Boris Hofmann

Bank for International Settlements (BIS) - Monetary and Economic Department

Centralbahnplatz 2

CH-4002 Basel

Switzerland

SCHOLARLY PAPERS

44

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12,589

SSRN CITATIONS
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431

CROSSREF CITATIONS

400

Scholarly Papers (44)

1.

The Rise of Zombie Firms: Causes and Consequences

BIS Quarterly Review Spetember 2018
Number of pages: 12 Posted: 30 Nov 2018
Ryan Banerjee and Boris Hofmann
Bank for International Settlements (BIS) and Bank for International Settlements (BIS) - Monetary and Economic Department
Downloads 1,785 (13,663)
Citation 24

Abstract:

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2.

Emerging Market Economy Exchange Rates and Local Currency Bond Markets Amid the COVID-19 Pandemic

Number of pages: 9 Posted: 13 Jan 2021 Last Revised: 17 Mar 2021
Boris Hofmann, Ilhyock Shim and Hyun Song Shin
Bank for International Settlements (BIS) - Monetary and Economic Department, Bank for International Settlements (BIS) and Bank for International Settlements (BIS)
Downloads 1,498 (17,885)
Citation 25

Abstract:

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3.

Forward Guidance at the Zero Lower Bound

BIS Quarterly Review March 2014
Number of pages: 17 Posted: 23 Jun 2014
Andrew J. Filardo and Boris Hofmann
Bank for International Settlements (BIS) - Monetary and Economic Department and Bank for International Settlements (BIS) - Monetary and Economic Department
Downloads 1,197 (24,840)
Citation 8

Abstract:

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4.

The Determinants of Private Sector Credit in Industrialised Countries: Do Property Prices Matter?

BIS Working Paper No. 108
Number of pages: 39 Posted: 13 Dec 2005
Boris Hofmann
Bank for International Settlements (BIS) - Monetary and Economic Department
Downloads 948 (34,683)
Citation 47

Abstract:

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5.

Taylor Rules and Monetary Policy: A Global 'Great Deviation'?

BIS Quarterly Review September 2012
Number of pages: 13 Posted: 24 Jan 2013
Boris Hofmann and Bilyana Bogdanova
Bank for International Settlements (BIS) - Monetary and Economic Department and Bank for International Settlements (BIS) - Monetary and Economic Department
Downloads 723 (50,158)
Citation 17

Abstract:

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6.

Is Monetary Policy Less Effective When Interest Rates are Persistently Low?

BIS Working Paper No. 628
Number of pages: 33 Posted: 29 Apr 2017
Claudio E. V. Borio and Boris Hofmann
Bank for International Settlements (BIS) - Research and Policy Analysis and Bank for International Settlements (BIS) - Monetary and Economic Department
Downloads 678 (54,631)
Citation 1

Abstract:

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monetary policy, low interest rates, balance-sheet recession, monetary transmission

7.

The Influence of Monetary Policy on Bank Profitability

BIS Working Paper No. 514
Number of pages: 36 Posted: 02 Oct 2015
Bank for International Settlements (BIS) - Research and Policy Analysis, Bank for International Settlements (BIS) and Bank for International Settlements (BIS) - Monetary and Economic Department
Downloads 668 (55,678)
Citation 39

Abstract:

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monetary policy, bank profitability, financial crisis

8.

The Costs of Deflations: A Historical Perspective

BIS Quarterly Review March 2015
Number of pages: 24 Posted: 01 Apr 2015
Bank for International Settlements (BIS) - Research and Policy Analysis, Bank for International Settlements (BIS), Bank for International Settlements (BIS) - Monetary and Economic Department and Bank for International Settlements (BIS) - Monetary and Economic Department
Downloads 453 (90,185)
Citation 2

Abstract:

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9.

