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Home > Research > Staff Working Papers

Staff Working Papers

​Staff Working Papers describe research in progress by Bank staff and are published to encourage comments and further debate.

Our senior management has taken a determined ‘hands off’ approach to these staff publications, to allow them greater scope to speak more freely and to support or challenge existing orthodoxies.

As such, any views expressed are solely those of the authors, do not necessarily represent those of the Bank or our policy committees, and should not be reported as such.

View Working Papers pre-2006

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Date Title
09/01/2006Working Paper No 286: Modelling the cross-border use of collateral in payment systems - Mark J Manning and Matthew Willison
17/01/2006Working Paper No 287: Assessing central counterparty margin coverage on futures contracts using GARCH models - Raymond Knott and Marco Polenghi
12/01/2006Working Paper No 288: The price puzzle: fact or artefact? - Efrem Castelnuovo and Paolo Surico
09/03/2006Working Paper No 289: Defined benefit company pensions and corporate valuations: simulation and empirical evidence from the United Kingdom - Kamakshya Trivedi and Garry Young
06/03/2006Working Paper No 290: UK monetary regimes and macroeconomic stylised facts - Luca Benati
06/03/2006Working Paper No 291: Affine term structure models for the foreign exchange risk premium - Luca Benati
09/03/2006Working Paper No 292: Switching costs in the market for personal current accounts: some evidence for the United Kingdom - Céline Gondat-Larralde and Erlend Nier
09/03/2006Working Paper No 293: Resolving banking crises - an analysis of policy options - Misa Tanaka and Glenn Hoggarth
09/03/2006Working Paper No 294: How does the down-payment constraint affect the UK housing market? - Andrew Benito
29/03/2006Working Paper No 295: Productivity growth, adjustment costs and variable factor utilisation: the UK case - Charlotta Groth, Soledad Nuñez and Sylaja Srinivasan
25/05/2006Working Paper No 296: Sterling implications of a US current account reversal - Morten Spange and Pawel Zabczyk
01/06/2006Working Paper No 297: Optimal monetary policy in a regime-switching economy: the response to abrupt shifts in exchange rate dynamics - Fabrizio Zampolli
01/06/2006Working Paper No 298: Optimal monetary policy in Markov-switching models with rational expectations agents - Andrew P Blake and Fabrizio Zampolli
01/06/2006Working Paper No 299: Optimal discretionary policy in rational expectations models with regime switching - Richhild Moessner
29/08/2006Working Paper No 300: Elasticities, markups and technical progress: evidence from a state-space approach - Colin Ellis
10/07/2006Working Paper No 301: The welfare benefits of stable and efficient payment systems - Stephen Millard and Matthew Willison
10/07/2006Working Paper No 302: International and intranational consumption risk sharing: the evidence for the United Kingdom and OECD - Vincent Labhard and Michael Sawicki
07/08/2006Working Paper No 303: The danger of inflating expectations of macroeconomic stability: heuristic switching in an overlapping generations monetary model - Alex Brazier, Richard Harrison, Mervyn King and Tony Yates
04/08/2006Working Paper No 304: Procyclicality, collateral values and financial stability - Prasanna Gai, Peter Kondor and Nicholas Vause
08/08/2006Working Paper No 305: Bank capital, asset prices and monetary policy - David Aikman and Matthias Paustian
03/08/2006Working Paper No 306: Consumption excess sensitivity, liquidity constraints and the collateral role of housing - Andrew Benito and Haroon Mumtaz
09/08/2006Working Paper No 307: Fiscal rules for debt sustainability in emerging markets: the impact of volatility and default risk - Adrian Penalver and Gregory Thwaites
14/09/2006Working Paper No 308: Optimal emerging market fiscal policy when trend output growth is unobserved - Gregory Thwaites
22/09/2006Working Paper No 309: Fundamental inflation uncertainty - Charlotta Groth, Jarkko Jääskelä and Paolo Surico
22/09/2006Working Paper No 310: Returns to equity, investment and Q: evidence from the United Kingdom - Simon Price and Christoph Schleicher
22/09/2006Working Paper No 311: The yen real exchange rate may be stationary after all: evidence from non-linear unit root tests - Georgios Chortareas and George Kapetanios
22/11/2006Working Paper No 312: Exchange rate pass-through into UK import prices - Haroon Mumtaz, Özlem Oomen and Jian Wang
18/10/2006Working Paper No 313: Bank capital channels in the monetary transmission mechanism - Bojan Markovic
03/11/2006Working Paper No 314: Consumer credit conditions in the United Kingdom - Emilio Fernandez-Corugedo and John Muellbauer
14/11/2006Working Paper No 315: Do announcements of bank acquisitions in emerging markets create value? - Farouk Soussa and Tracy Wheeler
13/12/2006Working Paper No 316: Financial infrastructure and corporate governance - Helen Allen, Grigoria Christodoulou and Stephen Millard
13/12/2006Working Paper No 317: Corporate debt and financial balance sheet adjustment: a comparison of the United States, the United Kingdom, France and Germany - Peter Gibbard and Ibrahim Stevens
26/01/2007Working Paper No 318: Does Asia's choice of exchange rate regime affect Europe's exposure to US shocks? - Bojan Markovic and Laura Povoledo
15/05/2007Working Paper No 324: Housing equity as a buffer: evidence from UK households - Andrew Benito
26/01/2007Working Paper No 319: Too many to fail - an analysis of time-inconsistency in bank closure policies - Viral Acharya and Tanju Yorulmazer
10/04/2007Working Paper No 320: The real exchange rate and quality improvements - Karen Dury and Özlem Oomen
29/03/2007Working Paper No 321: Comparing the pre-settlement risk implications of alternative clearing arrangements - John P Jackson and Mark J Manning
29/03/2007Working Paper No 322: An affine macro-factor model of the UK yield curve - Peter Lildholdt, Nikolaos Panigirtzoglou and Chris Peacock
15/05/2007Working Paper No 323: Forecast combination and the Bank of England's suite of statistical forecasting models - George Kapetanios, Vincent Labhard and Simon Price
