Macroeconomics
BoE’s Broadbent: globalisation has been largely a good thing
Bank of England deputy says flexible labour market has helped dull pain of adjustment to trade shocks
Yellen warns of debt impact on productivity
Fed chair states in “strongest possible terms” that current government spending is unsustainable
CEPR paper sketches ‘radical, realistic’ Greek reform plan
Stanford and Yale economists outline “unorthodox” policies to tackle Greece's debt problems
Pass-through varies across countries and time – BoE paper
Kristin Forbes and co-authors study the shocks and structural factors behind exchange rate pass-through
Household balance sheet adjustment a long process – Danish study
Authors also find consumption impact of rate hike is “modest”
New Keynesian DGSE models need financial spillover channels – ECB paper
Models without powerful financial spillover channels will be “misleading”, say researchers
Survey data can help with modelling expectations – BoJ paper
Discussion paper outlines method of incorporating survey data as a proxy for expectations
No ‘Taylor rule’ without Meltzer’s support
John Taylor says he would “likely have done other things” if not encouraged by Allan Meltzer
Greek bailout funds approved but debt relief still contentious
IMF agrees “in principle” to new support for Greece, unlocking European funds
Norges Bank sees room for improvement when forecasting wages
Central bank and other forecasters struggled to produce accurate estimates of wage growth and unemployment
Irish central bank renews Brexit warnings
Rapid house price rise fuelled by scarcity, Central Bank of Ireland says
Term premiums matter for inflation – BoJ paper
Term premiums domestically and abroad appear to affect inflation via exchange rate channel, authors find
UK election roundup: all eyes on Brexit negotiations
Economists react as UK vote delivers a hung parliament
Obstfeld and Taylor back dual trilemma global finance theory
Economists still need to better incorporate financial stability into thinking, authors argue
Riksbank paper studies impact of oil on world business cycle
Researchers find possible solution to macro puzzles by introducing oil shocks into a model of the global economy
Global institutions strike Mongolia bailout deal
Institutions strike deal to provide funding and other support to the slumping economy
IMF’s Werner: Latin America must keep debt under control
Western hemisphere chief says there are some concerning signs on debt, although the risk of a systemic crisis is low; region well placed to weather Fed shock
Zhou highlights need for ‘financial connectivity’ under Belt and Road
Initiative has sizeable financing demands, requiring improved cross-border financial links
Dombret asks what form of international economic co-ordination is viable
It is impossible to have full global market liberalisation and national sovereignty and democracy, Bundesbank board member says
Fed report finds many people left behind by growth
Survey finds nearly a quarter of Americans struggling to pay their bills
French paper looks at impact of budget-neutral fiscal changes
Benefits and costs of budget-neutral changes “not equally distributed across agents”
Industrial goods inflation may be building, ECB says
Prices of goods produced in eurozone see only “subdued” growth
Considerable slack may remain in eurozone labour market – ECB
Under-utilisation of labour may affect 18% of eurozone labour force, researchers say
BIS paper offers improved real exchange rate calculation
Authors find models used to calculate real effective exchange rate do not properly account for global value chains