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.

December 2019 issue

Cover and contents

The Portfolio Rebalancing Effects of the ECB's Asset Purchase Programme
   by Giovanna Bua and Peter G. Dunne

What Are the Effects of Changes in Taxation and New Types of Mortgages on the Real Economy? The Case of Denmark During the 2000s
   by Jesper Pedersen

The Role of Counterparty Risk and Asymmetric Information in the Interbank Market
   by Giuseppe Cappelletti and Giovanni Guazzarotti

Money, Credit, Monetary Policy, and the Business Cycle in the Euro Area: What Has Changed Since the Crisis?
   by Domenico Giannone, Michele Lenza, and Lucrezia Reichlin
  Online appendix

The Heterogeneity of the Inflation Expectations of Italian Firms along the Business Cycle
   by Laura Bartiloro, Marco Bottone, and Alfonso Rosolia

Identifying Dornbusch's Exchange Rate Overshooting with Structural VECs: Evidence from Mexico
   by Carlos Capistrán, Daniel Chiquiar, and Juan R. Hernández

Fiscal Implications of the Federal Reserve's Balance Sheet Normalization
   by Michele Cavallo, Marco Del Negro, W. Scott Frame, Jamie Grasing, Benjamin A. Malin, and Carlo Rosa

Understanding the United Kingdom's Wageless Recovery
   by Benjamin D. Nelson