Working Paper Series


Serial No. Author(s)



Yifan Gong (University of Western Ontario) and Charles Ka Yui Leung (City University of Hong Kong)

When education policy and housing policy interact: can they correct for the externalities?


Daniel J. Benjamin (University of Southern California and NBER), David Laibson (NBER and Harvard), Walter Mischel (Columbia), Philip K. Peake (Smith College), Yuichi Shoda (University of Washington at Seattle), Alexandra Steiny Wellsjo (UC Berkeley), Nicole L. Wilson (Oregon)

Predicting mid-life capital formation with pre-school delay of gratification and life-course measures of self-regulation


Dan Benjamin (University of Southern California and NBER), Kristen Cooper (Gordon College), Ori Heffetz (The Hebrew University of Jerusalem/ Cornell), and Miles Kimball (University of Colorado Boulder and NBER)

Self-reported wellbeing indicators are a valuable complement to traditional economic indicators but aren’t yet ready to compete with them


Youngjin Yun (Bank of Korea)

Post-Crisis Changes in the Pattern of Capital Flows - The Case of Korea


Max Breitenlechner (University of Innsbruck), Riikka Nuutilainen (Bank of Finland)

China's Monetary Policy and the Loan Market: How Strong is the Credit Channel in China?


Bernd Hayo (University of Marburg) and Ken Iwatsubo (Kobe University)

Who Is Successful in Foreign Exchange Margin Trading? New Survey Evidence from Japan


Charles Engel (University of Wisconsin – Madison)

Safe U.S. Assets and U.S. Capital Flows

#2019-024 MichaƂ Rubaszek (SGH Warsaw School of Economics)

Forecasting crude oil prices with DSGE models


Andrew T. Ching (Johns Hopkins University) and Matthew Osborne (University of Toronto)

Identication and Estimation of Forward-looking Behavior: The Case of Consumer Stockpiling


David Finck and Peter Tillmann (Justus-Liebig-University Gießen, Germany)

The Role of Global and Domestic Shocks for Inflation Dynamics: Evidence from Asia


Georgios Georgiadis & Ben Schumann (European Central Bank)

Dominant-currency pricing and the global output spillovers from US dollar appreciation


Sangyup Choi (Yonsei University) and Chansik Yoon (Princeton University)

Uncertainty, Financial Markets, and Monetary Policy over the Last Century


Rasmus Fatum (University of Alberta) & James Yetman (BIS)

Accumulation of foreign currency reserves and risk-taking


Shu Yu (University of Rochester), Xingwang Qian (SUNY Buffalo State) and Taoxiong Liu (Tsinghua University)

Belt and Road Initiative and Chinese Firms’ Outward Foreign Direct Investment


Silvia Albrizio (Bank of Spain), Sangyup Choi (Yonsei University), Davide Furceri (IMF) and Chansik Yoon (Princeton University)

International Bank Lending Channel of Monetary Policy


Fernando Chertman, Michael Hutchison and David Zink (University of California, Santa Cruz)

Facing the Quadrilemma: Taylor Rules, Intervention Policy and Capital Controls in Large Emerging Markets


Pietro Cova (Bank of Italy) and Filippo Natoli (Bank of Italy)

The risk-taking channel of international financial flows


Heather D. Gibson (Bank of Greece), Stephen G. Hall (University of Leicester, Bank of Greece and University of Pretoria), Pavlos Petroulas (Bank of Greece) and George S. Tavlas (Bank of Greece and University of Leicester)

On the Effects of the ECB’s Funding Policies on Bank Lending and the Demand for the Euro as an International Reserve


Reuven Glick (Federal Reserve Bank of San Francisco)

R* and the Global Economy


Charles Ka Yui LEUNG (City University of Hong Kong), Joe Cho Yiu NG (City University of Hong Kong) and Edward Chi Ho TANG (Hong Kong Shue Yan University)

What do we know about Housing Supply? The case of Hong Kong

#2019-011 Yin-Wong Cheung (City University of HK), Robert N McCauley (BIS), Chang Shu (Bloomberg)

Geographic spread of currency trading: The renminbi and other EM currencies


Yin-Wong Cheung (City University of HK), Sven Steinkamp, Frank Westermann (Osnabrück University)

A Tale of Two Surplus Countries: China and Germany

#2019-009 Georgios Georgiadis (ECB), Feng Zhu (BIS)
#2019-008 Christoph Fischer (Deutsche Bundesbank) Equilibrium real exchange rate estimates
across time and space

Yin-Wong Cheung (City University of HK), XingWang Qian (SUNY Buffalo State) & Eli Remolona (Williams College)

The Hoarding of International Reserves: It’s a neighborly day in Asia


Rasmus Fatum (Alberta), Naoko Hara (Bank of Japan) & Yohei Yamamoto (Hitotsubashi University)

Negative Interest Rate Policy and the Influence of Macroeconomic News on Yields


Sophia Chen (IMF), Lev Ratnovski (ECB & IMF) & Pi-Han Tsai (Zhejiang University)

Credit and Fiscal Multipliers in China

#2019-004 Joshua Aizenman (University of Southern California and NBER), Yin-Wong Cheung (City University of HK) and Hiro Ito (Portland State University)

The Interest Rate Effect on Private Saving: Alternative Perspectives

#2019-003 Guonan Ma (About Capital Management) and Jinzhao Chen (ESSCA)

The role of internally financed capex in rising Chinese corporate debts


Sen Geng (Xiamen University) & Erkut Y. Ozbay (University of Maryland)

Choice with Limited Capacity


Bertrand Candelon (Université Catholique de Louvain), Laurent Ferrara (Banque de France), Marc Joëts (QuantCube)

Global financial interconnectedness: A non-linear assessment of the uncertainty channel