Claudio Borio
Monetary policy’s potency may wane over time – BIS paper
Low rates might cause aggregate demand to become less sensitive to monetary stimulus, authors say
Sectoral prices growing in importance as inflation driver – BIS paper
Monetary policy risks being “overly forceful” if it tries to respond, Borio and co-authors warn
BIS’s Borio urges return to fiscal-monetary separation
Action was necessary in crisis but could lead to “instability trap”, official says
‘Run it hot’: the risks and rewards of a new policy era
Covid-19 has added impetus to an emerging intellectual shift in policy-making. But central banks face unresolved issues – on expectations, on fiscal policy, and on the capacity of the economy to ‘run hot’
A return of the inflation monster?
There are fears that a shift in intellectual approach towards running economies ‘hot’ could herald a return of the money-eating inflation era
A rebuttal of Philip Turner’s criticism of the BIS ‘house view’
Robert Pringle critiques the key findings raised in Philip Turner’s occasional paper, ‘The new monetary policy revolution: advice and dissent’
Rebuilding policy buffers is key challenge of coming decade – Borio
BIS economist says central banks are not out of options but the trade-offs are increasingly difficult
Whither the age of ‘magic money’?
EME central banks are more exposed to changes in geopolitics, climate, demography, technology and inflation at a time when monetary theory is running well behind central bank practice
BIS’s Borio: natural rate puts central banks in ‘straitjacket’
Official urges policy-makers to take “broader view” of the costs and benefits of monetary policy
BIS warns of gap between market valuations and reality
Corporate credit spreads have tightened, despite what the BIS sees as a looming solvency crisis
IMF lifts limits on financial support facilities
Decision provoked debate among board members on whether fund should be taking additional risk
BIS’s Borio says policy buffers should be repaired as soon as possible
Economist highlights three long-term challenges to tackle post-coronavirus
BIS warns of further shockwaves in ‘generation-defining’ crisis
Solvency crisis is looming on the horizon and health crisis is far from over, BIS officials say, as they present the 2020 annual report
BIS paper: twin financial cycles can ‘turbocharge’ crashes
Policy-makers should differentiate between domestic and global cycles, authors say
BIS paper flags ‘barren patches’ in post-crisis reforms
Reforms have boosted “shock-absorbing capacity” but some problems persist, authors say
Central banks and banks: a changed relationship
The development of large, complex international capital markets has reshaped the relationship between central banks and their commercial counterparts
Major central banks ready to respond to coronavirus
Fed, ECB and Bank of Japan say they are willing to act; central bank events disrupted
Claudio Borio says central bank independence is tied to globalisation
Both are underpinned by the same “economic and political zeitgeist”, the BIS economist says
Banks’ repo muscles may have ‘atrophied’ – Borio
BIS report highlights impact on market functioning from Fed and ECB easing action
Financial cycle useful for forecasting recessions – BIS paper
Measures of the financial cycle may be better predictors of recession than standard metrics
Borio and co-authors attack concept of natural interest rate
BIS paper sets out a model in which “monetary policy hysteresis” can do lasting damage to the economy
BIS’s Borio warns of ‘troubling’ negative yields
BIS quarterly review highlights new peaks in negative-yielding debt and examines CLO risks
BIS says theory behind EME policy must catch up with ‘reality’
Situation is similar to the adoption of inflation targeting in the early 1990s, says BIS annual report
Euro’s ‘heft’ has been underappreciated – BIS’s Borio
Several roles of the euro as an international currency are underappreciated, says Borio