Default, Credit Growth, and Asset Prices

IMF Working Paper No. 06/223
Number of pages: 44 Posted: 31 Oct 2006
International Monetary Fund (IMF) - Monetary and Financial Systems Department, Bank for International Settlements (BIS) - Monetary and Economic Department and London School of Economics & Political Science (LSE) - Financial Markets Group
Downloads 447 (91,612)

Abstract:

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Probability of default, credit risk, systemic risk, macroeconomic shocks, stress testing, financial surveillance

10.
Downloads 340 (125,059)
Citation 30

House Prices, Money, Credit and the Macroeconomy

ECB Working Paper No. 888
Number of pages: 45 Posted: 07 May 2008
Charles Goodhart and Boris Hofmann
London School of Economics & Political Science (LSE) - Financial Markets Group and Bank for International Settlements (BIS) - Monetary and Economic Department
Downloads 340 (124,313)
Citation 30

Abstract:

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House prices, wealth effects, collateral, financial liberalisation, money and credit

11.

Central Bank Asset Purchases and Inflation Expectations

BIS Quarterly Review March 2013
Number of pages: 13 Posted: 11 Apr 2013
Boris Hofmann and Feng Zhu
Bank for International Settlements (BIS) - Monetary and Economic Department and Ant Financial
Downloads 303 (141,135)
Citation 3

Abstract:

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12.

Sovereign Yields and the Risk-Taking Channel of Currency Appreciation

BIS Working Paper No. 538
Number of pages: 47 Posted: 19 Jan 2016
Boris Hofmann, Ilhyock Shim and Hyun Song Shin
Bank for International Settlements (BIS) - Monetary and Economic Department, Bank for International Settlements (BIS) and Bank for International Settlements (BIS)
Downloads 297 (144,063)
Citation 15

Abstract:

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bond spread, capital flow, credit risk, emerging market, exchange rate

13.

Gauging the Effectiveness of Quantitative Forward Guidance: Evidence from Three Inflation Targeters

ECB Working Paper No. 1098
Number of pages: 44 Posted: 20 Oct 2009
Magnus Andersson and Boris Hofmann
European Central Bank (ECB) and Bank for International Settlements (BIS) - Monetary and Economic Department
Downloads 269 (159,357)

Abstract:

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Monetary policy, transparency, central bank communication, forward guidance, term structure of interest rates

14.

International Monetary Spillovers

BIS Quarterly Review September 2015
Number of pages: 14 Posted: 18 Sep 2015
Boris Hofmann and Előd Takáts
Bank for International Settlements (BIS) - Monetary and Economic Department and Bank for International Settlements (BIS)
Downloads 250 (171,398)
Citation 7

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15.
Downloads 46 (172,712)
Citation 3

Corporate zombies: anatomy and life cycle

Number of pages: 52 Posted: 29 Mar 2022
Ryan Banerjee and Boris Hofmann
Bank for International Settlements (BIS) and Bank for International Settlements (BIS) - Monetary and Economic Department
Downloads 46 (553,229)

Abstract:

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Zombie companies, firm behaviour, economic dynamism, productivity growth, bankruptcy

16.

The Effectiveness of Unconventional Monetary Policy at the Zero Lower Bound: A Cross-Country Analysis

BIS Working Paper No. 384
Number of pages: 32 Posted: 02 Oct 2012
Leonardo Gambacorta, Boris Hofmann and Gert Peersman
Bank for International Settlements (BIS), Bank for International Settlements (BIS) - Monetary and Economic Department and Ghent University - Department of Financial Economics
Downloads 222 (191,991)
Citation 38

Abstract:

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unconventional monetary policy, zero lower bound, panel VARs

Monetary Policy, Housing Booms and Financial (Im) Balances

ECB Working Paper No. 1178
Number of pages: 68 Posted: 26 Apr 2010
Sandra Eickmeier and Boris Hofmann
Deutsche Bundesbank and Bank for International Settlements (BIS) - Monetary and Economic Department
Downloads 177 (235,474)
Citation 18

Abstract:

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Monetary policy, asset prices, housing, private sector balance sheets, financial crisis, factor model

