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 2021 issue

Cover and contents

Bank Lending Standards, Loan Demand, and the Macroeconomy: Evidence from the Korean Bank Loan Officer Survey
Sangyup Choi
Online appendix

Ethics, Culture, and Higher Purpose in Banking: Post-Crisis Governance Developments
Anjan V. Thakor

The Power of Forward Guidance and the Fiscal Theory of the Price Level
Nigel McClung

Systemic Bank Risk and Monetary Policy
Ester Faia and Sören Karau
Online appendix

"Leaning against the Wind," Macroprudential Policy, and the Financial Cycle
Thore Kockerols and Christoffer Kok

Monetary Policy and the Top 1%: Evidence from a Century of Modern Economic History
Mehdi El Herradi and Aurélien Leroy

Monetary Normalizations and Consumer Credit: Evidence from Fed Liftoff and Online Lending
Christoph Bertsch, Isaiah Hull, and Xin Zhang
Online appendix

Real-Time Forecasting and Scenario Analysis Using a Large Mixed-Frequency Bayesian VAR
Michael W. McCracken, Michael T. Owyang, and Tatevik Sekhposyan