Productivity
BoK economists discuss policy responses to ‘super ageing’
In Do Hwang and Boreum Kwak speak about the actions South Korea should take as critically low birth rate limits central bank’s policy space
Towards a new monetary policy framework for the AI age
AI may render the traditional monetary policy toolkit less effective and the familiar rules of engagement obsolete, argues Biagio Bossone
Weak productivity reduced output in Australia by up to 3% – study
RBA paper says decline has “profound implications” for citizens’ welfare
Australia cuts rates by 25bp as expected
RBA governor says inflation within target, as bank’s forecasts assume further cuts
Ageing societies limit monetary policy space – BoK study
“Super aged” populations cut growth and inflation, and weaken banking sector, authors say
US bank profitability measure continues rising – study
Net interest margin climbed throughout 2024 and Q1 2025, St Louis Fed research finds
Natural interest rate driven by productivity growth – research
Population increase also plays important role in determining metric, RBNZ paper finds
AI at the ECB and the need to strengthen internal critical thinking
Carlos Bowles writes that efficiency gains should be shared with staff and efforts made to protect cognitive capacity
Atlanta Fed’s GDP estimate takes a nosedive
Bank projects more severe contraction in Q1, while analysts point to possible recession
The interest rate dilemma in an uncertain world: a balancing act
Biagio Bossone makes the case for a holistic policy approach that includes extending IT tolerance bands, smart fiscal policies, supply-side reform and financial safeguards
Higher tariffs would hurt US allies as well as its foes – research
However, research says country would be largely shielded from impact of geopolitical fragmentation
The BoJ’s path to policy normalisation
Will the Bank of Japan be able to normalise monetary policy following its successful exit from negative rates?
Banknotes: October to December 2024
A round-up of news and salient issues that have affected central bankers in the past three months
Imported inflation waning but still present – BoE’s Dhingra
MPC member tells panel that another energy shock could still trigger renewed price hikes in UK
Central banks to maintain independence despite threats – panel
Top central bankers discuss Trump, AI and why they plan to ignore IMF on rate cuts
Combining central banking orthodoxy with innovation
Sergiy Nikolaychuk argues the future of central banking centres on adaptability as well as independence
Eurozone needs to take more risk, says Bank of Portugal governor
Centeno says lack of investment is handicapping growth
Malaysia’s Zeti on the key skills needed to be a successful central banker
The Bank Negara veteran speaks about leadership skills, lessons from the AFC and 1MDB crises, her scepticism of inflation targeting, and how the Asia School of Business' masters synthesises theory with practical realities
Credit expansion could dampen growth in EMEs – BIS bulletin
Shift in lending from manufacturing and into real estate is also affecting productivity
Greedflation, if it ever existed, is correcting itself
Steve Kamin constructs a “wage gap” to assess inflationary pressures in the US
Masaaki Shirakawa on his ‘unease’ about 2% inflation targets and lessons from Japan
The former Bank of Japan governor speaks with Christopher Jeffery about the need to properly understand the business of banking, making sound contingency plans and the BoJ’s current policy constraints
Italian service sector needs liberalising, paper finds
Bank of Italy research says making market entry easier boosts productivity for all firms
BoJ hawkishness due to weak yen belies wage inflation concerns
The contrast in Japan-US economic, price and wage performance and their implications for monetary policies
Acemoglu questions productivity benefits of AI
MIT economist finds weak productivity gains from AI and says benefits may be undermined by costs