Economics
IMF calls for fiscal consolidation in anticipation of next crisis
As global financial conditions tighten, emerging economies record higher corporate and sovereign debt
Haldane examines ‘puzzling pattern’ of weak wage growth
Average weekly wages are now lower than before the crisis, in real terms
IMF cuts global growth forecasts
Likelihood of further negative shocks has risen, warns Maurice Obstfeld
Prudential regulation subject to ‘leakages’ – BIS paper
Net effect of tighter prudential regulation is positive for economic growth, paper finds
Nordhaus and Romer win economics Nobel
Economists specialising in long-run macroeconomic modelling win 2018 Nobel Prize
Researchers probe weakness in Italy’s core inflation
Labour and financial markets important influences on weaker inflation – Bank of Italy paper
Output gaps are significant cause of inflation – BIS paper
Researchers find evidence of flatter Phillips curve in advanced economies
Bank of Canada launches new communication initiative
Central bank hopes new publication will promote financial literacy among Canadians
Barkin calls for education to improve labour participation
Addressing disparities is one of the best opportunities to ensure US growth, Barkin says
Bundesbank paper looks at secondary markets’ role in bank runs
Adding secondary markets to model significantly alters possible equilibria, authors say
BoE reveals details of nowcasting approach
Central bank explains approach to generating timely estimates of global GDP
Uneven technology adoption behind low productivity and wage growth – RBA research
High-productivity firms are reducing prices and increasing profits rather than boosting salaries
Globalisation becomes more divisive as it advances – Dani Rodrik
Harvard economist says gains from trade may not outweigh redistributive problems
European banking and capital markets union would foster growth – Draghi
More integrated financial markets can contribute to higher productivity growth, says ECB president
Market power can explain financial market anomalies – BIS paper
Market power of intermediaries can explain behaviour of risk premiums, authors find
Market power, intangibles and risk premia behind low risk-free rates – paper
Brookings paper questions savings glut and technological slowdown hypotheses
IMF warns low-income countries about higher debt risks
Increased exposure to non-traditional lenders could increase rates and shorten maturities
Book notes: The other half of macroeconomics, by Richard Koo
Richard Koo’s latest book updates his work on balance sheet recessions
Technology shocks unbalance job market – paper
A technology shock that permanently raises productivity leads to unemployment, authors say
Denmark should avoid fiscal stimulus to preserve balanced recovery – central bank
Government should be ready to tighten public spending to prevent the economy from overheating