Economics
Minneapolis Fed paper supports ban on enforcing non-competes
New law in Minnesota prevents companies from restricting where former employees can go to work
Faster deposit flows will affect bank runs, ECB paper says
Bindseil and Senner say several factors are increasing size and speed of deposit runs
Monetary policy affects insurers’ balance sheets, ECB paper finds
Eurozone insurance firms increase asset holdings and risk-taking if policy loosens, researchers say
Fed governor bolsters hopes for rate cuts in 2024
Strong state of US economy means there is no need to rush, argues Christopher Waller
Bank of Italy paper examines within-firm estimation strategy
Credit interdependence means standard estimates of shocks’ effects are biased , authors find
Monetary policy likely to be weak climate tool – Bank of Spain paper
Model finds central banks are likely to prioritise price stability over reducing carbon emissions
CBDCs are subject to ‘trilemma’, ECB paper warns
Research builds on Diamond-Dybvig model to examine possibility of runs on central banks
Cash transfers cause persistent jobs boost in Brazil, research finds
San Fran Fed paper argues previous research neglected effects on informal employment
Bundesbank paper looks at role of carbon emissions disclosures
Obliging firms to increase transparency boosts low-carbon investment, researchers find
DNB paper examines robustness of monetary policy
Policy must avoid tail risks caused by central banks’ uncertainty over output gap, researchers argue
The risks facing the Chinese economy
China isn’t at risk of a financial meltdown, but it does face a slow puncture, writes Michael Taylor
ECB paper examines largest currency areas’ policy spillovers
Researchers study how foreign monetary policy shocks affect US, eurozone and Japan
Book notes: We need to talk about inflation, by Stephen King
A short, sensible book that highlights key issues – and might make a good, belated Christmas gift!
Eurozone inflation affects fiscal policy, ECB paper finds
Authors say there is evidence of “turning point” for inflation’s impact on primary fiscal balances
ECB paper analyses indirect channels of interbank contagion
Eurozone’s interbank market vulnerable to sovereign debt and non-bank sector shocks, research finds
Finance ministry rep: a guest, a partner or an intruder?
Many central banks let government officials participate in policy meetings. Is that wise?
ECB paper attempts to measure spillovers from Fed policy
Authors use asset price data to estimate global effects of FOMC moves
Obstfeld argues central banks’ rate models are ‘conceptually flawed’
Former IMF chief economist says rates could soon return to the effective lower bound
High income central banks allocate most time to research
Research economists are more numerous and are allotted more research time in high income jurisdictions
Managing reserves amid climate change and home-shoring
Central banks can still make asset allocations with solid climate outcomes, despite slippage in the net-zero timetable, writes Gary Smith
ECB paper analyses impact of Chinese financial shocks
“China shocks” affect global commodities and equities, but less than US equivalents, researchers find
AI adoption still limited among central bank economists
High income countries report slightly higher impact but most say practical use of AI is minimal
European Commission lowers 2023 GDP growth forecast
EC expects eurozone economy to expand by 0.6% this year
UK inflation falls more than BoE had expected
Housing prices fall year on year for first time since 2012, while energy prices also decline