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JournalISSN: 1815-4654

International Journal of Central Banking 

Institute of Electrical and Electronics Engineers
About: International Journal of Central Banking is an academic journal. The journal publishes majorly in the area(s): Monetary policy & Facial recognition system. It has an ISSN identifier of 1815-4654. Over the lifetime, 842 publications have been published receiving 18701 citations.


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Proceedings ArticleDOI
TL;DR: This work presents a novel approach based on analyzing facial image textures for detecting whether there is a live person in front of the camera or a face print, and analyzes the texture of the facial images using multi-scale local binary patterns (LBP).
Abstract: Current face biometric systems are vulnerable to spoofing attacks. A spoofing attack occurs when a person tries to masquerade as someone else by falsifying data and thereby gaining illegitimate access. Inspired by image quality assessment, characterization of printing artifacts, and differences in light reflection, we propose to approach the problem of spoofing detection from texture analysis point of view. Indeed, face prints usually contain printing quality defects that can be well detected using texture features. Hence, we present a novel approach based on analyzing facial image textures for detecting whether there is a live person in front of the camera or a face print. The proposed approach analyzes the texture of the facial images using multi-scale local binary patterns (LBP). Compared to many previous works, our proposed approach is robust, computationally fast and does not require user-cooperation. In addition, the texture features that are used for spoofing detection can also be used for face recognition. This provides a unique feature space for coupling spoofing detection and face recognition. Extensive experimental analysis on a publicly available database showed excellent results compared to existing works.

628 citations

Posted Content
TL;DR: In order to further ease the stance of monetary policy as the economic outlook deteriorated, the Federal Reserve purchased substantial quantities of assets with medium and long maturities, which led to economically meaningful and long-lasting reductions in longer-term interest rates on a range of securities, including securities that were not included in the purchase programs.
Abstract: Since December 2008, the Federal Reserve’s traditional policy instrument, the target federal funds rate, has been effectively at its lower bound of zero. In order to further ease the stance of monetary policy as the economic outlook deteriorated, the Federal Reserve purchased substantial quantities of assets with medium and long maturities. In this paper, we explain how these purchases were implemented and discuss the mechanisms through which they can affect the economy. We present evidence that the purchases led to economically meaningful and long-lasting reductions in longer-term interest rates on a range of securities, including securities that were not included in the purchase programs. These reductions in interest rates primarily reflect lower risk premiums, including term premiums, rather than lower expectations of future short-term interest rates.

373 citations

Posted ContentDOI
TL;DR: This article explored the macroeconomic effects of a compression in the long-term bond yield spread within the context of the Great Recession of 2007-2009 via a time-varying parameter structural VAR model.
Abstract: We explore the macroeconomic effects of a compression in the long-term bond yield spread within the context of the Great Recession of 2007-2009 via a time-varying parameter structural VAR model.

370 citations

Proceedings ArticleDOI
TL;DR: A novel two-stream CNN-based approach for face anti-spoofing is proposed, by extracting the local features and holistic depth maps from the face images, which facilitate CNN to discriminate the spoof patches independent of the spatial face areas.
Abstract: The face image is the most accessible biometric modality which is used for highly accurate face recognition systems, while it is vulnerable to many different types of presentation attacks. Face anti-spoofing is a very critical step before feeding the face image to biometric systems. In this paper, we propose a novel two-stream CNN-based approach for face anti-spoofing, by extracting the local features and holistic depth maps from the face images. The local features facilitate CNN to discriminate the spoof patches independent of the spatial face areas. On the other hand, holistic depth map examine whether the input image has a face-like depth. Extensive experiments are conducted on the challenging databases (CASIA-FASD, MSU-USSA, and Replay Attack), with comparison to the state of the art.

349 citations

Posted Content
TL;DR: In this article, the authors argue that the answer will depend on three questions: (i) how effective is macro-prudential policy in maintaining financial stability, (ii) what is the effect of monetary policy on risk taking and financial stability; and (iii) the risk of financial dominance, i.e., the risk that financial stability considerations undermine the credibility of the central bank's price stability mandate.
Abstract: The recent financial crisis has again raised the question to what extent price-stability-oriented monetary policy frameworks should take into account financial stability objectives. In this paper I argue that the answer will depend on three questions: (i) how effective is macroprudential policy in maintaining financial stability? (ii) what is the effect of monetary policy on risk taking and financial stability? and (iii) what is the risk of financial dominance, i.e., the risk that financial stability considerations undermine the credibility of the central bank’s price stability mandate? I review the theory and evidence and conclude that while the new macroprudential policy framework should be the main tool for maintaining financial stability, monetary policy authorities should also keep an eye on financial stability. This will allow the central bank to lean against the wind if necessary, while maintaining its primary focus on price stability over the medium term.

341 citations

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Performance
Metrics
No. of papers from the Journal in previous years
YearPapers
202177
2020106
201923
2018150
2017120
201620