Economics
Ecuador central bank doubles BIS credit line
Central bank to treat funds as precautionary to deal with a future downturn
‘Unstable, unreliable and temporary’: paper explores global co-operation
Policy-makers should heed JM Keynes’ 1919 warning, say Michael Bordo and Catherine Schenk
Why diversity matters for economic policy
The head of the Cleveland Fed's new Program for Economic Inclusion, Dionissi Aliprantis, explains why diversity should be an important factor in the US central bank's decision-making
Eurozone inflation up to 2.2% in July
Germany records 3.1% inflation rate, France 1.6%, Italy 0.9%
Ignoring fire sales weakens stress tests – Bank of Austria paper
Paper presents new method for calculating effects of deleveraging by distressed banks
BoE’s Vlieghe: central bankers must speak up about economic fragility
Outgoing MPC member says impact of debt and inequality is “stark”, but goes beyond central banking
Macro-pru can help avoid ‘reversal interest rate’ – Bundesbank paper
Use of capital ratios can aid eurozone monetary policy, researchers say
BoE paper builds GDP-at-risk model
Authors generate “fat-tailed” distribution to explore economy’s tendency to hit lower bound on rates
Eurozone fiscal deficit declines in Q1
Lower imbalance due to lower spending; revenue remained stable as a share of GDP
Inflation fears are ‘overstated’ – BIS research
‘Little evidence’ of the forces that normally lead to persistent inflation, bulletin article says
Paper analyses eurozone consumers’ inflation expectations
Short-term views, trust and Covid-19 shaped medium-term expectations – Bank of Finland paper
US faces surge in actual and expected inflation
Data shows 5.4% CPI inflation over past year and consumers expect 4.8% rise over next
Unemployment has non-linear relationship to inflation – Fed paper
Authors say their findings could be relevant to debates over inflation targets
BdF paper analyses inflation tolerance ranges
Ranges “should not be zones of inaction” and may have unfavourable trade-offs, researchers say
IMF agrees with Fed on ‘transitory’ inflation
Georgieva says recent inflation spike likely to pass; supports Biden’s fiscal plans
US unemployment rate stable at 5.9%
Little sign of ‘substantial further progress’ FOMC wants to see before taper
Eurozone inflation expected to decline in June
Early estimates suggest inflation fell to 1.9%, from 2% in May
BIS annual report: ‘disaster averted’ but world ‘not out of the woods’
Report weighs up three scenarios for “pandexit”, none of them without drawbacks
ECB paper investigates macro-pru’s impact on inequality
More research is needed on how borrower-based measures affect income inequality, researchers say
UK household debt has not yet amplified Covid shock – BoE paper
But the share of households reporting financial difficulties is now rising, authors note
MAS’s Vincent Loy and Celine Sia on transforming data management
The assistant managing directors explain how uniting business and technology functions is opening up new possibilities for data collection, governance and analytics
Bank of Italy paper uses agent-based model of housing market
Limits on borrowing are effective but not currently needed for Italian housing sector
Shadow banking changes macro-prudential trade-offs – BdF paper
Presence of non-banks increases importance of dynamic capital ratios, researcher argues