Economics
Algeria is applying to join Brics bank, says president
Country joins Argentina and Honduras on list of applicants
German economy remains stagnant in Q2
Official figures show no growth as outlook for eurozone largest economy’s remains weak
‘Supercore inflation’ is a key indicator, Fed paper argues
Non-housing core service prices behaved very differently in 2019 and 2021, researchers say
ECB paper analyses carbon pricing schemes
Rising compliance costs can push firms away from green innovation, paper finds
Forward guidance loses power when rates rise, RBI research finds
Tool is useful at lower bound but is much less effective during normal conditions, paper argues
ECB paper models ‘state-dependent’ impact of capital ratios
Model simulates ratio changes’ effects on credit supply in different macro-financial conditions
UK inflation falls to 7.9%
Drop exceeds Reuters poll prediction, but headline rate still almost four times target
Machine learning pushes frontier of forecasting
AI techniques are starting to transform central banks’ statistical modelling. They could soon revolutionise structural models as well
PBoC holds key rate amid lacklustre GDP growth
Chinese economy grew 6.3% in second quarter, missing expectations by a full percentage point
Researchers use natural language processing to estimate inflation
Applying NLP techniques to earnings calls provides useful economic indicators, paper says
Egypt announces ‘record’ inflation
Inflation continues rising despite monetary tightening and could trigger IMF consultation
ECB’s monetary policy is taking effect rapidly, says Lane
But chief economist warns tighter financing conditions could cause eurozone contraction
Hank model sheds light on fiscal theory of the price level – paper
Adding heterogeneity allows FTPL models to reflect persistent government deficits, economists find
Taiwan’s central bank calls for wage rises
Report calls for more unionisation after real wages fell in first quarter
World Bank releases country income classifications
Seven countries promoted, while Jordan falls a category due to population growth
Researchers examine Covid-19’s impact on eurozone lending
Pandemic changed banks’ lending but did not lead to widespread cut in collateral values, paper finds
Fed economists estimate natural rate still at rock bottom
Analysis implies policy rate is firmly in restrictive territory and may not remain high
Book notes: Labor in the age of finance, by Sanford M Jacoby
A fascinating attempt to document the US labour movement’s efforts to use pension fund money to bolster its voice
No significant risk of US recession – St Louis Fed research
Sahm Rule and leading economic data indicate low – but not zero – recession risk
Central banks face tough fight for ‘last mile’ of disinflation – BIS
Credit losses could rival global financial crisis in higher-for-longer scenario, institution warns
Zambia agrees foreign debt deal
Government agrees to repay faster if IMF assesses its ability to do so has risen
Eurozone carbon tax hike would cause small GDP fall, paper finds
Raising tax to rate consistent with net zero would create only transient inflation, researchers say