15/05/2007Working Paper No 325: Inter-industry contagion between UK life insurers and UK banks: an event study - Marco Stringa and Allan Monks
09/07/2007Working Paper No 331: Wage flexibility in Britain: some micro and macro evidence - Mark E Schweitzer
15/07/2009Working Paper No 326: Asset pricing implications of a New Keynesian model - Bianca De Paoli, Alasdair Scott and Olaf Weeken
14/06/2007Working Paper No 327: A model of market surprises - Lavan Mahadeva
14/06/2007Working Paper No 328: Cash-in-the-market pricing and optimal resolution of bank failures - Viral Acharya and Tanju Yorulmazer
09/07/2007Working Paper No 329: The impact of yuan revaluation on the Asian region - Glenn Hoggarth and Hui Tong
09/07/2007Working Paper No 330: Escaping Nash and volatile inflation - Martin Ellison and Tony Yates
09/10/2007Working Paper No 332: Investment adjustment costs: evidence from UK and US industries - Charlotta Groth and Hashmat Khan
09/10/2007Working Paper No 333: Labour market institutions and aggregate fluctuations in a search and matching model - Francesco Zanetti
25/10/2007Working Paper No 334: Using copulas to construct bivariate foreign exchange distributions with an application to the sterling exchange rate index - Matthew Hurd, Mark Salmon and Christoph Schleicher
18/10/2007Working Paper No 335: Business cycle fluctuations and excess sensitivity of private consumption - Gert Peersman and Lorenzo Pozzi
22/11/2007Working Paper No 336: A state space approach to extracting the signal from uncertain data - Alastair Cunningham, Jana Eklund, Christopher Jeffery, George Kapetanios and Vincent Labhard
11/01/2008Working Paper No 337: Risks and efficiency gains of a tiered structure in large-value payments: a simulation approach - Ana Lasaosa and Merxe Tudela
10/01/2008Working Paper No 338: Monetary policy shifts and inflation dynamics - Paolo Surico
10/01/2008Working Paper No 339: The integrated impact of credit and interest rate risk on banks: an economic value and capital adequacy perspective - Mathias Drehmann, Steffen Sorensen and Marco Stringa
12/02/2008Working Paper No 340: Financial innovation, macroeconomic stability and systemic crises - Prasanna Gai, Sujit Kapadia, Stephen Millard and Ander Perez
12/02/2008Working Paper No 341: Evolving international inflation dynamics: evidence from a time-varying dynamic factor model - Haroon Mumtaz and Paolo Surico
11/02/2009Working Paper No 360: Extracting inflation expectations and inflation risk premia from the term structure: a joint model of the UK nominal and real yield curves - Michael Joyce, Peter Lildholdt and Steffen Sorensen
27/02/2009Working Paper No 365: Foreign exchange rate risk in a small open economy - Bianca De Paoli and Jens Søndergaard
29/01/2009Working Paper No 361: Why do risk premia vary over time? A theoretical investigation under habit formation - Bianca De Paoli and Pawel Zabczyk
29/01/2009Working Paper No 362: Output costs of sovereign crises: some empirical estimates - Bianca De Paoli, Glenn Hoggarth and Victoria Saporta
27/02/2009Working Paper No 363: Dynamics of the term structure of UK interest rates - Francesco Bianchi, Haroon Mumtaz and Paolo Surico
27/02/2009Working Paper No 364: What lies beneath: what can disaggregated data tell us about the behaviour of prices? - Haroon Mumtaz, Pawel Zabczyk and Colin Ellis
22/04/2009Working Paper No 366: Common determinants of currency crises: role of external balance sheet variables - Mirko Licchetta
23/04/2009Working Paper No 367: Labour market flows: facts from the United Kingdom - Pedro Gomes
22/04/2009Working Paper No 368: The real exchange rate in sticky-price models: does investment matter? - Enrique Martínez-García and Jens Søndergaard
15/02/2008Working Paper No 342: That elusive elasticity and the ubiquitous bias: is panel data a panacea? - James Smith
20/05/2009Working Paper No 369: Multivariate methods for monitoring structural change - Jan J J Groen, George Kapetanios and Simon Price
04/03/2008Working Paper No 343: Efficient frameworks for sovereign borrowing - Gregor Irwin and Gregory Thwaites
20/05/2009Working Paper No 370: Banks' intraday liquidity management during operational outages: theory and evidence from the UK payment system
06/03/2008Working Paper No 344: International monetary co-operation in a world of imperfect information - Kang Yong Tan and Misa Tanaka
01/06/2009Working Paper No 371: Payment systems, inside money and financial intermediation - Ouarda Merrouche and Erlend Nier
04/03/2008Working Paper No 345: Summary statistics of option-implied probability density functions and their properties - Damien Lynch and Nikolaos Panigirtzoglou
11/06/2009Working Paper No 372: Funding liquidity risk in a quantitative model of systemic stability - David Aikman, Piergiorgio Alessandri, Bruno Eklund, Prasanna Gai, Sujit Kapadia, Elizabeth Martin, Nada Mora, Gabriel Sterne and Matthew Willison
26/03/2008Working Paper No 346: Network models and financial stability - Erlend Nier, Jing Yang, Tanju Yorulmazer and Amadeo Alentorn
10/09/2009Working Paper No 373: International financial transmission: emerging and mature markets - Guillermo Felices, Christian Grisse and Jing Yang
17/08/2009Working Paper No 374: How do different models of foreign exchange settlement influence the risks and benefits of global liquidity management? - Jochen Schanz
10/09/2009Working Paper No 375: Inflation dynamics with labour market matching: assessing alternative specifications - Kai Christoffel, James Costain, Gregory de Walque, Keith Kuester, Tobias Linzert, Stephen Millard and Olivier Pierrard
23/11/2009Working Paper No 376: Endogenous choice of bank liquidity: the role of fire sales - Viral V Acharya, Hyun Song Shin and Tanju Yorulmazer
13/11/2009Working Paper No 377: International spillover effects and monetary policy activism - Anna Lipinska, Morten Spange and Misa Tanaka
13/11/2009Working Paper No 378: Do supermarket prices change from week to week? - Colin Ellis
31/03/2008Working Paper No 347: Non-linear adjustment of import prices in the European Union - José Manuel Campa, José M González Mínguez and María Sebastiá Barriel
