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.

June 2014 issue

Cover and contents


Opening remarks
  by Marek Belka

Risks to Price Stability, the Zero Lower Bound, and Forward Guidance: A Real-Time Assessment
  by Günter Coenen and Anders Warne
  by Ragna Alstadheim

Fiscal Policy and the Inflation Target
  by Peter Tulip
  by Johannes F. Wieland

Inflation Targeting and "Leaning against the Wind"
  by Lars E.O. Svensson

The Risk Channel of Monetary Policy
  by Oliver de Groot
  by Javier Bianchi

Monetary and Macroprudential Policy in an Estimated DSGE Model of the Euro Area
  by Dominic Quint and Pau Rabanal
  by Olivier Loisel

Financial Frictions and Macroprudential Policy
  by Michal Brzoza-Brzezina

Financial Stability and Monetary Policy: How Closely Interlinked?
  by Frank Smets

Do Inflation-Targeting Central Banks Implicitly Target the Price Level?
  by Francisco Ruge-Murcia
  by Guido Ascari

Are Long-Term Inflation Expectations Well Anchored in Brazil, Chile, and Mexico?
  by Michiel De Pooter, Patrice Robataille, Ian Walker, and Michael Zdinak
  by Refet S. Gürkaynak

Establishing and Maintaining a Firm Nominal Anchor
  by Andrew Levin