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Core Inflation Communication in Practice
Core Inflation Communication in Practice
Eduardo Amaral, Alejandrina Salcedo, Ilhyock Shim and Mark Wynne · September 2026 · BIS Quarterly Review
Using a large language model to read central bank publications, we uncover patterns in how central banks communicate about core inflation. We find that references to core inflation have become more frequent and the range of metrics cited has broadened.
The Capital Puzzle Is Not About Capital
The Capital Puzzle Is Not About Capital
Eduardo Amaral · 2026 · Working paper
Can monetary tightening lower real interest rates? I show why conventional measures of the real interest rate gap can misrepresent the monetary policy stance and propose an alternative measure.
Abstract & citation · Latest paper · Policy brief
Related BIS version: The capital puzzle, Working Paper 1288 (2025).
Smoothing the New-Keynesian Capital Puzzle
Smoothing the New-Keynesian Capital Puzzle
Eduardo Amaral · 2024 · Central Bank of Brazil, Working Paper 606
Interest-rate smoothing helps resolve the capital puzzle in New Keynesian models and supports a structural interpretation of the real interest rate channel.
Thesis & earlier research
Essays in Monetary Policy with Risky Assets
Ph.D. thesis · PUC-Rio · 2021
Haralambos Simeonidis prize for best Ph.D. thesis, 2022.Chapters:
Undergraduate senior thesis
A comparative analysis of the economic crises of 1929 and 2007 in the United States.
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