19/03/2008Working Paper No 348: The elasticity of substitution: evidence from a UK firm-level data set - Sebastian Barnes, Simon Price and María Sebastiá Barriel
22/05/2008Working Paper No 349: Dealing with country diversity: challenges for the IMF credit union model - Gregor Irwin, Adrian Penalver, Chris Salmon and Ashley Taylor
22/05/2008Working Paper No 350: Investigating the structural stability of the Phillips curve relationship - Jan J J Groen and Haroon Mumtaz
07/08/2008Working Paper No 351: The cyclicality of mark-ups and profit margins for the United Kingdom: some new evidence - Clare Macallan, Stephen Millard and Miles Parker
12/08/2008Working Paper No 352: An agent-based model of payment systems - Marco Galbiati and Kimmo Soramäki
26/01/2009Working Paper No 353: The conduct of global monetary policy and domestic stability - Andrew P Blake and Bojan Markovic
20/11/2008Working Paper No 354: Estimating the determinants of capital flows to emerging market economies: a maximum likelihood disequilibrium approach - Guillermo Felices and Bjorn-Erik Orskaug
20/11/2008Working Paper No 355: The network topology of CHAPS Sterling - Christopher Becher, Stephen Millard and Kimmo Soramäki
20/11/2008Working Paper No 356: Measuring monetary policy expectations from financial market instruments - Michael Joyce, Jonathan Relleen and Steffen Sorensen
05/12/2008Working Paper No 357: A no-arbitrage structural vector autoregressive model of the UK yield curve - Iryna Kaminska
05/12/2008Working Paper No 358: Understanding the real rate conundrum: an application of no-arbitrage finance models to the UK real yield curve - Michael Joyce, Iryna Kaminska and Peter Lildholdt
26/02/2010Working Paper No 379: Household debt, house prices and consumption in the United Kingdom: a quantitative theoretical analysis - Matt Waldron and Fabrizio Zampolli
05/12/2008Working Paper No 359: Globalisation, import prices and inflation dynamics - Chris Peacock and Ursel Baumann
25/03/2010Working Paper No 385: Imperfect credit markets: implications for monetary policy - Gertjan W Vlieghe
16/03/2010Working Paper No 384: The geographical composition of national external balance sheets: 1980-2005 - Chris Kubelec and Filipa Sá
16/02/2010Working Paper No 380: Evaluating and estimating a DSGE model for the United Kingdom - Richard Harrison and Özlem Oomen
18/02/2010Working Paper No 381: All together now: do international factors explain relative price comovements? - Özer Karagedikli, Haroon Mumtaz and Misa Tanaka
16/02/2010Working Paper No 382: Time-varying dynamics of the real exchange rate. A structural VAR analysis - Haroon Mumtaz and Laura Sunder-Plassmann
16/03/2010Working Paper No 383: Contagion in financial networks - Prasanna Gai and Sujit Kapadia
25/03/2010Working Paper No 386: Evolving UK macroeconomic dynamics: a time-varying factor augmented VAR - Haroon Mumtaz
25/03/2010Working Paper No 387: Shocks to bank capital: evidence from UK banks at home and away - Nada Mora and Andrew Logan
28/05/2010Working Paper No 388: An economic capital model integrating credit and interest rate risk in the banking book - Piergiorgio Alessandri and Mathias Drehmann
17/05/2010Working Paper No 389: Liquidity-saving mechanisms in collateral-based RTGS payment systems - Marius Jurgilas and Antoine Martin
20/05/2010Working Paper No 390: Technology shocks, employment and labour market frictions - Federico S Mandelman and Francesco Zanetti
20/05/2010Working Paper No 391: Deep habits and the cyclical behaviour of equilibrium unemployment and vacancies - Federico di Pace and Renato Faccini
02/06/2010Working Paper No 392: Time-varying inflation expectations and economic fluctuations in the United Kingdom: a structural VAR analysis - Alina Barnett, Jan J J Groen and Haroon Mumtaz
25/08/2010Working Paper No 393: The financial market impact of quantitative easing - Michael Joyce, Ana Lasaosa, Ibrahim Stevens and Matthew Tong
19/07/2010Working Paper No 394: How do individual UK producer prices behave? - Philip Bunn and Colin Ellis
19/07/2010Working Paper No 395: New insights into price-setting behaviour in the United Kingdom - Jennifer Greenslade and Miles Parker
27/07/2010Working Paper No 396: Using estimated models to assess nominal and real rigidities in the United Kingdom - Gunes Kamber and Stephen Millard
27/07/2010Working Paper No 397: Evolving macroeconomic dynamics in a small open economy: an estimated Markov-switching DSGE model for the United Kingdom - Philip Liu and Haroon Mumtaz
14/07/2010Working Paper No 398: The sterling unsecured loan market during 2006-08: insights from network theory - Anne Wetherilt, Peter Zimmerman and Kimmo Soramäki
20/07/2010Working Paper No 399: Liquidity costs and tiering in large-value payment systems - Mark Adams, Marco Galbiati and Simone Giansante
20/07/2010Working Paper No 400: Liquidity-saving mechanisms and bank behaviour - Marco Galbiati and Kimmo Soramäki
25/10/2010Working Paper No 401: Changes in the transmission of monetary policy: evidence from a time-varying factor-augmented VAR - Christiane Baumeister, Philip Liu and Haroon Mumtaz
06/10/2010Working Paper No 402: DSGE model restrictions for structural VAR identification - Philip Liu and Konstantinos Theodoridis
18/10/2010Working Paper No 403: Monetary policy rules and foreign currency positions - Bianca De Paoli, Hande Küçük-Tuger and Jens Søndergaard
06/10/2010Working Paper No 404: The impact of payment splitting on liquidity requirements in RTGS - Edward Denbee and Ben Norman
29/11/2010Working Paper No 407: Extracting information from structured credit markets - Joseph Noss
29/11/2010Working Paper No 406: Forecasting in the presence of recent structural change - Jana Eklund, George Kapetanios and Simon Price
09/11/2010Working Paper No 405: Monetary policy, capital inflows and the housing boom - Filipa Sá and Tomasz Wieladek
16/02/2011Working Paper No 408: Wage rigidities in an estimated DSGE model of the UK labour market -Renato Faccini, Stephen Millard and Francesco Zanetti
16/02/2011Working Paper No 409: The contractual approach to sovereign debt restructuring - Sergi Lanau
16/02/2011Working Paper No 410: Are EME indicators of vulnerability to financial crises decoupling from global factors? - Guillermo Felices and Tomasz Wieladek
