Inequality
BoE paper links inequality to credit crises
Central banks will redistribute resources whether they act or not, authors say
New York Fed opens new research centre
Marco Del Negro will lead work on research methods and issues in macroeconomics
Larry Summers on stagflation risks, lessons from Delphi and never-ending ‘punch’
The former US Treasury secretary speaks about fiscal ‘overexpansion’, Fed/Treasury debt discord, the pitfalls of ‘unknown unknowns’ and central bankers ‘unable’ to remove the ‘punchbowl’
Inequality sharpens monetary policy’s effects – ECB paper
Author analyses “inequality channel” using model with three types of heterogeneous agent
Dutch households to keep most pandemic savings
DNB still expects strong recovery in household consumption if social distancing measures are lifted
The ‘golden age’ of central banking has passed
Central banks face multi-faceted challenges and weakened autonomy amid highly polarised inflation expectations
UK financial sector slowly improving on diversity – BoE paper
Research shows women are gaining a foothold, but progress with age and nationality diversity has stalled
World Bank appoints Caribbean and central Asian directors
New York Fed names chief of innovation hub and St Louis appoints head of economic equity institute
ECB paper investigates macro-pru’s impact on inequality
More research is needed on how borrower-based measures affect income inequality, researchers say
Dallas Fed: credit conditions improved for most in 2020
Study of Texas finds communities with more immigrants saw fewer benefits
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
Multiple expectations test communications
The Reserve Bank of New Zealand’s communications are being tested, and some recent exchanges have been combative, says Mike Hannah
A chemical engineer walks into a bank
Mónica Fernandes, head of the quality and counterfeit analysis division at the Bank of Portugal, explains why it is just as important for central banks to employ scientists as to employ economists
Inequality can worsen recessions – BIS paper
But authors say there is little evidence that income inequality affects consumption in normal times
Number of women in financial services is ‘pathetic’ – IMF’s Georgieva
IMF and ECB heads say central banks must increase their representation of women
Central banks have limited tools to tackle inequality – Carstens
Inequality is an issue for central bankers, but they cannot solve it on their own, says BIS chief
Fed’s Bostic says economic inclusion goals shape policy
Atlanta Fed president calls for more joint work with CFPB
Emerging-market central banks lead on women’s empowerment
EME central banks have more women at staff level and in senior positions, but there are deep disparities worldwide, with childcare availability appearing to be a major cause
Sweden’s pension funds curb inequality, official says
Riksbank’s Ohlsson says collective funds mean high asset prices benefit wider population
SF Fed president says inequality could have cost US $2.6 trillion in 2019
Research paper argues opportunity and pay could increase labour output 40% by 2029
Bank of Ghana using data to close gender financial inclusion gap
New systems collect gender-disaggregated data on a number of financial products and services
BoE paper outlines new theory of automation and inequality
Authors highlight “new theoretical mechanism” linking automation to higher wealth inequality
Rich countries must aid poor over Covid-19: Georgieva
IMF chief warns of future financial instability and calls for major aid flows to developing world
Book notes: Capital and ideology, by Thomas Piketty
A political pamphlet like Milton’s ‘Areopagitica’, but longer