Economics
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 questions whether central bank policy can work during a balance sheet recession, writes Graham Bannock
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
Juan José Echavarría on Colombia’s path to sounder monetary and economic policy
The governor of the Central Bank of Colombia talks about policy efforts to promote stability, the importance of independent institutions and the implications of Venezuela’s economic collapse
Long-termism is necessary for a stable future – RBNZ’s Orr
Contemporary societies face challenges demanding focus on sustainable development, says governor
Automation of financial services poses problem for labour market
Central bankers fear the labour market may not recover as quickly as during previous technological revolutions
Risk-adjusted model anticipates rate changes better – paper
Monetary policy forecasts perform better when adjusted to risk, authors say
Financial literacy differs greatly between countries – OeNB paper
Some differences are due to survey methods but others may reflect institutional factors, find researchers
Carney warns no-deal Brexit would squeeze real income
Governor informs Treasury Committee of household “real income squeeze” in the event of a no-deal Brexit; Mervyn King calls government’s Brexit preparations “incompetent”
Fed paper presents method to better estimate systemic risk
Authors find their approach outperforms several commonly used systemic risk indicators
Inattention helps explain flat Phillips curve – Fed paper
Inflation may be less sensitive to shocks because people are not paying attention, authors say
IMF paper builds corruption indicator using big data
Corruption shocks negatively impact long-term real outcomes, authors say
Weidmann urges Greece to implement further reforms
Deutsche Bundesbank president recommends additional reforms and “sound” fiscal policy
Thailand’s macroeconomic policy at a ‘turning point’ – Santiprabhob
Policy will have to evolve to support the economy rather than stimulate it, governor says
Global crisis uncertainty harmed investment – BoE paper
Authors say their results offer a benchmark for possible Brexit-related uncertainty