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.

March 2020 issue

Cover and contents


Oil Prices and Consumption across Countries and U.S. States
   by Andrea De Michelis, Thiago Ferreira, and Matteo Iacoviello

Monetary Policy, Commodity Prices, and Misdiagnosis Risk
   by Andrew J. Filardo, Marco J. Lombardi, Carlos Montoro, and Massimo Minesso Ferrari
   Online appendix

The Continuing Validity of Monetary Policy Autonomy under Floating Exchange Rates
   by Edward Nelson

Output Gaps and Robust Monetary Policy Rules
   by Roberto M. Billi

Does Central Bank Transparency and Communication Affect Financial and Macroeconomic Forecasts?
   by Thomas Lustenberger and Enzo Rossi
   Online appendix

Stress Tests of the Household Sector Using Microdata from Survey and Administrative Sources
   by Jaanika Meriküll and Tairi Rõõm

Bank Capital: A Seawall Approach
   by Jihad Dagher, Giovanni Dell'Ariccia, Luc Laeven, Lev Ratnovski, and Hui Tong

Relaxed Lending Standards and the 2007 Morgage Crisis: Changes in Household Debt and Borrowing Behaviors
   by Seda Durguner