Economics
Haldane hopeful for ‘rebirth’ of economics
BoE chief economist believes crisis for the profession could lead to a break with past thinking; offers solutions to productivity problems
BoE article sees benefits to agent-based modelling
“Bottom-up” approach is complementary to models that are already widely used; the Bank of England has created new models for both housing and corporate bond markets
Finnish paper rethinks transmission of financial shocks
Researcher’s model uses search and matching approach
Austrian central bank gives award to two young economists
Papers study responses to shocks in structural funds and effects of trade on business cycle
Poloz urges economists to create new economic models
The rise of the service sector has changed the way productivity and output can be calculated, the Canadian governor says, musing on whether the relationship between inflation and growth could change over time
Central Bank of Brazil establishes data portal
Central bank creates hub for 454 data sets, combining data from government database and other sources; bank has plans to launch data promotion scheme in 2017
Credit scoring improves borrower selection, Bank of Italy paper says
Paper presents a database on loans and the use of credit-scoring models; banks’ use of credit scoring reduces the likelihood of borrower defaulting, researchers say
SNB paper models ‘sticky consumption’ in Switzerland
Assuming consumption habits are slow to change helps produce more robust results than other methods, author finds
Review proposes reforms to Riksbank research
External team recommends restructuring department, increasing its involvement with policy and boosting output – though it says Riksbank research is already “successful”
Learning errors slow recovery from financial crises – paper
Researchers examine information rigidity in financial markets and incorporate the learning behaviour of investors into a DSGE model
'Institutional repositories' can boost research – Bank of Spain’s Selgas
Organising materials in an efficient manner online can support research and collaboration, says Bank of Spain’s chief librarian; system expected to launch in 2017
New model shows eurozone output gap remains large, researchers argue
Other models fail to capture interplay of inflation and output, paper says
Wage Phillips curves in eurozone steepened after 2008 – paper
Germany was the exception among major eurozone economies, Bank of Italy paper argues
Paper presents new model of interbank loan market
“Novel” model should help policy-makers think through real-life scenarios, researchers say
University of Buckingham to launch first central banking master’s degree
Monetary economics to form core of the year-long course; university hopes programme will enrol around 12-15 students in the first year
Bank Indonesia launches training and research institute
Central bank establishes a new centre for research and staff training, with the hope of building expertise and boosting credibility
Long-run financial market volatility has strong effects on real economy, researchers say
A Bank of England working paper presents a method for breaking financial market volatility into long- and short-run components; long-run volatility closely linked to economic fundamentals, authors say
Okun’s law is empirically robust but presents modelling problems, researchers say
Economists need to find more sophisticated methods to model the relationship between financial and labour markets, say the authors of an occasional paper published by the ECB
The IFF China Report 2016: Introduction
The aim of the IFF China Report 2016 is to offer readers a unique insight into the inner workings of China’s economy by providing perspectives from its top leaders, policy-makers and financial experts
Opportunities and risks from economic recovery
Former prime minister of Japan Yukio Hatoyama, chairman of the IFF Advisory Committee, welcomes the shift in China’s direction towards sustained growth through structural reforms
Charlie Bean calls for ‘culture changes’ at ONS in final statistics report
ONS should set up two centres to better measure economic activity, Bean says; using these centres will allow the ONS to fully ‘capture’ the digital economy
Is China really the cause of sluggish global growth?
China's policy-makers blame structural problem in the West for global malaise, despite unprecedented monetary stimulus by central banks
Book notes: Civic Capitalism, by Colin Hay and Anthony Payne
A book that espouses redesigning capitalism into 'civic capitalism'
Managing financial stability, monetary systems and the economic order
If policy-makers fail to address the challenges presented by strong feedback loops between the economic and monetary systems, the next crisis could seriously damage faith in market-based economies