Monetary Policy, Housing Booms and Financial (Im)Balances

Bundesbank Series 1 Discussion Paper No. 2010,07
Number of pages: 80 Posted: 08 Jun 2016
Sandra Eickmeier and Boris Hofmann
Deutsche Bundesbank and Bank for International Settlements (BIS) - Monetary and Economic Department
Downloads 31 (639,551)

Abstract:

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Monetary policy, asset prices, housing, private sector balance sheets, financial crisis, factor model

Macroeconomic Fluctuations and Bank Lending: Evidence for Germany and the Euro Area

Bundesbank Discussion Paper Series No. 34/2006
Number of pages: 52 Posted: 22 Aug 2006
Sandra Eickmeier, Boris Hofmann and Andreas Worms
Deutsche Bundesbank, Bank for International Settlements (BIS) - Monetary and Economic Department and Deutsche Bundesbank, Economics Department
Downloads 173 (240,224)
Citation 10

Abstract:

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Business cycle fluctuations, bank lending, SVAR model, sign restrictions

Macroeconomic Fluctuations and Bank Lending: Evidence for Germany and the Euro Area

Bundesbank Series 1 Discussion Paper No. 2006,34
Number of pages: 52 Posted: 08 Jun 2016
Sandra Eickmeier, Boris Hofmann and Andreas Worms
Deutsche Bundesbank, Bank for International Settlements (BIS) - Monetary and Economic Department and Deutsche Bundesbank, Economics Department
Downloads 13 (789,261)
Citation 8

Abstract:

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Business cycle fluctuations, bank lending, SVAR model, sign restrictions

Corporate Investment and the Exchange Rate: The Financial Channel

BOFIT Discussion Paper No. 6/2020
Number of pages: 35 Posted: 22 Jan 2021
Ryan Banerjee, Boris Hofmann and Aaron N. Mehrotra
Bank for International Settlements (BIS), Bank for International Settlements (BIS) - Monetary and Economic Department and Bank for International Settlements (BIS)
Downloads 94 (380,058)
Citation 1

Abstract:

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Corporate Investment and the Exchange Rate: The Financial Channel

BIS Working Paper No. 839
Number of pages: 34 Posted: 12 Feb 2020
Ryan Banerjee, Boris Hofmann and Aaron N. Mehrotra
Bank for International Settlements (BIS), Bank for International Settlements (BIS) - Monetary and Economic Department and Bank for International Settlements (BIS)
Downloads 85 (404,825)

Abstract:

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corporate investment, emerging markets, exchange rates, financial channel, financial constraints

20.

Bond Risk Premia and the Exchange Rate

BIS Working Paper No. 775
Number of pages: 35 Posted: 19 Mar 2019
Boris Hofmann, Ilhyock Shim and Hyun Song Shin
Bank for International Settlements (BIS) - Monetary and Economic Department, Bank for International Settlements (BIS) and Bank for International Settlements (BIS)
Downloads 161 (254,997)
Citation 11

Abstract:

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Bond Spread, Capital Flow, Credit Risk, Emerging Market, Exchange Rate

21.

Monetary Policy Reaction Functions: ECB Versus Bundesbank

ZEI Working Paper No. B03-24
Number of pages: 21 Posted: 28 Dec 2003
Bernd Hayo and Boris Hofmann
University of Marburg - School of Business & Economics and Bank for International Settlements (BIS) - Monetary and Economic Department
Downloads 149 (271,495)
Citation 7

Abstract:

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Taylor rule, monetary policy, ECB, Bundesbank

22.

