Demographics
Central banks will be ‘tested’ by long-term inflation – BIS’s Borio
Persistent inflationary forces could bring central banks into conflict with government, official says
Bank of Canada deputy stresses heterogeneity’s role in monetary policy
Debt may complicate tightening cycle, as Canadian consumer inflation expectations rise
Book notes: Two hundred years of muddling through, by Duncan Weldon
Insights into UK economic history offer lessons for today’s policy-makers
Final frontier? Japan after the Kuroda experiment
The Bank of Japan has pushed monetary easing close to its limit, yet inflation is barely above zero. What happens now?
Strategies for change: central banks’ quest for diversity
Dedicated diversity strategies remain uncommon among central banks, despite growing recognition of the need for better minority representation
Some philosophical questions about the future of central banking
Kenneth Rogoff weighs up the many challenges facing central banks in the years ahead, from debt and inflation to negative rates and the dangers of ‘mission creep’
BoE’s Vlieghe: central bankers must speak up about economic fragility
Outgoing MPC member says impact of debt and inequality is “stark”, but goes beyond central banking
The ‘golden age’ of central banking has passed
Central banks face multi-faceted challenges and weakened autonomy amid highly polarised inflation expectations
Charles Goodhart on inflation targets, financial stability and the role of money
The LSE professor says inflation targets should have been 0%, the Fed’s move to AIT is a mistake, independence is under threat from inflation, big balance sheets support liquidity, AI can help supervisors and climate stress tests are unconvincing
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
The Covid crisis, central banks and the future
Crisis responses have had positive initial outcomes, but also exacerbated significant underlying challenges that raise concerns related to exit strategies and the future for central banks
BIS paper explores impact of demographics on house prices
Study focuses on Korea’s “exceptionally rapid” demographic change
Hernández de Cos on ECB policy, crises responses and Basel reform
Spanish governor and Basel Committee chair Pablo Hernández de Cos favours a form of average inflation targeting, says ECB is willing to boost stimulus and Basel reforms not diminished by Covid-19 exceptions; stresses the need for structural reform and…
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
Eurozone’s ageing is lowering interest rates – BoI paper
Natural real interest rate is likely to reach its lowest point around 2030, researcher finds
Book notes: The great demographic reversal, by Charles Goodhart and Manoj Pradhan
An important book, predicting that powerful demographic forces will upend conventional thinking on macroeconomics and policy
Fed’s new framework splits opinion
Former Fed officials offer mixed reactions to average inflation targeting, with most calling for the US central bank to refine its communication
Japan’s economy needs bolder policies
PM Abe announces decision to step down with many goals still unachieved