The March 2026 issue of the BIS Quarterly Review is out:
Overview
- Markets recalibrate amid shifting currents
Financial markets had to adjust to shifting currents, and volatility rose, exacerbated by early March's Middle East conflict.
Articles
- Evolving approaches to monetary policy communication in the face of uncertainty: fan charts, scenarios and guidance
by Sarah Bell, Matthieu Chavaz, Boris Hofmann, Daniel Rees and Matthias Rottner
Understanding key features of different communication tools can help central banks deploy the most appropriate tool for communicating evolving uncertainty. - The rise and risks of synthetic risk transfers
by Prashant Babu, Michael Chui and Costas Stephanou
Financial stability risks from synthetic risk transfers are modest at present but may grow as the market expands, requiring enhanced risk monitoring. - BISTRO: a general purpose oracle for macroeconomic time series
by Batuhan Koyuncu, Byeungchun Kwon, Marco Jacopo Lombardi, Fernando Perez-Cruz and Hyun Song Shin
A new model, BISTRO, akin to a "ChatGPT" for time series, provides forecasts for key macroeconomic aggregates. - Monetary responses to external shocks in emerging market economies: the role of financial vulnerabilities
by Mikael Juselius and Dora Xia
Emerging market economies adjust policy rates based on how external shocks affect their financial conditions. - International finance through the lens of BIS statistics: offshore activity
by Iñaki Aldasoro, Bryan Hardy, Goetz von Peter and Philip Wooldridge
The BIS international banking and financial statistics look through residence to nationality to show who ultimately borrows and lends offshore.
