BoE paper explores collateral’s impact on labour market


Changes in the value of collateral have an important bearing on outcomes in the labour market, research published by the Bank of England finds.

Saleem Bahaj, Angus Foulis, Gabor Pinter and Paolo Surico note much recent work has focused on how the prevalence of illiquid assets – notably housing wealth – affects the transmission of monetary policy. A leading paper within this literature won Central Banking’s 2019 award for economics.

But the BoE paper’s authors say the role of illiquid assets in

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