Labour
A return of the inflation monster?
There are fears that a shift in intellectual approach towards running economies ‘hot’ could herald a return of the money-eating inflation era
Lifetime achievement: Charles Goodhart
The LSE and BoE veteran economist has his own ‘law’, and played a key role in the establishment of monetary policy in the UK, Hong Kong’s peg and the ‘New Zealand model’, which influenced a generation of central bankers
The Covid crisis, central banks and the future
Crisis responses have had positive initial outcomes, but also exacerbated significant underlying challenges that raise concerns related to exit strategies and the future for central banks
National statistical agencies must measure informal economy – IMF
Fund outlines new framework for informal economy consistent with GDP methodology
Early non-employment ‘scars’ workers – Bank of Italy paper
Effect is particularly severe for non-graduates and when conditions are good, research finds
Hernández de Cos on ECB policy, crises responses and Basel reform
Spanish governor and Basel Committee chair Pablo Hernández de Cos favours a form of average inflation targeting, says ECB is willing to boost stimulus and Basel reforms not diminished by Covid-19 exceptions; stresses the need for structural reform and…
Whither the age of ‘magic money’?
EME central banks are more exposed to changes in geopolitics, climate, demography, technology and inflation at a time when monetary theory is running well behind central bank practice
Monetary unions in the making in Africa
EAC, Ecowas and SADC can adopt practical steps learned from EMU to prepare for their own currency unions
Climate change on the agenda for most economics departments
Central banks explore a wide range of topics, with some differences between advanced economies and EMEs
All that glitters – Surveying central banks on gold reserves
Key survey data and comments reinforce the main findings in Invesco’s central bank reserve management white paper on the revival of gold as a reserve asset.
Haldane explores long-term consequences of home working
Welfare impact seems broadly positive, but it is uneven and may not last, says BoE chief economist
One third of reserves staff work in front-office roles
Average reserve management team size is less than 30 employees
Fed feeling its way with new inflation framework
Average inflation targeting is broadly dovish, and could see rates stay lower for even longer
Colombia cuts rates to record-low 2%
Below-target inflation allows new central bank action to boost growth
ECB ready to adjust its policy instruments – Philip Lane
MAS chairman warns that post-pandemic labour markets will need new public policies
James Bullard on the Fed’s policy review, FSOC and forecasting jobs data
St Louis Fed president discusses his support for average inflation targeting, his concerns about US Treasuries market function, non-bank regulatory weakness and negative rates, as well as the unexpected success in using Homebase data to predict highly…
Covid-19 policy-making and the need for high-speed data
High-frequency data holds the promise of speed and adaptability, but the rush to find alternative economic indicators has the potential to create problems
How vulnerable are EMEs to renewed Covid-19 turbulence?
Emerging markets face twin pressures from the health crisis and global financial forces, says Steve Kamin
Recession causes inequality ‘double whammy’ – research
Paper links loss of hours worked to inequality, with recessions causing a negative ratchet effect
US unemployment falls sharply in May
Unemployment rate declined to 13.3% from 14.7% in April, despite widespread fears it would rise
Covid-19 macro effects could last 40 years – research
Research from University of California says natural rate could take decades to return to normal
T&T governor calls for productivity reforms
Alvin Hilaire says improvement still required despite recent increase in productivity
BoE paper questions technological explanations for falling ‘labour share’
Measurement problems may account for less income seeming to flow to workers, authors say
The calm before the storm – The climate change 2019 survey
As climate-related risks to the financial sector become increasingly understood, central banks are demonstrating their willingness to develop capabilities to analyse the impact and modify their policies. A new survey indicates a watershed for central…