Productivity
The ‘golden age’ of central banking has passed
Central banks are up against multi-faceted challenges and weakened autonomy amid highly polarised inflation expectations
Spanish governor favours green monetary policy
Hernández de Cos stresses ECB should account for climate risks in its price stability mandate
A return of the inflation monster?
Fears grow over the intellectual shift to running economies ‘hot’
Central banks take less than 50 minutes to fix critical outages
Time tolerances for critical system downtime range from one to 32 hours
Lifetime achievement: Charles Goodhart
LSE and BoE veteran has influenced central banking policy practices and frameworks all around the world
The Covid crisis, central banks and the future
Crisis responses were needed, but have exacerbated significant underlying challenges facing central banks
European central bankers see room for fiscal-monetary co-operation
Pandemic showed it was “critical” for both policies to work together, say central bank governors
NBER paper seeks lessons for home working in Industrial Revolution
Move to remote working could be undermined by organisational problems, authors warn
Covid-19 likely harms productivity – BoE paper
Private sector could lose 5% of its productivity in Q4 this year, authors estimate
Whither the age of ‘magic money’?
EME central banks are more exposed at a time of ‘close to free lunch’ money
Haldane explores long-term consequences of home working
Welfare impact seems broadly positive, but it is uneven and may not last, says BoE chief economist
BoE officials fear long-term ‘scarring’ as uncertainty hits record high
MPC members broadly gloomy on the outlook, but there is “huge” uncertainty, says Andrew Bailey
BIS paper studies lifecycle of zombie companies
Number of zombie firms has risen substantially, and their future prospects are not good, authors say
James Bullard on the Fed’s policy review, FSOC and forecasting jobs data
St Louis Fed chief supports average inflation targeting and worries about Treasuries market and non-bank regulatory weakness
BoE partners with QA Media to benchmark software investments
Central bank aims to improve own software development processes, and those in the banking sector
Should the BoE go negative?
Much research into negative rates suggests central banks should have little to fear
Campos Neto on reforming Brazil’s economy amid Covid-19 distress
Brazil’s governor details emergency asset purchase plans and backs extending SDR funding
The ECB, the lockdown and the monetary financing lock
Eurozone’s central bank may need to break its prohibition on monetary financing to fight pandemic
Fed set to adopt ‘elements’ of price-level targeting
Covid-19 could act as a catalyst for Yellen-backed move to adopt elements of price-level targeting
Can growth in developing Asia be made more sustainable?
The structure of the global economy will be reshaped by Covid-19, writes Philip Turner
Trump’s NAFTA replacement could harm car production – Dallas Fed research
Authors say Mexico could face biggest loss from USMCA deal
IMF projects deepest recession since Great Depression
Global growth could contract by between -3% and -6% this year, World Economic Outlook shows
El-Erian on Covid-19 policy risks, ‘zombie’ markets and central bank capture
Former Pimco chief says Fed has gone too far, market function rules needed and chance opens for shared policy load
Transfer season
Trade frictions with the US have caused a mass industrial transfer to China’s neighbours. Zhou Chengjun, IFF Academic Committee member and inspector of the Macro‑prudential Policy Bureau of the People’s Bank of China, says that shouldn’t stop China…