Base Rate Pass-Through: Evidence from Banks' and Building Societies' Retail Rates

Bank of England Working Paper No. 170
Number of pages: 42 Posted: 04 Jun 2003
Paul Mizen and Boris Hofmann
University of Nottingham and Bank for International Settlements (BIS) - Monetary and Economic Department
Downloads 142 (282,028)
Citation 7

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23.
Downloads 140 (285,192)
Citation 20

The Macroeconomic Effects of Asset Purchases Revisited

SAFE Working Paper No. 198
Number of pages: 25 Posted: 14 Feb 2018
Henning Hesse, Boris Hofmann and James Weber
Goethe University Frankfurt, Bank for International Settlements (BIS) - Monetary and Economic Department and Deloitte & Touche GmbH
Downloads 71 (449,282)
Citation 3

Abstract:

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unconventional monetary policy, asset purchases, monetary transmission

The Macroeconomic Effects of Asset Purchases Revisited

BIS Working Paper No. 680
Number of pages: 24 Posted: 20 Dec 2017
Henning Hesse, Boris Hofmann and James Weber
Goethe University Frankfurt, Bank for International Settlements (BIS) - Monetary and Economic Department and Deloitte & Touche GmbH
Downloads 69 (456,344)
Citation 18

Abstract:

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unconventional monetary policy, asset purchases, monetary transmission

Monetary Policy Transmission and Trade-Offs in the United States: Old and New

BIS Working Paper No. 649
Number of pages: 43 Posted: 03 Jul 2017
Boris Hofmann and Gert Peersman
Bank for International Settlements (BIS) - Monetary and Economic Department and Ghent University - Department of Financial Economics
Downloads 99 (367,680)

Abstract:

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Monetary policy trade-offs, monetary transmission mechanism, inflation, credit, house prices

Monetary Policy Transmission and Trade-Offs in the United States: Old and New

CESifo Working Paper Series No. 6745
Number of pages: 39 Posted: 16 Jan 2018
Boris Hofmann and Gert Peersman
Bank for International Settlements (BIS) - Monetary and Economic Department and Ghent University - Department of Financial Economics
Downloads 35 (613,937)
Citation 1

Abstract:

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monetary policy trade-offs, monetary transmission mechanism, inflation, credit, house prices

25.

Comparing Monetary Policy Reaction Functions: ECB Versus Bundesbank

Marburg Economics Working Paper No. 02-2005
Number of pages: 23 Posted: 28 Apr 2005
Bernd Hayo and Boris Hofmann
University of Marburg - School of Business & Economics and Bank for International Settlements (BIS) - Monetary and Economic Department
Downloads 125 (310,775)
Citation 11

Abstract:

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Taylor rule, monetary policy, ECB, Bundesbank

26.
Downloads 116 (327,810)
Citation 28

Understanding Global Liquidity

BIS Working Paper No. 402
Number of pages: 36 Posted: 12 Apr 2013
Deutsche Bundesbank, Bank for International Settlements (BIS) and Bank for International Settlements (BIS) - Monetary and Economic Department
Downloads 88 (396,285)
Citation 12

Abstract:

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global liquidity, monetary policy, credit supply, credit demand, international business cycles, factor model, sign restrictions

Understanding Global Liquidity

Bundesbank Discussion Paper No. 03/2013
Number of pages: 40 Posted: 21 Jun 2016
Deutsche Bundesbank, Bank for International Settlements (BIS) and Bank for International Settlements (BIS) - Monetary and Economic Department
Downloads 28 (660,576)
Citation 1

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global liquidity, monetary policy, credit supply, credit demand, international business cycles, factor model, sign restrictions

27.

FX Intervention and Domestic Credit: Evidence from High-Frequency Micro Data

BIS Working Paper No. 774
Number of pages: 30 Posted: 19 Mar 2019 Last Revised: 13 Dec 2021
Bank for International Settlements (BIS) - Monetary and Economic Department, Bank for International Settlements (BIS) and Central Bank of Colombia
Downloads 105 (351,075)
Citation 2

Abstract:

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FX Intervention, Credit Registry, Emerging Markets, Financial Channel of Exchange Rates

28.

Is There a Debt Service Channel of Monetary Transmission?

BIS Quarterly Review, December 2017
Number of pages: 15 Posted: 11 Dec 2017
Boris Hofmann and Gert Peersman
Bank for International Settlements (BIS) - Monetary and Economic Department and Ghent University - Department of Financial Economics
Downloads 99 (364,883)
Citation 2

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29.

