Economists need to better understand macrofinancial links – BIS paper

Stijn Claessens and Ayhan Kose call for “new generation of models”

The Bank for International Settlements, Basel
Photo: Ulrich Roth

Economists are starting to better grasp the importance of links between the real economy and the financial sector, but a lot of gaps in the research agenda remain, according to Stijn Claessens and Ayhan Kose.

The pair survey the “rapidly expanding” literature on macrofinancial links in a lengthy new paper, published by the Bank for International Settlements on January 12. They stress the need to fill the “large data gaps” and develop a “new generation of models”.

Interest in macrofinancial

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