Macroeconomics
Covid-19 challenges IMF debt-restructuring framework
Process needs tweaking to address pandemic-related issues, former IMF general counsel says
Share buybacks limits monetary policy- BdF paper
Use of low-cost debt for buy-backs cuts spending on employment and capital good- researchers
Book notes: The state of economics, the state of the world, edited by Basu, Rosenblatt and Sepúlveda
The 2016 contributions of Nobel Prize-winning economists and others remain relevant to today
Tenreyro sheds light on BoE’s ‘epi-macro’ modelling
Staff have conducted several virus simulations, but uncertainty remains high
US unemployment stats understate problem – research
Peterson Institute research says BLS figures fail to include all workers affected by pandemic
US facing new challenges as Covid cases surge – Powell
Powell warns of public confidence hit as US infections soar past previous peak
US economy entering ‘bounce back’ phase – Powell
Fed chair forced to defend move to follow through with corporate bond purchases in Senate hearing
Macro-pru policies can worsen fiscal crises – Bundesbank paper
Macro-prudential authorities must be aware of their “fiscal footprint”, researcher argues
Bundesbank paper looks at effective lower bound
Modellers can use survey information to reduce impact of ELB on yield decompositions, author says
Canada scales back liquidity measures
Policy-makers keep rates unchanged; new governor Tiff Macklem plays observer role on first day
IMF staff: Argentina’s debt restructuring plan could restore sustainability
Staff give positive assessment but say there are major risks
US disinflation accelerated in April
Core inflation sees steepest drop since the 9/11 attacks
Record hiring needed to reach pre-crisis unemployment by end-2021 – paper
Hiring four times faster than most robust pace in Great Recession still not enough, researchers find
US consumers expect more fiscal support – New York Fed survey
Consumers assigned a 40% chance of more federal welfare benefits in next 12 months
Lower-income households feel worst of Covid-19 economic shock – Fed survey
Nearly 40% of low-earning households faced at least one job loss in March, survey finds
Economists race to merge epidemiology and macro
Promising results are emerging, but workable forecasts may be some way off
Bank of Canada warns of major rise in mortgage arrears
Mortgage arrears could rise to levels nearly double seen in global financial crisis, central bank says
Scale of Covid-19 impact shows up starkly in US stats
All of the US’s key macroeconomic indicators point to a dramatic slump
US lockdown policy ‘too restrictive’ – Minneapolis Fed paper
Researchers model optimal lockdown policy for lowest aggregate welfare cost to society
Bank of Italy paper examines expectations’ effects on spending
Researchers find inflation levels affect strength of income and intertemporal substitution effects
Women affected more by job losses in US lockdown – Kansas Fed
Roughly 60% of job losses were to women in the first half of March, researchers find
Fed banks ramp up Covid-19 surveying
Real-time and weekly surveys reveal deepening economic fallout
Bank of Canada unveils new purchasing programmes
Monetary policy report analysis shows economy could shrink by roughly 30% in Q2
People: Sarb and BoE renew senior appointments
Senior Sarb and BoE officials receive new terms; MAS picks new assistant managing director; and more