Piti Disyatat | Bank for International Settlements

All BIS publications (20)

BIS Working Paper No 983 25 Nov 2021

Losing traction? The real effects of monetary policy when interest rates are low

Are there limits to how far reductions in interest rates can boost aggregate demand? In particular, as interest rates fall to…

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Monetary policy, relative prices and inflation control: flexibility born out of success

Publication 20 Sep 2021

Monetary policy, relative prices and inflation control: flexibility born out of success

This Special Feature finds that in a regime of low and stable inflation, sector-specific price changes account for most of the…

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and

BIS Bulletin No 34 14 Dec 2020

Central bank swap lines and cross-border bank flows

This Bulletin traces the use of the swap lines and their impact on global banking positions. In doing so, it highlights the…

Iñaki Aldasoro

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Christian Cabanilla

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Patrick McGuire

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Goetz von Peter

BIS Working Paper No 864 11 May 2020

Global and domestic financial cycles: variations on a theme

We compare and contrast two prominent notions of financial cycles: a domestic variant, which focuses on how financial…

Iñaki Aldasoro

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and

BIS Working Paper No 817 3 Oct 2019

Monetary policy hysteresis and the financial cycle

A long tradition of macroeconomic analysis accords monetary policy only a transient role in driving real outcomes. At the same…

Phurichai Rungcharoenkitkul

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and

BIS Working Paper No 777 26 Mar 2019

What anchors for the natural rate of interest?

We examine the prevailing view that only saving and investment drivers influence the long-term evolution of real, or inflation…

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Phurichai Rungcharoenkitkul

BIS Working Paper No 706 1 Mar 2018

Monetary policy in the grip of a pincer movement

Monetary policy has been in the grip of a pincer movement, caught between growing financial cycles, on the one hand, and an…

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Mikael Juselius

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Phurichai Rungcharoenkitkul

BIS Working Paper No 685 19 Dec 2017

Why so low for so long? A long-term view of real interest rates

Prevailing explanations of the decline in real interest rates since the early 1980s are premised on the notion that real…

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Mikael Juselius

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Phurichai Rungcharoenkitkul

BIS Working Paper No 569 14 Jul 2016

Monetary policy, the financial cycle and ultra-low interest rates

Do the prevailing unusually and persistently low real interest rates reflect a decline in the natural rate of interest as…

Mikael Juselius

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Mathias Drehmann

All external publications (23)

External publication 18 Oct 2018

The "real" illusion: how monetary factors matter in low-for-long rates

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Mikael Juselius

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Phurichai Rungcharoenkitkul

External publication 1 Aug 2018

La política monetaria cercada por un movimiento de pinzas

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Mikael Juselius

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Phurichai Rungcharoenkitkul

External publication 22 May 2018

Monetary policy in the grip of a pincer movement

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,

Mikael Juselius

and

Phurichai Rungcharoenkitkul

External publication 1 Sep 2017

Monetary policy, the financial cycle and ultra-low interest rates

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,

Mathias Drehmann

and

Mikael Juselius

External publication 1 Jun 2017

Monetary policy and financial spillovers: losing traction?

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Phurichai Rungcharoenkitkul

External publication 1 Dec 2016

Rethinking potential output: Embedding information about the financial cycle

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Mikael Juselius

External publication 1 Sep 2016

Helicopter money: reality bites

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External publication 1 May 2016

Helicopter money: the illusion of a free lunch

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External publication 25 Jun 2014

Low interest rates and secular stagnation: is debt a missing link?

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All speeches (3)

Speech 9 Apr 2026

The Thai economy - resilient today, transformed tomorrow

Speech by Mr Piti Disyatat, Deputy Governor of the Bank of Thailand, at the Japanese Chamber of Commerce (JCC) dinner talk,…

Speech 22 Oct 2024

Targeting inflation (more) flexibly

Remarks by Mr Piti Disyatat, Deputy Governor of the Bank of Thailand, at the Annual Conference of the Financial Street Forum…

Inflation

Speech 15 Feb 2024

The double-faced demand for bank reserves and its implications

Article by Mr Claudio Borio, Head of the Monetary and Economic Department of the BIS, Mr Piti Disyatat, Assistant Governor,…

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Andreas Schrimpf

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