Economics
CBDCs are subject to ‘trilemma’, ECB paper warns
Research builds on Diamond-Dybvig model to examine possibility of runs on central banks
Cash transfers cause persistent jobs boost in Brazil, research finds
San Fran Fed paper argues previous research neglected effects on informal employment
Bundesbank paper looks at role of carbon emissions disclosures
Obliging firms to increase transparency boosts low-carbon investment, researchers find
DNB paper examines robustness of monetary policy
Policy must avoid tail risks caused by central banks’ uncertainty over output gap, researchers argue
The risks facing the Chinese economy
China isn’t at risk of a financial meltdown, but it does face a slow puncture, writes Michael Taylor
ECB paper examines largest currency areas’ policy spillovers
Researchers study how foreign monetary policy shocks affect US, eurozone and Japan
Book notes: We need to talk about inflation, by Stephen King
A short, sensible book that highlights key issues – and might make a good, belated Christmas gift!
Eurozone inflation affects fiscal policy, ECB paper finds
Authors say there is evidence of “turning point” for inflation’s impact on primary fiscal balances
ECB paper analyses indirect channels of interbank contagion
Eurozone’s interbank market vulnerable to sovereign debt and non-bank sector shocks, research finds
Finance ministry rep: a guest, a partner or an intruder?
Many central banks let government officials participate in policy meetings. Is that wise?
ECB paper attempts to measure spillovers from Fed policy
Authors use asset price data to estimate global effects of FOMC moves
Obstfeld argues central banks’ rate models are ‘conceptually flawed’
Former IMF chief economist says rates could soon return to the effective lower bound
High income central banks allocate most time to research
Research economists are more numerous and are allotted more research time in high income jurisdictions
Managing reserves amid climate change and home-shoring
Central banks can still make asset allocations with solid climate outcomes, despite slippage in the net-zero timetable, writes Gary Smith
ECB paper analyses impact of Chinese financial shocks
“China shocks” affect global commodities and equities, but less than US equivalents, researchers find
AI adoption still limited among central bank economists
High income countries report slightly higher impact but most say practical use of AI is minimal
European Commission lowers 2023 GDP growth forecast
EC expects eurozone economy to expand by 0.6% this year
UK inflation falls more than BoE had expected
Housing prices fall year on year for first time since 2012, while energy prices also decline
BIS names top journals for central bank research
Not all of the top five general economics journals make the list, and finance journals miss top spots
CBDCs could challenge foundations of monetary economics, says Tombini
BIS Americas chief thinks digital currencies could co-exist with other rapid payment systems
People: New governor in Sierra Leone
Brazilian president nominates two new central bank directors; new head of statistics at ECB; and more
China boosts support for economy with new debt issuance
The central government will issue one trillion yuan in bonds in the fourth quarter
Corporate pandemic cash buffer is running low, finds research
The impact of monetary policy could grow as companies’ cash dwindles, Boston Fed paper says
UK researchers propose 3% inflation target and negative rates
Inflation stalls at 6.7% in September, the same figure as in August