16/02/2011Working Paper No 411: Low interest rates and housing booms: the role of capital inflows, monetary policy and financial innovation - Filipa Sá, Pascal Towbin and Tomasz Wieladek
09/06/2011Working Paper No 412: The history of interbank settlement arrangements: exploring central banks' role in the payment system - Ben Norman, Rachel Shaw and George Speight
23/02/2011Working Paper No 413: Mapping systemic risk in the international banking network - Rodney J Garratt, Lavan Mahadeva and Katsiaryna Svirydzenka
23/02/2011Working Paper No 414: A Bayesian approach to optimal monetary policy with parameter and model uncertainty - Timothy Cogley, Bianca de Paoli, Christian Matthes, Kalin Nikolov and Tony Yates
05/04/2011Working Paper No 421: Global rebalancing: the macroeconomic impact on the United Kingdom - Alex Haberis, Bojan Markovic, Karen Mayhew and Pawel Zabczyk
10/03/2011Working Paper No 415: The gains from delegation revisited: price-level targeting, speed-limit and interest rate smoothing policies - Andy Blake, Tatiana Kirsanova and Tony Yates
10/03/2011Working Paper No 416: An efficient method of computing higher-order bond price perturbation approximations - Martin M Andreasen and Pawel Zabczyk
10/03/2011Working Paper No 417: How non-Gaussian shocks affect risk premia in non-linear DSGE models - Martin M Andreasen
06/04/2011Working Paper No 418: Cyclical risk aversion, precautionary saving and monetary policy - Bianca De Paoli and Pawel Zabczyk
20/04/2011Working Paper No 419: A global model of international yield curves: no-arbitrage term structure approach - Iryna Kaminska, Andrew Meldrum and James Smith
06/04/2011Working Paper No 420: Tailwinds and headwinds: how does growth in the BRICs affect inflation in the G7? - Anna Lipinska and Stephen Millard
05/04/2011Working Paper No 422: Understanding the macroeconomic effects of working capital in the United Kingdom - Emilio Fernandez-Corugedo, Michael McMahon, Stephen Millard and Lukasz Rachel
12/04/2011Working Paper No 423: Shifts in portfolio preferences of international investors: an application to sovereign wealth funds - Filipa Sá and Francesca Viani
05/04/2011Working Paper No 424: How did the crisis in international funding markets affect bank lending? Balance sheet evidence from the United Kingdom - Shekhar Aiyar
19/05/2011Working Paper No 425: International transmission of shocks: a time-varying factor-augmented VAR approach to the open economy - Philip Liu, Haroon Mumtaz and Angeliki Theophilopoulou
19/05/2011Working Paper No 426: Labour supply as a buffer: evidence from UK households - Andrew Benito and Jumana Saleheen
27/05/2011Working Paper No 427: System-wide liquidity risk in the United Kingdom's large-value payment system: an empirical analysis -Marcelo Perlin and Jochen Schanz
27/05/2011Working Paper No 428: Intraday two-part tariff in payment systems - Tomohiro Ota
27/05/2011Working Paper No 429: Domestic financial regulation and external borrowing - Sergi Lanau
25/07/2011Working Paper No 432: An estimated DSGE model of energy, costs and inflation in the United Kingdom - Stephen Millard
08/07/2011Working Paper No 433: The impact of permanent energy price shocks on the UK economy - Richard Harrison, Ryland Thomas and Iain de Weymarn
08/07/2011Working Paper No 434: Evolving UK and US macroeconomic dynamics through the lens of a model of deterministic structural change - George Kapetanios and Tony Yates
08/07/2011Working Paper No 435: Preferred-habitat investors and the US term structure of real rates - Iryna Kaminska, Dimitri Vayanos and Gabriele Zinna
07/10/2011Working Paper No 436: Systemic capital requirements - Lewis Webber and Matthew Willison
27/10/2011Working Paper No 437: Estimating the impact of the volatility of shocks: a structural VAR approach - Haroon Mumtaz
24/01/2013Working Paper No. 470: Long and short-term effects of the financial crisis on labour productivity, capital and output - Nicholas Oulton and María Sebastiá-Barriel
17/05/2013Working Paper No. 471: The Bank of England's forecasting platform: COMPASS, MAPS, EASE and the suite of models - Stephen Burgess, Emilio Fernandez-Corugedo, Charlotta Groth, Richard Harrison, Francesca Monti, Konstantinos Theodoridis and Matt Waldron
14/06/2013Working Paper No. 472: International capital flows and development: financial openness matters - Dennis Reinhardt, Luca Antonio Ricci and Thierry Tressel
14/06/2013Working Paper No. 473: The pitfalls of speed-limit interest rate rules at the zero lower bound - Charles Brendon, Matthias Paustian and Tony Yates
14/06/2013Working Paper No. 474: Not all capital waves are alike: a sector-level examination of surges in FDI inflows - Dennis Reinhardt and Salvatore Dell’Erba
14/06/2013Working Paper No. 475: Policy multipliers under an interest rate peg of deterministic versus stochastic duration - Charles T Carlstrom , Timothy S Fuerst and Matthias Paustian
16/08/2013Working Paper No. 476: Oil shocks and the UK economy: the changing nature of shocks and impact over time - Stephen Millard and Tamarah Shakir
16/08/2013Working Paper No. 477: Non-uniform wage-staggering: European evidence and monetary policy implications - Michel Juillard, Hervé Le Bihan and Stephen Millard
16/08/2013Working Paper No. 478: Capital over the business cycle: renting versus ownership - Peter N Gal and Gabor Pinter
16/08/2013Working Paper No. 479: Financial factors and the international transmission mechanism - Abigail Haddow and Mariya Mileva
16/08/2013Working Paper No. 480: Central counterparties and the topology of clearing networks - Marco Galbiati and Kimmo Soramäki
19/03/2012Working Paper 430: Identifying risks in emerging market sovereign and corporate bond spreads – Gabriele Zinna
19/03/2012Working Paper 431: Financial intermediaries in an estimated DSGE model for the United Kingdom – Stefania Villa and Jing Yang
27/01/2012Working Paper No. 442: The impact of QE on the UK economy - some supportive monetarist arithmetic - Jonathan Bridges and Ryland Thomas
27/01/2012Working Paper No. 443: Assessing the economy-wide effects of quantitative easing - George Kapetanios, Haroon Mumtaz, Ibrahim Stevens and Konstantinos Theodoridis
