Recession
Governance and diversity at the Federal Reserve
Could changes in governance practices have contributed to poor performance in 2021–22? asks Jeffrey Lacker
Global growth is stalling: what must be done?
Jagjit Chadha says leaders are failing to make a serious attempt to tackle deepening global problems
German economy remains stagnant in Q2
Official figures show no growth as outlook for eurozone largest economy’s remains weak
Largest US banks pass the Fed’s stress test
Scenario saw banks continue lending despite losses three times greater than those of 2008 crisis
Book notes: Labor in the age of finance, by Sanford M Jacoby
A fascinating book about the US labour movement’s efforts to use pension fund money to bolster its voice
Policy has not been tight long enough – governors
Hot labour markets boost wages and core inflation, making inflation persistent
No significant risk of US recession – St Louis Fed research
Sahm Rule and leading economic data indicate low – but not zero – recession risk
A letter to Andrew Bailey
Jagjit Chadha warns the Bank of England governor not to let markets take control
Central banks face tough fight for ‘last mile’ of disinflation – BIS
Credit losses could rival global financial crisis in higher-for-longer scenario, institution warns
IMF economist takes on vexed question of macro-pru calibration
Housing markets are “at a turning point”, says Laura Valderrama, and policy faces tough trade-offs
Book notes: The Federal Reserve: a new history, by Robert L Hetzel
This book should become the standard reference for scholars
IMF’s Adrian on the systemic threat posed by a ‘weak tail’ of financial institutions
IMF’s financial counsellor discusses the need for action on run rate assumptions, interest rate risk, deposit insurance and crypto regulation
Advanced economies face slowdown and stubborn inflation
Jagjit Chadha analyses the shifting outlook for the world economy
Fed raises rates by 25bp as it chases lower core inflation
Policy-makers still need to “take away the punch bowl”, economist says
Book notes: Money and the rule of law, by Peter Boettke, Alexander Salter and Daniel Smith
A largely US-focused book, which hankers for more robust rules for central banks but isn’t explicit as to what kind
What is happening to US wages?
Economists disagree over causes of real wage stagnation
Book notes: The next age of uncertainty, by Stephen Poloz
This book provides a well-informed and well-argued view about our economic future
Book notes: A guide to good money, by Brendan Brown and Robert Pringle
The authors make some good points even if one does not agree with this full-bodied attack on Keynesian economics and inflation targeting
Disinflation may trigger recession, say Mester and Jefferson
Fed president and governor acknowledge policy tightening is uncertain and costly
How US demographics complicate the Fed’s job
Ageing population and pandemic legacy are confounding economists’ predictions
Bank of Canada officials explain monetary policy transition
Central bank publishes first record of monetary policy meeting discussions