Risk capacity, portfolio choice and exchange rates

Number of pages: 24 Posted: 09 Feb 2022
Boris Hofmann, Ilhyock Shim and Hyun Song Shin
Bank for International Settlements (BIS) - Monetary and Economic Department, Bank for International Settlements (BIS) and Bank for International Settlements (BIS)
Downloads 98 (367,271)

Abstract:

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Bond spread, capital flow, credit risk, emerging market, exchange rate

30.

Foreign Institutional Investors, Monetary Policy, and Reaching for Yield

Number of pages: 76 Posted: 15 Feb 2022
Ahmed Ahmed, Boris Hofmann and Martin Schmitz
University of Chicago, Bank for International Settlements (BIS) - Monetary and Economic Department and European Central Bank (ECB)
Downloads 88 (392,672)

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FX hedging channel, pension funds, life insurance, corporate issuance, credit spreads

31.

Do Monetary Indicators Lead Euro Area Inflation?

ECB Working Paper No. 867
Number of pages: 51 Posted: 26 Feb 2008
Boris Hofmann
Bank for International Settlements (BIS) - Monetary and Economic Department
Downloads 79 (418,370)
Citation 2

Abstract:

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Euro area, inflation, leading indicators, money

32.

The Impact of Unconventional Monetary Policies on Retail Lending and Deposit Rates in the Euro Area

BIS Working Paper No. 850
Number of pages: 34 Posted: 15 Apr 2020
Bank for International Settlements (BIS) - Monetary and Economic Department, Bank for International Settlements (BIS), Bank for International Settlements (BIS) - Monetary and Economic Department and University of Nottingham
Downloads 75 (430,834)

Abstract:

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retail rates, pass-through, unconventional monetary policy, European Central Bank

33.

Monetary Analysis and the Global Financial Cycle: An Asian Central Bank Perspective

BIS Working Paper No. 463
Number of pages: 41 Posted: 12 Sep 2014
Andrew J. Filardo, Hans Genberg and Boris Hofmann
Bank for International Settlements (BIS) - Monetary and Economic Department, University of Geneva - Graduate Institute of International Studies (HEI) and Bank for International Settlements (BIS) - Monetary and Economic Department
Downloads 74 (434,062)
Citation 1

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central bank mandates, financial cycle, financial inclusion, globalisation, managed exchange rates, monetary analysis, monetary policy frameworks, emerging Asia

Do SVARs with Sign Restrictions not Identify Unconventional Monetary Policy Shocks?

Banco de Espana Working Paper No. 1926 (2019)
Number of pages: 26 Posted: 08 Jul 2019 Last Revised: 17 Jul 2019
National Bank of Belgium, European Central Bank (ECB) - Directorate General Economics, idealista, Bank for International Settlements (BIS) - Monetary and Economic Department and Ghent University - Department of Financial Economics
Downloads 59 (494,552)
Citation 51

Abstract:

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unconventional monetary policy, SVARs

Do SVARs with Sign Restrictions Not Identify Unconventional Monetary Policy Shocks?

BIS Working Paper No. 788
Number of pages: 23 Posted: 24 Jun 2019
National Bank of Belgium, European Central Bank (ECB) - Directorate General Economics, idealista, Bank for International Settlements (BIS) - Monetary and Economic Department and Ghent University - Department of Financial Economics
Downloads 9 (830,246)
Citation 1

Abstract:

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35.

Central Bank Bond Purchases in Emerging Market Economies

Number of pages: 9 Posted: 18 Apr 2022
Yavuz Arslan, Mathias Drehmann and Boris Hofmann
University of Liverpool Management School, Bank for International Settlements (BIS) and Bank for International Settlements (BIS) - Monetary and Economic Department
Downloads 63 (471,876)

Abstract:

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36.
Downloads 60 (483,332)
Citation 6

Time Variation in U.S. Wage Dynamics

ECB Working Paper No. 1230
Number of pages: 41 Posted: 24 Jul 2010
Boris Hofmann, Gert Peersman and Roland Straub
Bank for International Settlements (BIS) - Monetary and Economic Department, Ghent University - Department of Financial Economics and European Central Bank (ECB)
Downloads 35 (613,937)

