS PapersWorking Papers and Other publications (a compilation of miscellaneous reports). 

The BIS also publishes the Annual Report, the Quarterly Review and committee publicationsDiscontinued 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 BIS Economic Adviser 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.