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.

July 2025 issue

Cover and contents

Macroeconomic Reversal Rate in a Low Interest Rate Environment
Jan Willem van den End, Paul Konietschke, Anna Samarina and Irina M Stanga

Fiscal and Monetary Policy Interactions in a Low Interest Rate World
Boris Hofmann, Marco J Lombardi, Benoît Mojon and Athanasios Orphanides

What Drives Inflation? Disentangling Demand and Supply Factors
Sandra Eickmeier and Boris Hofmann

Easier Said Than Done: Why Italians Pay in Cash While Preferring Cashless
Alberto Di Iorio and Giorgia Rocco

Price-Level Targeting and Inflation Expectations: Experimental Evidence
Malik Shukayev and Robert Amano

Interagency Coordination Bodies and the Speed of Prudential Policy Responses to the COVID-19 Pandemic
Michael Brei and Blaise Gadanecz

Navigating with a Compass: Charting the Course of Underlying Inflation
Nuno Lourenço, João Quelhas and António Rua

Monetary Policy Shocks and Local Housing Prices
Shihan Xie