Abstract:

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technology shocks, second-round e¤ects, Great Inflation

Time Variation in U.S. Wage Dynamics

CESifo Working Paper Series No. 3291
Number of pages: 37 Posted: 12 Jan 2011
Boris Hofmann, Gert Peersman and Roland Straub
Bank for International Settlements (BIS) - Monetary and Economic Department, Ghent University - Department of Financial Economics and European Central Bank (ECB)
Downloads 25 (683,278)
Citation 6

Abstract:

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technology shocks, second-round effects, Great Inflation

37.

Monetary Facts Revisited

BIS Working Paper No. 566
Number of pages: 39 Posted: 07 Jun 2016
Pavel Gertler and Boris Hofmann
National Bank of Slovakia and Bank for International Settlements (BIS) - Monetary and Economic Department
Downloads 51 (520,161)
Citation 2

Abstract:

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quantity theory, credit growth, financial crises

38.

Capital Flows and Monetary Policy Trade-offs in Emerging Market Economies

Number of pages: 47 Posted: 25 Jul 2022
Paolo Cavallino and Boris Hofmann
Bank for International Settlements (BIS) and Bank for International Settlements (BIS) - Monetary and Economic Department
Downloads 17 (726,329)

Abstract:

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capital flows, monetary policy trade-offs, emerging market economies

39.

Losing traction? The real effects of monetary policy when interest rates are low

Number of pages: 35 Posted: 29 Mar 2022
U.S. Department of the Treasury - Office of the Comptroller of the Currency, Bank for International Settlements (BIS) - Research and Policy Analysis, Puey Ungphakorn Institute for Economic Research, Bank of Thailand and Bank for International Settlements (BIS) - Monetary and Economic Department
Downloads 16 (734,677)

Abstract:

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Monetary policy, low interest rates, monetary transmission mechanism

40.

The Broad Dollar Exchange Rate as an EME Risk Factor

Number of pages: 14 Posted: 29 Mar 2022
Boris Hofmann and Taejin Park
Bank for International Settlements (BIS) - Monetary and Economic Department and Bank for International Settlements (BIS)
Downloads 13 (761,547)

Abstract:

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41.

Original sin redux: a model-based evaluation

Number of pages: 59 Posted: 29 Mar 2022
Boris Hofmann, Nikhil Patel and Steve Pak Yeung Wu
Bank for International Settlements (BIS) - Monetary and Economic Department, Bank for International Settlements (BIS) and University of California, San Diego (UCSD) - Department of Economics
Downloads 11 (780,300)

Abstract:

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Emerging market, capital flows, exchange rate, currency mismatch

42.

Do Monetary Indicators (Still) Predict Euro Area Inflation?

Bundesbank Series 1 Discussion Paper No. 2006,18
Number of pages: 56 Posted: 08 Jun 2016
Boris Hofmann
Bank for International Settlements (BIS) - Monetary and Economic Department
Downloads 8 (809,827)
Citation 1

Abstract:

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euro area, inflation, leading indicators, money

43.

Fiscal and Monetary Policy Interactions in a Low Interest Rate World

CEPR Discussion Paper No. DP16411
Number of pages: 51 Posted: 22 Sep 2021
Bank for International Settlements (BIS) - Monetary and Economic Department, Bank for International Settlements (BIS) - Monetary and Economic Department, Bank for International Settlements (BIS) and Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 0 (907,776)
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Debt deflation, Fiscal policy, perpetual learning, Quantitative easing, zero lower bound

44.

Do Asset Prices Help to Predict Consumer Price Inflation?

Manchester School, Vol. 68, No. 5
Posted: 05 Jun 2001
Charles Goodhart and Boris Hofmann
London School of Economics & Political Science (LSE) - Financial Markets Group and Bank for International Settlements (BIS) - Monetary and Economic Department

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