Open research questions in Monetary Policy and Economic Impact
490 unresolved questions extracted from the limitations and future-work sections of 5,831 Monetary Policy and Economic Impact papers in our library. Each links back to the study that raised it.
What the literature leaves open
further research on the use of the IM test for finite mixtures of Gaussian random vectors, - investigation of the power properties of the test
Classical tests for the number of components in a mixture are problematic. There is a need for a reliable test for Gaussian mixtures. The paper identifies a gap in the literature on the application of the EM principle to incomplete data models.
The identification problem in approximate factor models. The need for a consistent selection criterion for the number of factors at each quantile. The lack of a method to estimate the loading functions of characteristics-based quantile factor models.
Annual macroeconomic data often contain relatively few observations and limited short-term fluctuations. The true shape of the Phillips curve is not a universal constant but a country-specific attribute. The paper identifies frequent shifts in economies such as France and Italy, likely reflecting a history of localized structural breaks and policy regime changes.
Mathematical Computation of Piecewise Linear Regression with Endogenous Segmentation for Accurate Data-Based Model Building: An Example of the Phillips Curve · 2026 · DOIannual macroeconomic data often contain relatively few observations and limited short-term fluctuations, - the sample size is small because the same time length is maintained for the countries, - the study utilizes yearly macroeconomic data from 1991 to 2022
Mathematical Computation of Piecewise Linear Regression with Endogenous Segmentation for Accurate Data-Based Model Building: An Example of the Phillips Curve · 2026 · DOIThe study does not address the potential limitations of the Regularized Vector Autoregressive models. The study does not provide a detailed analysis of the robustness of the results.
Regularized Vector Autoregressive Model for the Assessment of Macroeconomic Variables Associated with Inflation in Nigeria · 2026 · DOIThere is a gap in literature on the application of regularized methods to study inflation in Nigeria. Most studies on inflation in Nigeria rely on the traditional VAR model and do not adequately address multicollinearity.
Regularized Vector Autoregressive Model for the Assessment of Macroeconomic Variables Associated with Inflation in Nigeria · 2026 · DOIThe paper identifies a gap in the existing literature on the time-varying effects of monetary policy on inflation. The current approaches do not capture gradual shifts in macroeconomic relationships and account for heteroskedasticity across parameters.
The paper identifies a gap in the literature on the interaction between monetary policy and labor supply decisions. The authors note that prior work has focused on the inter-temporal channel that affects the consumption and savings plans of households, but has neglected the intratemporal allocation between consumption and leisure.
Persistent trade imbalances and inflation volatility exacerbate fiscal pressures. The relationship between trade deficits and public debt is complex and not well understood. There is a need for effective fiscal and monetary policymaking to support long-term debt sustainability.
Assessing the impact of trade deficits on public debt in Asian economies under inflation volatility · 2026 · DOIThe lack of empirical evidence on the relationship between parallel market exchange rate premiums and retail pricing strategies in South Sudan. The need to understand the impact of exchange rate dynamics on retail business performance.
Parallel market premiums as retail pricing determinants: Empirical evidence from South Sudan's dual exchange rate economy · 2026 · DOIThe annual time-evolution equation fails, with out-of-sample R^2 at or below zero across five functional forms. The GDELT 2.0 DOC API was tested as a source for protest-activity leading indicators but was abandoned due to limited coverage and rate limits.
Candidacy and Trigger: A Two-Phase Empirical Model of Hierarchical Collapse · 2026The paper identifies a gap in the existing literature on hierarchical collapse, which has focused on the role of endogenous drift. The paper proposes a new perspective on hierarchical collapse, emphasizing the role of structural variables and external shocks.
Candidacy and Trigger: A Two-Phase Empirical Model of Hierarchical Collapse · 2026High degree of multicollinearity among external and domestic variables - Need to construct composite indices via Principal Component Analysis (PCA) - Small sample size
External Demand, Domestic Monetary Conditions, and Remittance Dynamics in Nepal · 2026Investigate the impact of alternative demand proxies beyond PCA-derived indices - Explore the role of non-Gulf countries as migrant destinations - Conduct a more detailed analysis of structural breaks and their implications for remittance flows
External Demand, Domestic Monetary Conditions, and Remittance Dynamics in Nepal · 2026The sample period is limited to the availability of the data at the time the dataset was purchased, - The earliest second-by-second data that was available was November 2011 for the dollar/peso exchange rate, - The federal funds rate was stuck at the zero lower bound during the sample period
Previous research has paid little attention to the relationship between monetary policy announcements and the reaction of currencies in the case of emerging markets. There is a lack of studies examining the impact of monetary policy announcements on exchange rate volatility in emerging markets. The paper identifies a gap in the literature regarding the comparison of the impacts of advanced and emerging market economies' monetary policies on exchange rate volatility.
