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 2020 issue

Cover and contents

Agglomeration and Industry Spillover Effects in the Aftermath of a Credit Shock
   by José Jorge and Joana Rocha

Positive Trend Inflation and Determinacy in a Medium-Sized New Keynesian Model
   by Jonas E. Arias, Guido Ascari, Nicola Branzoli, and Efrem Castelnuovo

Real Term Structure and New Keynesian Models
   by Burçin Kısacıkoğlu
   Online appendix

Credit, Financial Conditions, and Monetary Policy Transmission
   by David Aikman, Andreas Lehnert, Nellie Liang, and Michele Modungno

What Can the Data Tell Us about the Equilibrium Real Interest Rate?
   by Michael T. Kiley

Reserves for All? Central Bank Digital Currency, Deposits, and Their (Non)-Equivalence
   by Dirk Niepelt

The Surprising Recovery of Currency Usage
   by Jonathan Ashworth and Charles A.E. Goodhart

From Window Guidance to Interbank Rates: Tracing the Transition of Monetary Policy in Japan and China
   by Stefan Angrick and Naoyuki Yoshino
   Online appendix