2021 - Volume 53, Issue 5

Credit Lines and the Liquidity Insurance Channel

VIRAL V. ACHARYA,  HEITOR ALMEIDA,  FILIPPO IPPOLITO,  ANDER PEREZ-ORIVE


The Collateral Costs of Clearing

CYRIL MONNET,  THOMAS NELLEN


Partisan Conflict, News, and Investors' Expectations

MARINA AZZIMONTI


A Time-Series Model of Interest Rates with the Effective Lower Bound

BENJAMIN K. JOHANNSEN,  ELMAR MERTENS


Dissecting Macroeconomic News

DAVIDE E. AVINO,  ANDREI STANCU,  CHARDIN WESE SIMEN


Currency Wars? Unconventional Monetary Policy Does Not Stimulate Exports

ANDREW K. ROSE


A Case against a 4% Inflation Target

ENGIN KARA,  TONY YATES


Public Development Banks and Credit Market Imperfections

MARCELA ESLAVA,  XAVIER FREIXAS


Trust Us to Repay: Social Trust, Long-Term Interest Rates, and Sovereign Credit Ratings

Andreas Bergh,  Christian Bjørnskov


A Model of Endogenous Financial Inclusion: Implications for Inequality and Monetary Policy

MOHAMMED AIT LAHCEN,  PEDRO GOMIS-PORQUERAS


Cost of Sticky Prices under Multiple Stages of Production

TOYOICHIRO SHIROTA