Advanced economies
BIS paper: unconventional policies may have depressed natural rate
Economists find shifts in estimates of the natural rate co-move with unexpected changes in unconventional policy
BIS paper explores effects of global factors on inflation
Authors find impact of global factors is mainly temporary, but the effects appear more significant for countries without long-established inflation targets
Macroeconomics suffers from blind spot, says Borio
Misallocated resources can explain a large part of recent productivity slowdowns, but thinking in aggregate terms obscures this, says BIS economist
Demographic changes reduce US labour participation rate
As the baby boomer generation retires, the recovery cannot offset their absence
Riksbank plans comms drive to mark 350th anniversary
The world’s oldest central bank intends to engage the public, explaining its role in the economy
Low productivity might not be weighing on real rates – research
Long-run correlations imply there is little reason to believe low productivity is associated with low rates, Cleveland Fed economist finds
Korea suffering from ‘missing inflation’ – deputy governor
Core inflation is still in the mid-1% range despite economic improvement
Low inflation partly down to luck – CEPR report
David Miles and co-authors argue advanced economies’ luck on inflation could run out; recommend central banks prepare
IMF’s Lipton says global growth is not ‘strong enough’
Deputy director says some emerging markets risk getting left behind
Emerging market incomes continue to grow despite trade impacts – Lagarde
Trade has not impacted emerging markets as negatively as their advanced counterparts, Lagarde says, as incomes continue to grow
IMF: global recovery is broad but incomplete
Fund ups its growth forecasts but says many are missing out; Maurice Obstfeld urges policymakers to take action while “times are good”
EMs should work to avoid ‘macro-prudential war’ – BIS article
Use of macro-prudential policies should be co-ordinated internationally for maximum effect, say Luiz Pereira da Silva and Michael Chui
Bank of Canada deputy warns about negative effects of protectionism
Timothy Lane says populism may lead to less trade and lower standards of living
Housing reform ‘will stabilise’ market – Danish central bank
The new taxation system aims to reduce price volatility by 20% and stem rising house prices in cities
Multiplier of spending cuts bigger than fiscal expansions, paper argues
Impact of austerity is at its peak during recessions, Richmond Federal Reserve paper finds
Fiscal stabilisation spurs growth in low fixed-asset sectors - IMF
Those with difficulty raising external funds benefit most from policy, paper argues
New board oversight will not “lower the bar” – Fed’s Powell
The proposed new regulation will not lower the bar for boards or lighten the load of directors, says the Fed governor
Riksbank study explores new stress test models for banks
A new proposal recommends developing models that can foresee multiple challenges and solutions
Paper challenges Rey’s ideas on global financial cycle
Cerutti, Claessens and Rose contest idea that capital flows are mainly the result of common shocks or developments in the US
IMF paper explores relation between greenhouse gas emissions and GDP growth
Research studies how advanced economies are transitioning to low-emissions economic models
San Francisco Fed research explores evolution of job-matching efficiency
As people out of the labour force are included, the volatility of the job-to-job transition rate falls, economists find
Kansas City Fed explores sources of wage dispersion in the US
Paper explores relative importance of “lifetime differences” and “match-specific” factors
Public spending shocks work better when households are confident- paper
Government spending stimulus reduces household confidence as it confirms pessimism regarding the economy, paper argues
QE has not increased eurozone inequality - ECB’s Constâncio
Low-income households benefit most from stimulus, ECB vice-president says