Advanced economies
Kristin Forbes on ‘wargaming’ for the next crisis
The MIT professor and former BoE MPC member speaks about QE, scenario analysis and the art of conducting monetary policy in the ‘fog of war’
Emerging economies likely to lag advanced in AI-led growth – study
BIS report highlights divergence in technology’s impact on jobs and countries’ ability to adapt
Models need rethink due to effect of global shocks – paper
Central banks can no longer assume shocks are ‘temporary, linear and symmetric’, authors say
Beige Books show promise at predicting recessions – study
LLM data on Fed reports is more accurate at forecasting downturns than yield spread, authors find
Bessent: Fed heads should come from districts they represent
US Treasury secretary says measure would not be applied retroactively
Alexandre Tombini on LatAm resilience and growth amid uncertainty
The BIS Americas head speaks about the impact of the US tariffs, building resilience amid uncertainty and fostering inclusion through digital payments
ECB and BoJ officials reject explicit forward guidance
Central bankers promote ‘meeting-by-meeting’ approach to rates setting
Venetian lessons for today’s central bankers
Loose money and lost credibility in 17th century city state provide a cautionary tale about the importance of international investor confidence, argues Biagio Bossone
Tariffs will not solve US ‘twin deficits’, BdF governor says
Villeroy de Galhau wants to maintain spirit of transatlantic co-operation despite disagreements
Fiscal dominance: are central banks about to be Trumped?
Jagjit Chadha highlights the danger of an ‘upper bound’ on interest rates as fiscal strains grow
Book notes: Private finance, public power, Peter Conti-Brown and Sean H Vanatta
A detailed history of bank supervision in the United States from 1789 to 1980
BoK meeting minutes show sole dissenter favoured rate cut
Board members agreed economy showed signs of recovery, but majority voted to hold
Little impact on Sweden’s inflation from US’s China tariffs – study
Sveriges Riksbank paper says levies will affect Swedish exporters in as yet unknown ways
Climate change harming global economy – BoK study
Study finds high income countries more vulnerable to climate change, in contrast to other research
Low long-term real rates can increase inequality in US – study
Authors say low rates cause wealthy to invest more in their children’s education
Climate risks still on the fringe of monetary policy in Asia
Notwithstanding efforts by the PBoC and BoJ, there is still a need to observe persistent and measurable impacts on inflation and output before climate change truly influences interest rate policy, argues Sayuri Shirai
Bailey, the IMF and the fundamental asymmetry problem
The IMF must address sovereign asymmetry and transform surveillance into a tool for mutual accountability, argues Biagio Bossone
Book notes: How low interest rates change the world, by Jesper Rangvid
This book investigates the possible causes of ultra-low interest rates, the problems low rates cause and the path of future rates
US deposit insurance requires rethink, say experts
Dallas Fed study asks if current level is sufficient, while NYU professor argues for 100% coverage
Tobias Adrian on the integrated policy framework amid tariff shocks
The IMF’s financial counsellor speaks about policy reaction functions to supply and demand shocks, scenario-based analyses, Treasury market dynamics and emerging market resilience
Payments Benchmarks 2025 – model banks analysis
Data breakdowns shed light on organisation structure, RTGS upgrades and payments innovation