Economics
Monetary unions might benefit from taxing external debt – DNB paper
Policy would reduce adverse effects of shocks to risk premia on sovereign debt, researchers find
More capital could increase lending during pandemic – paper
Philadelphia Fed research finds capital injections and lower requirements would both increase lending
Bank of Finland to focus on sustainable growth
Central bank also aims to create “world’s best” financial literacy programme
IMF staff lay ground for $1.8 billion loan to Costa Rica
Staff set terms for three-year loan as high debt and Covid-19 take toll; earlier agreement foundered amid public protests
IMF warns of ‘exceptional uncertainty’ in vaccine-driven recovery
Fund upgrades global forecasts amid early success of vaccine rollout
MAS explores need for domestic green taxonomy
Taxonomy could help steer capital towards the region’s green priorities, deputy governor says
BoE paper explores macroeconomic impact of macro-pru
Authors build DSGE model featuring “detailed banking sector” and sticky interest rates
Money market estimates vary significantly – Bundesbank paper
Policy-makers should be aware of widely differing research results
Research finds productivity impact from monetary policy
Paper sets out model of supply-side transmission channel, which can lead to flatter Phillips curve
Eurozone inflation remains stuck at -0.3%
Year-on-year inflation first fell into negative territory in August 2020
Design flaws in Covid relief package cost millions of jobs – Fed paper
Delay to paycheck protection programme had “very substantial” impact, economists argue
Covid-19 data gaps threaten US recovery, researcher says
Minneapolis Fed economist urges statistical agencies to include diagnosis questions in surveys
Economics Benchmarks 2020 report – executive summary
Shedding light on economics governance, salaries, forecasting, research, publications and more
Early non-employment ‘scars’ workers – Bank of Italy paper
Effect is particularly severe for non-graduates and when conditions are good, research finds
BIS research tracks changing consumption patterns
Pandemic has led to “catching-up” process in e-commerce, bulletin article says
Bank of Lithuania paper explores spillovers of US policy uncertainty
Authors find “significant recessionary and deflationary effect” and synchronous response worldwide
Higher economic uncertainty is harbinger of civil conflict – Bank of Spain research
Spain suffered rising levels of economic uncertainty leading up to 1936–39 civil war
Terms of trade shocks not symmetric – BoE paper
Developing countries particularly vulnerable to export shocks, study finds
Fed’s Clarida says vaccine rollout has ‘brightened’ 2021 economic outlook
Rising Covid cases are downside in near term, but economy should bounce back, says vice-chair
Firms and households form inflation expectations very differently – paper
Confidence in economy has strongly divergent effects, Central Bank of Ireland research finds
BdF paper looks at fiscal responses to liquidity traps
Infrastructure spending is more robust to model specification changes than sales tax- paper
Pandemic has raised risks for smaller UK financial firms – FCA
Over a fifth of firms responding to survey are at heightened risk of failure, UK regulator says