Research
Zombie firms in Asian EMEs cause disinflation in AEs – study
Spillover is transmitted to advanced economies via trade channels, BIS report says
Ample reserves can yield highest welfare – BoE paper
Central banks face trade-off between financial stability and resource misallocation, author says
Central bank credibility not just about legislation – paper
NBER researchers say once independence has been granted, trust still has to be earned
Colombian reserve requirements impact settlement timing – paper
Cut contributed to ‘pronounced shift’ towards late-day settlement, authors say
Exim shutdown stymied US firms’ export earnings – paper
Shutting down export credit agency led to large capital misallocation, Atlanta Fed researchers say
Economists design stress-test model of dominant currency
Geopolitical shocks can disrupt its hegemony, but dollar remains secure, NBER paper finds
Taxing unrealised gains could support financial stability – study
BoE paper finds conventional capital gains tax cuts historically increased asset price volatility
China’s growth model may deepen tensions with US – paper
PIIE research says economic policies driven by ‘national security logic’ may be contradictory
High debt raises ‘macro-financial’ risks in Americas – BIS study
Bulletin says interest costs can result in risk premia feeding into inflation expectations
BoE staff find uneven policy transmission across businesses
Survey findings suggest larger firms with high productivity and borrowing have better access to data
AI productivity shock may pull inflation up or down – BoE blog
Sectoral origin and speed of change will be key factors, economists find
Americans worried about their country’s solvency – NBER study
Bond investors, voters and economics graduates think risk of a US debt crisis is high, paper says
IMF paper details system-wide stress-testing methods
Economists propose adding data on bank-NBFI links and details of market microstructure
Bitcoin has become ‘more equity-like’ – San Francisco Fed study
Asset’s ‘financialisation’ has helped it enter same sphere as stocks, paper argues
Europe’s stability at risk if AI bubble bursts – ECB blog
Correction could freeze functioning of continent’s financial markets, say central bank economists
Tariff-induced inflation pressure begins to recede in US – study
Lower effective levies are translating into slower consumer price growth, St Louis Fed researchers say
Sticky wages help explain depressed US sentiment – paper
Lack of salary indexation, rather than inflation, to blame for decline in sentiment, authors find
Slovak firms face high costs from heatwaves – blog post
Companies need to invest in adaptation, says central bank official
ECB speeches ‘twice as religious’ as other central banks’ – blog
Bank’s speechwriters use devotional tropes during times of crisis, LSE research finds
Strong recovery in US treasury purchases is ‘unlikely’ – paper
Central banks’ demand for US government bonds has ‘plateaued’ as reserve managers diversify
Africa’s domestic debt shift raises costs and risks, BIS warns
Diversifying investor bases necessary to reduce reliance on central and commercial banks, study says