Lane and Waller: research mix is extremely valuable
Central banks’ short- and long-term studies both benefit policy-making, Fed and ECB officials say
Christopher Waller and Philip Lane have spoken of how they see value in both the basic, mandate-directed forms of research and in the long-run studies carried out by central banks.
The Federal Reserve board member and the European Central Bank’s chief economist discussed the benefits of high-level research at the ECB’s international research forum on monetary policy on May 19.
They agreed that long-run, niche research could provide a critical background for crises or new policy needs. Lane
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: www.centralbanking.com/subscriptions
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@centralbanking.com
More on Economic modelling
Dark corners: the renewed push for risk-based monetary policy
Central banks are still struggling to perfect models, scenario analysis and risk communication
Delayed hikes lessened inflation’s distributional effects – study
Poorer households would have suffered more if ECB began tightening straight after pandemic
IMF and NBU rework models to reflect Russia-Ukraine war
Forecast process redesigned to take account of battlefield uncertainty and additional policy tools
BoE’s new forecast evaluation unpacks causes of errors
Global shocks and wage growth led bank to underestimate inflation persistence
Ricardian equivalence does not hold in reality, study finds
Researchers say consumers do not fully plan ahead for expected tax liabilities
BoE paper offers method to build narrative around forecasts
Process could support use of SVAR models in monetary policy process
€25K handouts would not affect labour market – ECB paper
Stimulus packages are effective in raising consumption, researchers argue
Firms slow to adjust investment targets for inflation – BoJ study
Discount rates are sticky and do not rise with expected increases in price levels, research finds