27/01/2012Working Paper No. 444: Asset purchase policy at the effective lower bound for interest rates - Richard Harrison
27/01/2012Working Paper No. 445: Does macropru leak? Evidence from a UK policy experiment - Shekhar Aiyar, Charles W Calomiris and Tomasz Wieladek
19/03/2012Working Paper 447: Implicit intraday interest rate in the UK unsecured overnight money market – Marius Jurgilas and Filip Zikes
19/03/2012Working Paper 446: The business cycle implications of banks’ maturity transformation – Martin M Andreasen, Marcelo Ferman and Pawel Zabczyk
18/05/2012Working Paper No. 448: Non-rational expectations and the transmission mechanism - Richard Harrison and Tim Taylor
18/05/2012Working Paper No. 449: Misperceptions, heterogeneous expectations and macroeconomic dynamics - Richard Harrison and Tim Taylor
18/05/2012Working Paper No. 450: Forecasting UK GDP growth, inflation and interest rates under structural change: a comparison of models with time-varying parameters - Alina Barnett, Haroon Mumtaz and Konstantinos Theodoridis
21/06/2012Working Paper No. 451: Bank behaviour and risks in CHAPS following the collapse of Lehman Brothers - Evangelos Benos, Rodney Garratt and Peter Zimmerman
18/05/2012Working Paper No. 453: Neutral technology shocks and employment dynamics: results based on an RBC identification scheme - Haroon Mumtaz and Francesco Zanetti
21/06/2012Working Paper No. 452: Simple banking: profitability and the yield curve - Piergiorgio Alessandri and Benjamin Nelson
18/05/2012Working Paper No. 454: Fixed interest rates over finite horizons - Andrew P Blake
21/06/2012Working Paper No. 456: Liquidity risk, cash-flow constraints and systemic feedbacks - Sujit Kapadia, Mathias Drehmann, John Elliott and Gabriel Sterne
21/06/2012Working Paper No. 455: Estimating probability distributions of future asset prices: empirical transformations from option-implied risk-neutral to real-world density functions - Rupert de Vincent-Humphreys and Joseph Noss
20/07/2012Working Paper No. 457: What do sticky and flexible prices tell us? - Stephen Millard and Tom O’Grady
20/07/2012Working Paper No. 458: A network model of financial system resilience - Kartik Anand, Prasanna Gai, Sujit Kapadia, Simon Brennan and Matthew Willison
20/07/2012Working Paper No. 459: Inflation and output in New Keynesian models with a transient interest rate peg - Charles T Carlstrom, Timothy S Fuerst and Matthias Paustian
21/08/2012Working Paper No. 460: Too big to fail: some empirical evidence on the causes and consequences of public banking interventions in the United Kingdom - Andrew K Rose and Tomasz Wieladek
21/08/2012Working Paper No. 461: Labour market institutions and unemployment volatility: evidence from OECD countries - Renato Faccini and Chiara Rosazza Bondibene
07/10/2012Working Paper No. 462: Reputation, risk-taking and macroprudential policy - David Aikman, Benjamin Nelson and Misa Tanaka
07/10/2012Working Paper No. 463: The international transmission of volatility shocks: an empirical analysis - Haroon Mumtaz and Konstantinos Theodoridis
07/10/2012Working Paper No. 464: International policy spillovers at the zero lower bound - Alex Haberis and Anna Lipińska
07/10/2012Working Paper No. 465: Size and complexity in model financial systems - Nimalan Arinaminpathy, Sujit Kapadia and Robert May
26/10/2012Working Paper No. 466: QE and the gilt market: a disaggregated analysis - Martin Daines, Michael A S Joyce and Matthew Tong
26/10/2012Working Paper No. 467: Factor adjustment costs: a structural investigation - Haroon Mumtaz and Francesco Zanetti
26/10/2012Working Paper No. 468: Using Shapley’s asymmetric power index to measure banks’ contributions to systemic risk - Rodney J Garratt, Lewis Webber and Matthew Willison
03/12/2012Working Paper No. 469 High-frequency trading behaviour and its impact on market quality: evidence from the UK equity market - Evangelos Benos and Satchit Sagade
28/10/2011Working Paper No 438: How do individual UK consumer prices behave? - Philip Bunn and Colin Ellis
27/10/2011Working Paper No 439: An efficient minimum distance estimator for DSGE models - Konstantinos Theodoridis
27/10/2011Working Paper No 440: Time-varying volatility, precautionary saving and monetary policy - Michael Hatcher
14/12/2011Working Paper 441: An estimated DSGE model: explaining variation in term premia - Martin M Andreasen
20/12/2013Working Paper No. 481: Likelihood inference in non-linear term structure models: the importance of the lower bound - Martin Andreasen and Andrew Meldrum
20/12/2013Working Paper No. 482: Has weak lending and activity in the United Kingdom been driven by credit supply shocks? - Alina Barnett and Ryland Thomas
20/12/2013Working Paper No. 483: Risk news shocks and the business cycle - Gabor Pinter, Konstantinos Theodoridis and Tony Yates
31/01/2014Working Paper No. 484: GDP-linked bonds and sovereign default - David Barr, Oliver Bush and Alex Pienkowski
31/01/2014Working Paper No. 485: Identifying channels of credit substitution when bank capital requirements are varied – Shekhar Aiyar, Charles W Calomiris and Tomasz Wieladek
31/01/2014Working Paper No. 486: The impact of capital requirements on bank lending – Jonathan Bridges, David Gregory, Mette Nielsen, Silvia Pezzini, Amar Radia and Marco Spaltro
28/03/2014Working Paper No. 487: Shadow banks and macroeconomic instability - Roland Meeks, Benjamin D Nelson and Piergiorgio Alessandri
28/03/2014Working Paper No. 488: News and labour market dynamics in the data and in matching models - Konstantinos Theodoridis and Francesco Zanetti
28/03/2014Working Paper No. 489: Expectations, risk premia and information spanning in dynamic term structure model estimation - Rodrigo Guimarães
28/03/2014Working Paper No. 490: Adaptive forecasting in the presence of recent and ongoing structural change - Liudas Giraitis, George Kapetanios and Simon Price
28/03/2014Working Paper No. 491: Household debt and the dynamic effects of income tax changes - James Cloyne and Paolo Surico
28/03/2014Working Paper No. 492: Generalised density forecast combinations - Nicholas Fawcett, George Kapetanios, James Mitchell and Simon Price
