Unemployment
Italian and Portuguese leaders criticise ECB policy
Right-wing Meloni and centre-left Costa both sound warning notes on rates
Policy has not been tight long enough – governors
Hot labour markets boost wages and core inflation, making inflation persistent
New Zealand rejects RBNZ’s call for single price-stability goal
Updated central bank remit retains twin goals of price stability and maximum sustainable employment
ECB ‘cannot declare victory yet’ over inflation – Lagarde
President stresses rates will need to be higher for longer to defeat persistent inflation
Chilean commission proposes broader central bank mandate
Elected councillors and experts will decide on proposal before voters decide in December
Financial security of US households ‘fell sharply’ in 2022
Inflation comes first in list of financial worries, Fed survey finds
Book notes: The Federal Reserve: a new history, by Robert L Hetzel
This book should become the standard reference for scholars
NBER paper proposes ‘resurrecting’ non-linear Phillips curve
Original version of the curve is “strongly non-linear” and helps explain current inflation, authors say
What economists learned from Covid-19
A rush of work on ‘epi-macro’ yielded breakthroughs and then faded. Will there be lasting benefits?
Chile governor warns committee against adding mandates
Debate over central bank role continues in Chile’s second attempt at new constitution
Youth disconnect could create ‘less-skilled workforce’ – Dallas Fed
Declining labour force participation is detaching younger people from work, authors find
Boston Fed expands programme to get people back into work
FedNow created high demand for IT roles, which sparked programme’s inception
Long-term unemployment can affect inflation – BoE paper
Non-linear Phillips curve helps explain finding that breaks with previous literature
Edmund Phelps and the search for a ‘new economy’
The Nobel Prize winner helped lay the foundations of modern macroeconomics. Now he is concerned something is deeply wrong with how policy-makers think about the economy
Lifetime achievement: Stefan Ingves
Modest man from the Finnish ‘boonies’ has had a major impact on international central banking
RBA says interest rate pause is on the cards for next month
Central bank says monetary policy is in “restrictive territory”
Rates round-up: Australia signals more tightening to come
Guatemala and West African states increase rates, while Jamaica raises reserve requirement
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
How US demographics complicate the Fed’s job
Ageing population and pandemic legacy are confounding economists’ predictions
Dallas Fed research casts doubt on ‘soft landing’
US Fed chair Jerome Powell sees US worker shortages as “more structural than cyclical”
RBA makes ninth straight rise and forecasts more to come
Governor warns Australia will be slow to achieve its inflation target
Sarb slows rate rises as South African economy falters
Blackouts may cost up to “two percentage points” of growth this year, central bank says
Israel raises rates to highest level since 2008
Governor warns new government that markets expect fiscal responsibility