Economics
Book notes: Narrative Economics, by Robert Shiller
The book is good fun to read but some elements are a little disappointing, says Charles Goodhart
Fed policy is reinforcing overvalued equities, Shiller warns
Robert Shiller talks to Central Banking about his latest research, “Narrative Economics”
Argentine governor demands political consensus on macroeconomic framework
Sandleris says every election unleashes market volatility and disrupts stabilisation efforts
Inflation target uncertainty magnifies price shocks’ impact- BoI paper
Researchers investigate effects of central banks failing to pefectly follow targets
Shale oil boom has not shifted global supply- ECB paper
Global oil supply appears to be “rather vertical” at all times, researchers find
Negative ECB deposit rate had limited effects – Bundesbank paper
Well-capitalised banks in core countries responded most to negative rates, researchers find
ECB’s bond purchases restrict monetary policy – DNB paper
Higher demand for safe assets widens sovereign bond spreads- paper
The IMF should adopt a ‘real SDR’
A vibrant market in SDR linked to commodity prices could create a powerful new monetary anchor
IMF’s Adrian on the big tech threat and why a ‘non-system’ works
IMF’s financial counsellor talks about efforts for the fund to craft well-targeted policy guidance
Book notes: After Piketty, by Heather Boushey, Bradford Delong & Marshall Steinbaum
The book leaves you with a deeper and nuanced understanding of Piketty's work
Barbadian reforms are strengthening economy, says central bank
Annual report says IMF programme beginning to prove effective
Dallas Fed paper looks at impact of tech shocks
Researchers exploit forecast data for “more precise” identification of technology shocks
Book notes: Humanomics, by Vernon L Smith and Bart J Wilson
While being authored by world-class Adam Smith specialists means this is a must-read, the value-added of the book “remains a bit vague”
Policy uncertainty can magnify cost shocks – BoI paper
Lack of clarity over inflation targets increases effects of cost-push shocks on output, researchers say
Bank of Spain launches data lab for research
Economists now have access to micro-data on the country’s non-financial firms
Unexpected market news weakens fund liquidity – paper
Findings important for understanding systemic risk of firms during times of stress, researchers say
British lawmakers ask BoE for latest Brexit analysis
Publication of previous analysis led to angry criticism by UK politicians
IMF supports Cabo Verde’s reforms with new programme
IMF supports monetary policy reform and says central bank must improve supervision and comms
Macro-prudential analysis is not fit for task – leading economists
Carney and Honohan warn of fund failures and Hélène Rey calls for better risk indicators
Purists lament as most cheer Lagarde as next ECB chief
Lagarde expected to adopt similar philosophy to Draghi at ECB
BIS papers weigh up ongoing risks to global stability
Papers from 2018 AGM include contributions from Forbes, Tucker, Gourinchas and Rey
BIS to scale up banking services as part of new strategy
“Innovation BIS 2025” envisages broader research agenda and new channels of co-operation
People: Sarb deputy governor retires after 10-year term
China appoints vice-finance minister to MPC; senior Bank of Finland official joins IMF executive board.
Spanish and Italian labour markets still slack – ECB paper
Researchers use "Beveridge curve" to gauge efficiency of eurozone labour markets