Future research can apply the proposed model to other financial datasets. Future research can explore the use of other estimation methods. Future research can investigate the use of the model in other fields.
Large‐Dimensional Cointegrated Threshold Factor Models: The Global Term Structure of Interest Rates · 2026 · DOIThe paper identifies a gap in the existing literature on large-dimensional factor models. The paper identifies a need for a model that can account for cointegration between group-specific factors.
Large‐Dimensional Cointegrated Threshold Factor Models: The Global Term Structure of Interest Rates · 2026 · DOIThe study identifies a gap in the literature on the interest rate pass-through and speed of adjustment. The study highlights the need for a comprehensive meta-analysis of the interest rate pass-through.
How Effective is Monetary Policy Transmission? A Meta-analysis on Interest Rate Pass-Through and Speed of Adjustment · 2026 · DOIFurther research could investigate the economic impact of public expenditures in other sectors. Further research could use different methodologies to estimate the economic impact of arms procurement.
The study identifies a gap in the literature on the impact of price on household debt in developing countries. Prior studies have focused on advanced economies, but the current study examines the impact of price on household debt in developing countries.
The limitation of conventional surveillance dashboards. The lack of a unified 0-100 scale for benchmarking macro-financial resilience. The need for a diagnostics-first composite framework for benchmarking macro-financial resilience.
A Diagnostics-First Composite Index for Macro-Financial Resilience to Socioeconomic Challenges: The Gondauri Index with Benchmarking and Scenario Evidence · 2026 · DOIThe relationship between monetary policy instruments and bank credit is complex and influenced by various factors. There is a need to investigate the dynamic relationship between monetary policy performance and bank credit in Nigeria.
There is a considerable debate regarding the existence of relationships among macroeconomic indicators. The relations among macroeconomic indicators must be perceived if they are to be used to predict economic developments.
Modeling the long-run and short-run dynamics of economic indicators in Ethiopia using a vector error correction model · 2026 · DOI
Most-cited papers in Monetary Policy and Economic Impact
- A Caution Regarding Rules of Thumb for Variance Inflation Factors · Quality & Quantity · 2007 · 9,166 citations
- MAXIMUM LIKELIHOOD ESTIMATION AND INFERENCE ON COINTEGRATION — WITH APPLICATIONS TO THE DEMAND FOR MONEY · Oxford Bulletin of Economics and Statistics · 1990 · 7,812 citations
- Difference-in-Differences with multiple time periods · Journal of Econometrics · 2020 · 7,073 citations
- Testing for Error Correction in Panel Data* · Oxford Bulletin of Economics and Statistics · 2007 · 5,179 citations
- Critical Values for Cointegration Tests in Heterogeneous Panels with Multiple Regressors · Oxford Bulletin of Economics and Statistics · 1999 · 5,058 citations
- Spurious regression and residual-based tests for cointegration in panel data · Journal of Econometrics · 1999 · 4,273 citations
- Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy · Journal of Political Economy · 2005 · 4,190 citations
- A Note on the Theme of Too Many Instruments* · Oxford Bulletin of Economics and Statistics · 2009 · 4,151 citations
- Shocks and Frictions in US Business Cycles: A Bayesian DSGE Approach · American Economic Review · 2007 · 3,772 citations
- Estimation and Inference of Impulse Responses by Local Projections · American Economic Review · 2005 · 3,712 citations
Most recent work
- Planning for business cycle fluctuations in budgeting: The application of innovative data sources and techniques · The British Accounting Review · 2026
- From crisis to crisis: The moderating role of inflation and interest rate on the impact of liquidity on stock returns in selected advanced economies · Borsa Istanbul Review · 2026
- The global transmission of U.S. monetary policy · Journal of International Economics · 2026
- Political Pressure on the Fed · The Review of Economic Studies · 2026
- Macroeconomic shocks and income growth in Africa: Evidence from a panel structural VAR analysis · The Journal of Economic Asymmetries · 2026
- Least Trimmed Squares: Cointegration and Outliers · Oxford Bulletin of Economics and Statistics · 2026
- How Effective is Monetary Policy Transmission? A Meta-analysis on Interest Rate Pass-Through and Speed of Adjustment · Comparative Economic Studies · 2026
- Monitoring joint tail risks: An application to growth and inflation · Journal of Econometrics · 2026
- Inflation Control in a CVAR Model With an Application to the Burns/Miller Period in the USA · Oxford Bulletin of Economics and Statistics · 2026
- Geopolitical Risks and Monetary Policy: Effects of Global Versus Ukrainian Shocks · Scottish Journal of Political Economy · 2026
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