Americas Office Publications

Browse through the latest research produced by, or in collaboration with, the Americas Office.

Displaying 61-70 of 150
Publication BIS Working Paper No 1024 14 Jun 2022
Forward guidance and expectation formation: A narrative approach
How forward guidance influences expectations is not yet fully understood. To study this issue, I construct central bank data that includes forward guidance and its attributes, central bank projections, and quantitative easing, which I combine with survey…
Author: Christopher S Sutherland
Publication BIS Working Paper No 1022 14 Jun 2022
Effects of Banco de la Republica's communication on the yield curve
We analyze the effect on the yield curve of Banco de la Republica's communication through two specific outlets, the minutes of the monetary policy meetings and the inflation reports during the period 2011-Q2 to 2018-Q4.
Authors: Luis Fernando Melo, Juan Jose Ospina and Julian A Parra-Polania
Publication BIS Working Paper No 1021 14 Jun 2022
Seeing the forest for the trees: Using hLDA models to evaluate communication in Banco Central do Brasil
Central bank communication is a key tool in managing inflation expectations. This paper proposes a hierarchical Latent Dirichlet Allocation (hLDA) model combined with feature selection techniques to allow an endogenous selection of topic structures…
Authors: Angelo M Fasolo, Flávia M Graminho and Saulo B Bastos
Publication BIS Working Paper No 1025 14 Jun 2022
Communication, monetary policy, and financial markets in Mexico
We determine if the communication of private banks to their clients with financial interests in Mexico changes or not after Mexico's Central Bank communicates its monetary policy decision (MPD) and also two weeks later, with the publication of the minutes…
Authors: Ana Aguilar and Fernando Pérez-Cervantes
Publication BIS Working Paper No 1017 25 May 2022
Covid-19 and market power in local credit markets: the role of digitalization
We investigate differences in effective prices, marginal costs, credit concessions, credit revenues, and total costs across bank branches. We use these results to determine whether the bank's market power in local credit markets has changed due to the…
Authors: Thiago Christiano Silva, Sergio Rubens Stancato de Souza and Solange Maria Guerra
Publication BIS Working Paper No 1018 25 May 2022
The limited power of monetary policy in a pandemic
Our model departs from standard models used for monetary policy analysis by incorporating an epidemiological aspect. In our framework, economic decisions and virus dynamics are interlinked. In our baseline scenario, the spread of a virus leads to a ramp…
Authors: Antoine Lepetit and Cristina Fuentes-Albero
Publication BIS Working Paper No 1019 25 May 2022
Unconventional credit policy in an economy under zero lower bound
The zero lower bound in the monetary policy rate was an important constraint faced by several central banks during the Covid-19 global shock. However, monetary policy now includes unconventional measures, such as liquidity facilities or government…
Authors: Jorge Pozo and Youel Rojas
Publication BIS Working Paper No 1012 11 May 2022
It takes two: Fiscal and monetary policy in Mexico
We model the interaction between fiscal and monetary policy and qualify their effects in a semi-structural small open economy model calibrated for Mexico. In our model, fiscal and monetary policy follow rules tied to specific targets. We estimate how…
Authors: Ana Aguilar, Carlos Cantú and Claudia Ramírez
Publication 06 Apr 2022
Business continuity planning at central banks during and after the pandemic
In August 2021 the Consultative Group on Risk Management (CGRM) set up a task force to examine how Business Continuity Planning (BCP) at BIS member central banks in the Americas has changed since the beginning of the Covid-19 pandemic.
Publication BIS Working Paper No 1005 23 Feb 2022
The NAIRU and informality in the Mexican labor market
In this paper, we present an estimation of the traditional NAIRU for Mexico and an alternative measure that includes informality as an indicator of labor underutilization.
Authors: Ana Aguilar, Carlo Alcaraz, Claudia Ramírez and Cid Alonso Rodríguez-Pérez

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