James Yetman
Principal Economist
Monetary and Economic Department, Economic and Financial Markets for Asia and the Pacific
James joined the BIS in May 2008 and is based at the Representative Office for Asia and the Pacific in Hong Kong. He conducts research of relevance to central banks in the region. Previous posts include Assistant Professor at the School of Economics and Finance at the University of Hong Kong (2001-08) and Research Economist for the Bank of Canada (1998-2001). He also spent shorter periods with the European Central Bank, the Reserve Bank of New Zealand and the Hong Kong Monetary Authority. After attaining a BSc (Hons) from the University of Canterbury in New Zealand and an MA at the University of British Columbia, he completed his PhD in Economics at Queen's University in Canada.
Fields of interest
- Macroeconomics
- International economics
- "Which credit gap is better at predicting financial crises? A comparison of univariate filters" (with M Drehmann), International Journal of Central Banking, forthcoming.
- " Decaying expectations: what inflation forecasts tell us about the anchoring of inflation expectations" (with A Mehrotra), International Journal of Central Banking, December 2018.
- " Globalisation, pass-through and the optimal policy response to exchange rates" (with M Devereux), Journal of International Money and Finance, vol 49(A), 2014, pp 104-28. Also available as BIS Working Papers, no 450, June 2014.
- " Leverage constraints and the international transmission of shocks" (with M Devereux), Journal of Money, Credit and Banking, vol 42, no s1, 2010, pp 71-105. Also published as NBER Working Papers, no 16226, July 2010; Hong Kong Institute for Monetary Research Working Papers, no 13/2010, May 2010; Federal Reserve Bank of Dallas Globalization and Monetary Policy Institute Working Papers, no 45, April 2010; and Reserve Bank of Australia Research Discussion Papers, no 2009-08, December 2009.
- " Consumption and real exchange rates in professional forecasts" (with M Devereux and G Smith), Journal of International Economics, vol 86, no 1, 2012, pp 33-42. Also published as BIS Working Papers no 295, March 2009.
- " Accumulation of foreign currency reserves and risk-taking" (with R Fatum), Journal of International Money and Finance, April 2020.
- Assessing inflation expectations anchoring for heterogeneous agents: analysts, businesses and trade unions" (with K Miyajima), Applied Economics, March 2019.
- Inflation expectations anchoring across different types of agents: the case of South Africa" (with K Miyajima), IMF Working Papers, August 2018.
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"Are inflation targets credible? A novel test", Economic Letters, March 2018.
- " Anchoring of inflation expectations in Latin America" , Central Reserve Bank of Peru Working Paper 2018-003, April 2018.
- " An overview of the leaning against the wind debate: discussion", Monetary policy and financial stability in a world of low interest rates, Reserve Bank of Australia conference volume, December 2017, pp 195-202.
- " The evolution of inflation expectations in Japan (with M Hattori)", Journal of the Japanese and International Economies, vol 46, December 2017, pp 53-68.
- " The evolution of inflation expectations in Canada and the US", Canadian Journal of Economics, vol 50, issue 3, August 2017, pp 711-37.
- " Do economies stall?" (with W Ho), Applied Economics, vol 46, no 35, 2014, pp 4267-75. Also available as BIS Working Papers, no 407, March 2013.
- " Currency boards when interest rates are zero" (with D Cook), Pacific Economic Review, vol 19, no 1, 2014, pp 135-151.
- " Capital controls, global liquidity traps and the international policy trilemma" (with M Devereux), Scandinavian Journal of Economics, vol 116, no 1, 2014, pp 158-189.
- " Asia's decoupling: fact, fairytale or forecast?" (with L Lam), Pacific Economic Review, vol 18, no 3, 2013, pp 321-44. Also available as BIS Working Papers, no 438, December 2013.
- " Estimating dynamic Euler equations with multivariate professional forecasts" (with G Smith), Economic Inquiry, vol 51, no 1, 2013, pp 445-58.
- " Exporting recessions: international links and the business cycle", Economics Letters, vol 110, no 1, 2011, pp 12-14.
- "Financial contagion and vulnerability of Asian financial markets", (with M Devereux), in M Devereux, P Lane, C Y Park and S J Wei (eds), The dynamics of Asian financial integration: facts and analytics, Routledge, 2011, pp 229-58.
- "The decoupling of Asia-Pacific?", in Y W Cheung, V Kakkar and G Ma (eds), The evolving role of Asia in global finance, Emerald, 2011, pp 235-53.
- " Price adjustment and exchange rate pass-through" (with M Devereux), Journal of International Money and Finance, vol 29, no 1, 2010, pp 181-200.
- " Hong Kong consumer prices are flexible", HKIMR Working Papers, 05/2009, January 2009.
- " The long-run output-inflation trade-off with menu costs" (with W Ho), North American Journal of Economics and Finance, vol 19, no 3, 2008, pp 261-73.
- " The real effects of inflation in continuous versus discrete time sticky price models" (with W Ho), Managerial and Decision Economics, vol 28, no 6, 2007, pp 633-8.
- " Explaining hump-shaped inflation responses to monetary policy shocks", Managerial and Decision Economics, vol 28, no 6, 2007, pp 605-17.
- " Currency unions, trade flows and capital flows", Pacific Economic Review, vol 12, no 2, 2007, pp 189-204.
- " Are speed limit policies robust?", Journal of Macroeconomics, vol 28, no 4, 2006, pp 665-79.
- " Shock size, asymmetries and state dependent pricing" (with W Ho), Economics Letters, vol 90, no 3, 2006, pp 440-5.
- " The credibility of the monetary policy 'free lunch'", Journal of Macroeconomics, vol 27, no 3, 2005, pp 434-51.
- " Discretionary policy, potential output uncertainty and optimal learning", RBNZ Discussion Papers, 2005/07, December 2005.
- " Speed limit policies and interest rate smoothing", Economics Bulletin, vol 5, no 17, 2004, pp 1-6.
- " The evolution of consensus in macroeconomic forecasting" (with A Gregory), International Journal of Forecasting, vol 20, no 3, 2004, pp 461-73.
- " Suicidal terrorism and discriminatory screening: an efficiency-equity trade-off", Defence and Peace Economics, vol 15, no 3, 2004, pp 221-30.
- " Predetermined prices and the persistent effects of money on output" (with M Devereux), Journal of Money, Credit and Banking, vol 35, no 5, 2003, pp 729-41.
- " Fixed prices versus predetermined prices and the equilibrium probability of price adjustment", Economics Letters, vol 80, no 3, 2003, pp 421-7.
- " Probing potential output: monetary policy, credibility and optimal learning under uncertainty", Journal of Macroeconomics, vol 25, no 3, 2003, pp 311-30.
- " Price setting and exchange rate pass-through: theory and evidence" (with M Devereux), in Price adjustment and monetary policy: proceedings of a conference held by the Bank of Canada, November 2003, pp 347-71.
- " Menu costs and the long-run output-inflation trade-off" (with M Devereux), Economics Letters, vol 76, no 1, 2002, pp 95-100.
- " Identifying a policymaker's target: an application to the Bank of Canada" (with N Rowe), Canadian Journal of Economics, vol 35, no 2, 2002, pp 239-56.
- " Testing for forecast consensus" (with A Gregory and G Smith), Journal of Business and Economic Statistics, vol 19, no 1, 2001, pp 34-43.
- " Gaining credibility for inflation targets", Bank of Canada Working Papers, 2001-11, July 2001.