28/03/2014Working Paper No. 493: The macroeconomic effects of monetary policy: a new measure for the United Kingdom - James Cloyne and Patrick Hürtgen
28/03/2014Working Paper No. 494: Estimating the impact of changes in aggregate bank capital requirements during an upswing - Joseph Noss and Priscilla Toffano
17/04/2014Working Paper No. 495: The productivity puzzle: a firm-level investigation into employment behaviour and resource allocation over the crisis - Alina Barnett, Adrian Chiu, Jeremy Franklin and María Sebastiá-Barriel
17/04/2014Working Paper No. 496: Uncertainty in a model with credit frictions - Ambrogio Cesa-Bianchi and Emilio Fernandez-Corugedo
17/04/2014Working Paper No. 497: The international transmission of bank capital requirements: evidence from the United Kingdom - Shekhar Aiyar, Charles W Calomiris, John Hooley, Yevgeniya Korniyenko and Tomasz Wieladek
17/04/2014Working Paper No. 498: The two faces of cross-border banking flows: an investigation into the links between global risk, arms-length funding and internal capital markets - Dennis Reinhardt and Steven J Riddiough
17/04/2014Working Paper No. 499: Sectoral shocks and monetary policy in the United Kingdom - Huw Dixon, Jeremy Franklin and Stephen Millard
16/05/2014Working Paper No. 500: Modelling the service sector - Philip King and Stephen Millard
27/06/2014Working Paper No. 501: UK deposit-taker responses to the financial crisis: what are the lessons? - William B Francis
27/06/2014Working Paper No. 502: The effect of the financial crisis on TFP growth: a general equilibrium approach - Stephen Millard and Anamaria Nicolae
01/08/2014Working Paper No. 503: Peering into the mist: social learning over an opaque observation network - John Barrdear
22/08/2014Working Paper No. 504: Quantitative easing and bank lending: a panel data approach - Michael A S Joyce and Marco Spaltro
22/08/2014Working Paper No. 505: The cost of human capital depreciation during unemployment - Lien Laureys
22/08/2014Working Paper No. 506: Tailwinds from the East: how has the rising share of imports from emerging markets affected import prices? - John Lewis and Jumana Saleheen
22/08/2014Working Paper No. 507: Estimating time-varying DSGE models using minimum distance methods - Liudas Giraitis, George Kapetanios, Konstantinos Theodoridis and Tony Yates
05/09/2014Working Paper No. 508: How does credit supply respond to monetary policy and bank minimum capital requirements? - Shekhar Aiyar, Charles W Calomiris and Tomasz Wieladek
12/09/2014Working Paper No. 509: Exploiting the monthly data flow in structural forecasting - Domenico Giannone, Francesca Monti and Lucrezia Reichlin
12/09/2014Working Paper No. 510: Institutional investor portfolio allocation, quantitative easing and the global financial crisis - Michael A S Joyce, Zhuoshi Liu and Ian Tonks
19/09/2014Working Paper No. 511: QE and the bank lending channel in the United Kingdom - Nick Butt, Rohan Churm, Michael McMahon, Arpad Morotz and Jochen Schanz
26/09/2014Working Paper No. 512: Policy uncertainty spillovers to emerging markets – evidence from capital flows - Ludovic Gauvin, Cameron McLoughlin and Dennis Reinhardt
17/10/2014Working Paper No. 513: Variations in liquidity provision in real-time payment systems - Edward Denbee, Rodney J Garratt and Peter Zimmerman
24/10/2014Working Paper No. 514: Optimal monetary policy in the presence of human capital depreciation during unemployment - Lien Laureys
21/11/2014Working Paper No. 515: The Bank of England Credit Conditions Survey - Venetia Bell and Alice Pugh
28/11/2014Working Paper No. 516: Mapping the UK interbank system - Sam Langfield, Zijun Liu and Tomohiro Ota
28/11/2014Working Paper No. 517: Optimal contracts, aggregate risk and the financial accelerator - Timothy S Fuerst, Charles T Carlstrom and Matthias Paustian
05/12/2014Working Paper No. 518: Evaluating the robustness of UK term structure decompositions using linear regression methods - Sheheryar Malik and Andrew Meldrum
19/12/2014Working Paper No. 519: Long-term unemployment and convexity in the Phillips curve - Bradley Speigner
16/01/2015Working Paper No. 520: A forecast evaluation of expected equity return measures - Michael Chin and Christopher Polk
16/01/2015Working Paper No. 521: Do contractionary monetary policy shocks expand shadow banking? - Benjamin Nelson, Gabor Pinter and Konstantinos Theodoridis
23/01/2015Working Paper No. 522: Global liquidity, house prices and the macroeconomy: evidence from advanced and emerging economies - Ambrogio Cesa-Bianchi, Luis F Cespedes and Alessandro Rebucci
20/02/2015Working Paper No. 523: Interactions among high-frequency traders - Evangelos Benos, James Brugler, Erik Hjalmarsson and Filip Zikes
20/02/2015Working Paper No. 524: On a tight leash: does bank organisational structure matter for macroprudential spillovers? - Piotr Danisewicz, Dennis Reinhardt and Rhiannon Sowerbutts
06/03/2015Working Paper No. 525: Filtered historical simulation Value-at-Risk models and their competitors - Pedro Gurrola-Perez and David Murphy
06/03/2015Working Paper No. 526: A joint affine model of commodity futures and US Treasury yields - Michael Chin and Zhuoshi Liu
27/03/2015Working Paper No. 527: Can a data-rich environment help identify the sources of model misspecification? - Francesca Monti
29/05/2015Working Paper No. 529: Banks are not intermediaries of loanable funds - and why this matters - Zoltan Jakab and Michael Kumhof
29/05/2015Working Paper No. 528: Forecasting with VAR models: fat tails and stochastic volatility - Ching-Wai (Jeremy) Chiu, Haroon Mumtaz and Gabor Pinter
19/06/2015Staff Working Paper No. 530: Cross-country co-movement in long-term interest rates: a DSGE approach - Michael Chin, Thomai Filippeli and Konstantinos Theodoridis
23/06/2015Staff Working Paper No. 531: The UK productivity puzzle 2008–13: evidence from British businesses - Rebecca Riley, Chiara Rosazza-Bondibene and Garry Young
10/07/2015Staff Working Paper No. 532: Towards a New Keynesian theory of the price level - John Barrdear
17/07/2015Staff Working Paper No. 534: What moves international stock and bond markets? - Gino Cenedese and Enrico Mallucci
17/07/2015Staff Working Paper No. 533: Safe haven currencies: a portfolio perspective - Gino Cenedese
