International Journal of Central Banking (IJCB)

The International Journal of Central Banking (IJCB) is an initiative of the central banking community.

Published quarterly, the journal features articles on central bank theory and practice, with a special emphasis on research relating to monetary and financial stability. The main objectives of the International Journal of Central Banking are:

  • to disseminate widely the best policy-relevant and applied research that reflects the missions of central banks around the world across a range of disciplines; and
  • to promote communication amongst researchers both inside and outside of central banks.

September 2017 issue

Cover and contents

Are Low Real Interest Rates Here to Stay?
  by Lukasz Rachel and Thomas D. Smith
Discussion
  by Pierre-Olivier Gourinchas

Monetary Policy, the Financial Cycle, and Ultra-Low Interest Rates
  by Mikael Juselius, Claudio Borio, Piti Disyatat, and Mathias Drehmann
Discussion
  by Marc P. Giannoni

Commentary: Low Interest Rates: Causes and Consequences
  by Robert E. Hall

Macroprodential Policy under Uncertainty
  by Saleem Bahaj and Angus Foulis
Appendix
Discussion
  by François Gourio

Lower-Bound Beliefs and Long-Term Interest Rates
  by Christian Grisse, Signe Krogstrup, and Silvio Schumacher
Discussion
  by James D. Hamilton

Capital Injection to Banks versus Debt Relief to Households
  by Jinhyuk Yoo
Discussion
  by Atif Mian

Commentary: Policies for Crises Prevention and Management
  by Arvind Krishnamurthy

Leaning Against the Wind When Credit Bites Back
  by Karsten R. Gerdrup, Frank Hansen, Tord Krogh, and Junior Maib
Discussion
  by Carl E. Walsh

Monetary Policy, Private Debt, and Financial Stability Risks
  by Gregory H. Bauer and Eleonora Granziera
Discussion
  by Òscar Jordà

Commentary: Leaning Against the Wind: Costs and Benefits, Effects on Debt, Leaning in DSGE Models, and a Framework for Comparison of Results
  by Lars E.O. Svensson