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Staff discussion papers

  • November 30, 2017

    Central Bank Digital Currency: Motivations and Implications

    The emergence of digital currencies such as Bitcoin and the underlying blockchain and distribution ledger technology have attracted significant attention. These developments have raised the possibility of considerable impacts on the financial system and perhaps the wider economy.
  • November 22, 2017

    Product Sophistication and the Slowdown in Chinese Export Growth

    Chinese real export growth decelerated considerably during the last decade. This paper argues that the slowdown largely resulted from China moving to a more sophisticated mix of exports: China produced more sophisticated goods over which it had pricing power instead of producing greater volumes of less sophisticated products.
  • November 15, 2017

    Communicating Uncertainty in Monetary Policy

    While central banks cannot provide complete foresight with respect to their future policy actions, it is in the interests of both central banks and market participants that central banks be transparent about their reaction functions and how they may evolve in response to economic developments, shocks, and risks to their outlooks.
  • November 15, 2017

    Monetary Policy Under Uncertainty: Practice Versus Theory

    For central banks, conducting policy in an environment of uncertainty is a daily fact of life. This uncertainty can take many forms, ranging from incomplete knowledge of the correct economic model and data to future economic and geopolitical events whose precise magnitudes and effects cannot be known with certainty.
  • November 10, 2017

    Understanding the Time Variation in Exchange Rate Pass-Through to Import Prices

    In this paper, we analyze the presence of time variation in the pass-through from the nominal effective exchange rate to import prices for 24 advanced economies over the period 1995–2015. In line with earlier studies in the literature, we find substantial heterogeneity in the level of exchange rate pass-through across countries.