24/07/2015Staff Working Paper No. 535: Export dynamics since the Great Trade Collapse: a cross-country analysis - John Lewis and Selien De Schryder
24/07/2015Staff Working Paper No. 536: The impact of liquidity regulation on banks - Ryan N Banerjee and Hitoshi Mio
24/07/2015Staff Working Paper No. 537: What do stock markets tell us about exchange rates? - Gino Cenedese, Richard Payne, Lucio Sarno and Giorgio Valente
31/07/2015Staff Working Paper No. 538: Evaluating UK point and density forecasts from an estimated DSGE model: the role of off-model information over the financial crisis - Nicholas Fawcett, Lena Körber, Riccardo M Masolo and Matt Waldron
31/07/2015Staff Working Paper No. 539: Bank leverage, credit traps and credit policies - Angus Foulis, Benjamin Nelson and Misa Tanaka
07/08/2015Staff Working Paper No. 540: The rate elasticity of retail deposits in the United Kingdom: a macroeconomic investigation - Ching-Wai (Jeremy) Chiu and John Hill
14/08/2015Staff Working Paper No. 542: Unconventional monetary policies and the macroeconomy: the impact of the United Kingdom’s QE2 and Funding for Lending Scheme
14/08/2015Staff Working Paper No. 541: Market beliefs about the UK monetary policy lift-off horizon: a no-arbitrage shadow rate term structure model approach
14/08/2015Staff Working Paper No. 543: Interest rates, debt and intertemporal allocation: evidence from notched mortgage contracts in the United Kingdom
21/08/2015Staff Working Paper No. 544: Exchange rate regimes and current account adjustment: an empirical investigation - Fernando Eguren-Martín
11/09/2015Staff Working Paper No. 546: Regulatory arbitrage in action: evidence from banking flows and macroprudential policy - Dennis Reinhardt and Rhiannon Sowerbutts
11/09/2015Staff Working Paper No. 547: Extreme downside risk and financial crises - Richard D F Harris, Linh H Nguyen and Evarist Stoja
11/09/2015Staff Working Paper No. 548: A heterogeneous agent model for assessing the effects of capital regulation on the interbank money market under a corridor system - Christopher Jackson and Joseph Noss
11/09/2015Staff Working Paper No. 545: Into the light: dark pool trading and intraday market quality on the primary exchange - James Brugler
18/09/2015Staff Working Paper No. 549: How much do investors pay for houses? - Philippe Bracke
25/09/2015Staff Working Paper No. 550: Dynamic term structure models: the best way to enforce the zero lower bound in the United States - Martin M Andreasen and Andrew Meldrum
25/09/2015Staff Working Paper No. 551: The informational content of market-based measures of inflation expectations derived from government bonds and inflation swaps in the United Kingdom - Zhuoshi Liu, Elisabetta Vangelista, Iryna Kaminska and Jon Relleen
25/09/2015Staff Working Paper No. 552: Volatility contagion: new evidence from market pricing of volatility risk - Marek Raczko
25/09/2015Staff Working Paper No. 553: Some unpleasant properties of loglinearized solutions when the nominal rate is zero - R Anton Braun, Lena Boneva and Yuichiro Waki
02/10/2015Staff Working Paper No. 554: Household debt and spending in the United Kingdom - Philip Bunn and May Rostom
02/10/2015Staff Working Paper No. 555 - ‘High and dry’: the liquidity and credit of colonial and foreign government debt in the London Stock Exchange (1880–1910) - Matthieu Chavaz and Marc Flandreau
09/10/2015Staff Working Paper No. 557: The banks that said no: banking relationships, credit supply and productivity in the United Kingdom - Jeremy Franklin, May Rostom and Gregory Thwaites
09/10/2015Staff Working Paper No. 558: Bankers’ pay and excessive risk - John Thanassoulis and Misa Tanaka
09/10/2015Staff Working Paper No. 559: Stabilising house prices: the role of housing futures trading - Arzu Uluc
09/10/2015Staff Working Paper No. 560: Mortgage debt and entrepreneurship - Philippe Bracke, Christian Hilber and Olmo Silva
09/10/2015Staff Working Paper No. 556: A sectoral framework for analysing money, credit and unconventional monetary policy - James Cloyne, Ryland Thomas, Alex Tuckett and Samuel Wills
23/10/2015Staff Working Paper No. 561: Threshold-based forward guidance: hedging the zero bound - Lena Boneva, Richard Harrison and Matt Waldron
06/11/2015Staff Working Paper No. 562: International banking and liquidity risk transmission: lessons from the United Kingdom - Robert Hills, John Hooley, Yevgeniya Korniyenko and Tomasz Wieladek
06/11/2015Staff Working Paper No. 563: Extreme risk interdependence - Arnold Polanski and Evarist Stoja
06/11/2015Staff Working Paper No. 564: Why are real interest rates so low? Secular stagnation and the relative price of investment goods - Gregory Thwaites
13/11/2015Staff Working Paper No. 566: The Great Recession and the UK labour market - Stephen Millard
13/11/2015Staff Working Paper No. 565: Ambiguity, monetary policy and trend inflation - Riccardo M Masolo and Francesca Monti
20/11/2015Staff Working Paper No. 567: A new approach to multi-step forecasting using dynamic stochastic general equilibrium models - George Kapetanios, Simon Price and Konstantinos Theodoridis
11/12/2015Staff Working Paper No. 569: House prices and job losses - Gabor Pinter
11/12/2015Staff Working Paper No. 571: Secular drivers of the global real interest rate - Lukasz Rachel and Thomas D Smith
11/12/2015Staff Working Paper No. 570: Does easing monetary policy increase financial instability? - Ambrogio Cesa-Bianchi and Alessandro Rebucci
11/12/2015Staff Working Paper No. 568 Firms’ adjustment during 2010–13: evidence from the Wage Dynamics Survey - Stephen Millard and Srdan Tatomir
18/12/2015Staff Working Paper No. 574: The impact of immigration on occupational wages: evidence from Britain - Stephen Nickell and Jumana Saleheen
18/12/2015Staff Working Paper No. 575: Long-run priors for term structure models - Andrew Meldrum and Matt Roberts-Sklar
18/12/2015Staff Working Paper No. 572: Capital requirements, risk shifting and the mortgage market - Arzu Uluc and Tomasz Wieladek
18/12/2015Staff Working Paper No. 573: The real effects of capital requirements and monetary policy: evidence from the United Kingdom - Filippo De Marco and Tomasz Wieladek
