International Journal of Central Banking (IJCB)

The International Journal of Central Banking (IJCB) is an initiative of the central banking community.

Published quarterly, the journal features articles on central bank theory and practice, with a special emphasis on research relating to monetary and financial stability. The main objectives of the International Journal of Central Banking are:

  • to disseminate widely the best policy-relevant and applied research that reflects the missions of central banks around the world across a range of disciplines; and
  • to promote communication amongst researchers both inside and outside of central banks.

April 2025 issue

Cover and contents

Household Excess Savings and the Transmission of Monetary Policy
Thiago R.T. Ferreira, Nils Gornemann, and Julio L. Ortiz

Firm Liquidity and the Transmission of Monetary Policy
Margherita Bottero and Stefano Schiaffi

Can Supply Shocks Be Inflationary with a Flat Phillips Curve?
Jean-Paul L'Huillier and Gregory Phelan

Monetary Tightening and Financial Stress During Supply- versus Demand-Driven Inflation
F. Boissay, F. Collard, C. Manea, and A. Shapiro

Monetary Policy Transmission amid Demand Reallocations
Julien Bengui, Lu Han, and Gaelan MacKenzie

Endogenous Growth, Skill Obsolescence, and Optimal Monetary Policy
Wolfgang Lechthaler and Mewael F. Tesfaselassie

Optimal Monetary Policy with Non-homothetic Preferences
Cesar Blanco and Sebastian Diz

A Large Bayesian VAR of the U.S. Economy
Richard K. Crump, Stefano Eusepi, Domenico Giannone, Eric Qian, and Argia Sbordone