Economics
Book notes: Austerity, by Alberto Alesina, Carlo Favero and Francesco Giavazzi
When it works and when it doesn’t; every chapter is thorough, informative and persuasive
Sri Lanka central bank sees signs of ‘strong recovery’
Signs of bounce-back in the economy but recent surge in virus cases could cause problems
Fed eases terms on emergency facility as uncertainty rises
High-frequency indicators suggest US recovery is slowing amid resurgence of virus cases
Fed paper presents model of Covid-19 trade-offs
Data-driven model implies lockdown can work if a vaccine can be developed quickly enough
BIS could play renewed role amid Covid crisis, scholar says
Fed’s role in dealing with Covid-19’s international effects has parallels with 1960s, historian argues
Maggiori, Neiman and Schreger on capital flows and Covid-19
The Global Capital Allocation Project sheds light on where vulnerabilities may lie
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
Global dollar liquidity ‘robust’ in face of Covid-19 – BIS data
Dollar credit to emerging markets passes $4 trillion mark as lending to non-banks rises
Bank of Italy paper compares US recession-forecasting methods
Measure of uncertainty out-performs even yield curve in short term, researchers say
ECB paper presents new measure of underlying inflation
“PCCI” measure does not exclude HICP items and gives timely notice of turning points, authors say
BIS tracks $1.1 trillion drop in cross-border claims
Lending surged and then fell back as banks reallocated funds during the Covid-19 crisis
Malaysia’s central bank to launch climate taxonomy in 2021
Information asymmetry among financial firms is hampering green lending, assistant governor says
Lagarde and Weidmann clash over EU recovery fund
ECB president wants it to become a permanent fiscal tool, Bundesbank president thinks it should remain a one-off
Fed’s Covid-19 response drove euro’s appreciation – ECB paper
Effects of QE on exchange rates are comparable to conventional monetary policies, researchers find
Bank of Spain sets out research priorities for 2020–24
Central bank will focus on long-term trends including climate change, digitalisation, ageing and more
Information drives transatlantic policy spillovers – ECB paper
Tighter ECB policy often causes financial easing in US due to “information effect”, researcher argues
Bankruptcies could trigger ‘protracted’ unemployment – BIS research
Reallocating resources quickly will help reduce the pain of adjustment, economists say
Spanish governor in favour of extending support to non-financial firms
Hernández de Cos favours grants and equity injections over debt issuance
Central bank refinancing greatly lowers banking risk – ECB paper
Paper uses data on post-crisis eurozone to calculate effects of refinancing rate on risks facing banks
IMF warns of permanent economic damage from Covid-19
Pandemic could pitch 90 million people back into extreme poverty, fund says in new economic outlook
Book notes: Money, by Geoffrey Ingham
The incompatible theories of money: Ingham reveals the fundamental clash of ideas that shape the environment in which all central banks operate
Lagarde calls on governments to prolong fiscal support
ECB president thinks regulatory, investment and education measures are needed to boost post-pandemic recovery
Milgrom and Wilson share economics Nobel Prize
Auction theorists win this year’s prize for discoveries “of great benefit to society”