18/12/2015Staff Working Paper No. 576: A global factor in variance risk premia and local bond pricing - Iryna Kaminska and Matt Roberts-Sklar
08/01/2016Staff Working Paper No. 577: Adaptive models and heavy tails - Davide Delle Monache and Ivan Petrella
08/01/2016Staff Working Paper No. 578: The varying coefficient Bayesian panel VAR model - Tomasz Wieladek
08/01/2016Staff Working Paper No. 579: What can Big Data tell us about the passthrough of big exchange rate changes? - John Lewis
15/01/2016Staff Working Paper No. 580: Centralized trading, transparency and interest rate swap market liquidity: evidence from the implementation of the Dodd-Frank Act - Evangelos Benos, Richard Payne and Michalis Vasios
22/01/2016Staff Working Paper No. 581: Policy and macro signals as inputs to inflation expectation formation - Paul Hubert and Becky Maule
22/01/2016Staff Working Paper No. 582: How does labour market structure affect the response of economies to shocks? - Aurelijus Dabusinskas, Istvan Konya and Stephen Millard
22/01/2016Staff Working Paper No. 583: A Bayesian VAR benchmark for COMPASS - Sílvia Domit, Francesca Monti and Andrej Sokol
29/01/2016Staff Working Paper No. 584: Macroprudential policy under uncertainty - Saleem Bahaj and Angus Foulis
12/02/2016Staff Working Paper No. 585: Output gaps, inflation and financial cycles in the United Kingdom - Marko Melolinna and Máté Tóth
08/04/2016Staff Working Paper No. 586: Systemic illiquidity in the interbank network - Gerardo Ferrara, Sam Langfield, Zijun Liu and Tomohiro Ota
08/04/2016Staff Working Paper No. 587: Tracking the slowdown in long-run GDP growth - Juan Antolin-Diaz, Thomas Drechsel and Ivan Petrella
08/04/2016Staff Working Paper No. 588: Monetary policy and volatility in the sterling money market - Matthew Osborne
08/04/2016Staff Working Paper No. 589: Monetary policy when households have debt: new evidence on the transmission mechanism - James Cloyne, Clodomiro Ferreira and Paolo Surico
15/04/2016Staff Working Paper No. 591: Risk premia and seasonality in commodity futures - Constantino Hevia, Ivan Petrella and Martin Sola
15/04/2016Staff Working Paper No. 590: Pass-through of bank funding costs to lending and deposit rates: lessons from the financial crisis - Rashmi Harimohan, Michael McLeay and Garry Young
15/04/2016Staff Working Paper No. 592: An agent-based model of dynamics in corporate bond trading - Karen Braun-Munzinger, Zijun Liu and Arthur Turrell
15/04/2016Staff Working Paper No. 593: What determines how banks respond to changes in capital requirements? - Saleem Bahaj, Jonathan Bridges, Frederic Malherbe and Cian O’Neill
22/04/2016Staff Working Paper No. 596: The dynamic Black-Litterman approach to asset allocation - Richard D F Harris, Evarist Stoja and Linzhi Tan
22/04/2016Staff Working Paper No. 597: A comparative analysis of tools to limit the procyclicality of initial margin requirements - David Murphy, Michalis Vasios and Nicholas Vause
22/04/2016Staff Working Paper No. 595: Cross-border regulatory spillovers: How much? How important? What sectors? Lessons from the United Kingdom - Robert Hills, Dennis Reinhardt, Rhiannon Sowerbutts and Tomasz Wieladek
22/04/2016Staff Working Paper No. 594: Non-performing loans: regulatory and accounting treatments of assets - David Bholat, Rosa Lastra, Sheri Markose, Andrea Miglionico and Kallol Sen
29/04/2016Staff Working Paper No. 598: Peer-to-peer lending and financial innovation in the United Kingdom - Ulrich Atz and David Bholat
29/04/2016Staff Working Paper No. 599: Macroprudential regulation, credit spreads and the role of monetary policy - William J Tayler and Roy Zilberman
06/05/2016Staff Working Paper No. 600: Liquidity determinants in the UK gilt market - Evangelos Benos and Filip Zikes
13/05/2016Staff Working Paper No. 601: Robustness of subgame perfect implementation - Peter Eccles and Nora Wegner
20/05/2016Staff Working Paper No. 604: Accounting in central banks - David Bholat and Robin Darbyshire
20/05/2016Staff Working Paper No. 603: Let’s talk about the weather: the impact of climate change on central banks - Sandra Batten, Rhiannon Sowerbutts and Misa Tanaka
20/05/2016Staff Working Paper No. 602: Do we need a stable funding ratio? Banks’ funding in the global financial crisis - Antoine Lallour and Hitoshi Mio
18/07/2016Staff Working Paper No. 605: The macroeconomics of central bank issued digital currencies - John Barrdear and Michael Kumhof
11/08/2016Staff Working Paper No. 607: Contagion, spillover and interdependence - Roberto Rigobon
11/08/2016Staff Working Paper No 606: Risk shocks close to the zero lower bound – Martin Seneca
16/08/2016Staff Working Paper No 608: Financial market volatility, macroeconomic fundamentals and investor sentiment – Ching-Wai (Jeremy) Chiu, Richard D F Harris, Evarist Stoja and Michael Chin
16/08/2016Staff Working Paper No. 609: The role of collateral in supporting liquidity - Yuliya Baranova, Zijun Liu and Joseph Noss
19/08/2016Staff Working Paper No 610: Monetary versus macroprudential policies: causal impacts of interest rates and credit controls in the era of the UK Radcliffe Report – David Aikman, Oliver Bush and Alan M Taylor
19/08/2016Staff Working Paper No 611: Macroeconomic tail events with non-linear Bayesian VARs – Ching-Wai (Jeremy) Chiu and Sinem Hacioglu Hoke
25/08/2016Staff Working Paper No. 612: Finance and Synchronization - Ambrogio Cesa-Bianchi, Jean Imbs and Jumana Saleheen
02/09/2016Staff Working Paper No. 613: The theory of unconventional monetary policy - Roger E A Farmer and Pawel Zabczyk
02/09/2016Staff Working Paper No. 614: A dynamic model of financial balances for the United Kingdom - Stephen Burgess, Oliver Burrows, Antoine Godin, Stephen Kinsella and Stephen Millard
02/09/2016Staff Working Paper No. 615: Monetary policy transmission in an open economy: new data and evidence from the United Kingdom - Ambrogio Cesa-Bianchi, Gregory Thwaites and Alejandro Vicondoa
23/09/2016Staff Working Paper No. 617: Dis-integrating credit markets: diversification, securitization, and lending in a recovery - Matthieu Chavaz
23/09/2016Staff Working Paper No. 616: The macroeconomic shock with the highest price of risk - Gabor Pinter