Lena Boneva

L e n a  B o n e v a

 E c o n o m i s t,   S w is s   N a t i o n a l   Ba n k   a n d   C E P R

Monetary Policy Analysis Division

lenaboneva (at) gmail.com

P u b l i c a t i o n s: 

"Dealer balance sheets and bidding behavior in the Bank of England’s QE reverse auctions", with Jakub Kastl and Filip Zikes, Journal of Financial Economics, 2025. 

"Liquidity in the German corporate bond market: Has the CSPP made a difference?", with Mevlud Islami and Kathi Schlepper, Journal of International Money and Finance, 2024. Bundesbank working paper. 

"The Impact of corporate QE on liquidity: evidence from the UK", with David Elliott, Iryna Kaminska, Oliver Linton, Nick McLaren and Ben Morley, Economic Journal, 2022.  BOE staff working paper.

"Climate change and central banks: what role for monetary policy?"  with Gianluigi Ferrucci and Francesco Mongelli, Climate Policy, 2022. 

"Firms' price, cost and activity expectations: evidence from the micro data", with James Cloyne, Martin Weale and Tomasz Wieladek, Economic Journal, 2020. CEPR discussion paper.

"Forecasting the UK economy: alternative forecasting methodologies and the role of off-model information", with Nicholas Fawcett, Riccardo Masolo and Matt Waldron, International Journal of Forecasting, 2019. Bank of England staff working paper.

"Threshold-based forward guidance", with Richard Harrison and Matt Waldron, Journal of Economic Dynamics and Control, 2018. Bank of England staff working paper.

"A discrete choice model for large heterogeneous panels with interactive fixed effects with an application to the determinants of corporate bond issuance", with Oliver Linton, Journal of Applied Econometrics, 2017. Bank of England staff working paper.

"Some unpleasant properties of log-linearized solutions when the nominal rate is zero", with Toni Braun and Yuichiro Waki, Journal of Monetary Economics, 2016. Bank of England staff working paper.

"The effect of unconventional monetary policy on inflation expectations: evidence from firms in the United Kingdom", with James Cloyne, Martin Weale and Tomasz Wieladek, International Journal of Central Banking, 2016. Bank of England external MPC unit discussion paper.

"The effect of fragmentation in trading on market quality in the UK equity market", with Oliver Linton and Michael Vogt, Journal of Applied Econometrics, 2016. SSRN working paper.

"A semiparametric model for heterogeneous panel data with fixed effects", with Oliver Linton and Michael Vogt, Journal of Econometrics, 2015. Cemmap working paper.

"Asymmetry in government bond returns", with Ippei Fujiwara and Daisuke Nagakura, Journal of Banking and Finance, 2013.  SRRN working paper.

"New Keynesian dynamics in a low interest rate environment", with Toni Braun, Journal of Economic Dynamics, 2011. IMES working paper.

W o r k i n g    p a p e r s: 

"Financial markets and green innovation" with Philippe Aghion, Johannes Breckenfelder, Luc Laeven, Conny Olovsson, Alex Popov and Elena Rancoita, 2022, ECB discussion paper. 

"The Impact of the Bank of England's Corporate Bond Purchase Scheme on yield spreads", with Calebe de Roure and Ben Morley, 2018, Bank of England staff working paper.

"Yield curve sensitivity to investor positioning around economic shocks", with Patrick Altmeyer, Rafael Kinston, Shreyosi Saha and Evarist Stoja, 2023, Bank of England staff working paper.

W o r k    i n    p r o g r e s s:

"Liquidity Facilities: evidence from high-frequency identification", with Jonas Camargos Jensen and Steffi Weidner. 

"Monetary policy and central bank communication: the Swiss case, with David Borner, Saira Karlen and Maxime Phillot. 

"Monetary policy transmission to exchange rates: the role of investor positioning, with Gabor Pinter and Vlad Shusko. 

 N o n - t e c h n i c a l    p u b l i c a t i o n s:

"Inflation and climate change: The role of climate variables in inflation forecasting and macro modelling" with Gianluigi Ferrucci, 2022, INSPIRE sustainable central banking toolbox.

"Monetary policy and the green transition", with Gianluigi Ferrucci and Francesco Mongelli, 2022, SURF Policy Brief 268. 

"Climate change and monetary policy in the euro area", with Eurosystem colleagues, 2021, ECB Occassional Paper 271.

"Adapting central bank operations to a hotter world: reviewing some options", with other NGFS delegates, 2021, Network for Greening the Financial System.

"Survey on monetary policy operations and climate change: key lessons for further analyses", with other NGFS delegates, 2020, Network for Greening the Financial System.

"Climate change and monetary policy: initial takeaways", with other NGFS delegates, 2020, Network for Greening the Financial System.

"Derivatives transactions data and their use in central bank analysis", with Benjamin Boeninghausen, Linda Fache Rousova and Elisa Letizia, 2019, ECB Economic Bullettin.

"What did the CBPS do to corporate bond yields?", with Ben Morley and Calebe De Roure, 2018, Bank Underground.                               

"What are the effects of fiscal policy at the zero lower bound?", with Toni Braun and Yuichiro Waki, 2016, Bank Underground.

"Hedging the zero lower bound with threshold-based forward guidance", with Richard Harrison and Matt Waldron, 2015, Bank Underground.

"How did the Bank’s forecasts perform before, during and after the financial crisis?", with Nicholas Fawcett, Riccardo Masolo and Matt Waldron, 2015, Bank Underground.

The views expressed on this webpage are my personal views and not those of the Swiss National Bank.