Economics
Philly Fed: US export growth could have been greater in the 90’s
Philadelphia Federal Reserve study finds that movement of labour to smaller firms prevented greater export growth
IMF: foreign activity deepens emerging bond markets
IMF paper finds greater foreign presence in domestic bond markets reduces government yields and dampens volatility
ECB: German bonds the European safe-haven
ECB paper shows investors sought refuge in German bonds as crisis struck
BoE: home equity withdrawals rising but still negative
Bank of England paper shows that house equity withdrawals remain negative despite recent upswing in equity extraction
British bonds rest on “a bed of nitroglycerine”: Pimco chief
Head of biggest bond fund sees investors penalising gilts as British attachment to quantitative easing stirs worry that government seeks to inflate debt away
RBA goes back to class
Reserve Bank of Australia paper shows that ‘learning’ component makes up for short comings of rational expectations model
Central banks, not debt will kill growth: economist
Independent economist Roger Nightingale charges that debt on its own is not incompatible with growth, but raising rates will kill growth
Fed: macro models ignored lower bound of yield curve
San Francisco Fed constructs an augmented version of macro-finance model following financial crisis
Emerging markets will overhaul reserve methods: Thai deputy
Bank of Thailand vice governor Atchana Waiquamdee says crisis has rendered traditional measures of reserve adequacy “meaningless” for cautious emerging markets
Bank explains UK housing bubble
Bank of England study links rising house prices to lower real long-term rates and lower inflation in the run up to the bubble
The end is nigh for the eurozone over Greece
Economists Geoffrey Wood and Charles Dumas say the Greek debt crisis is set to tear asunder Europe’s poorly built Economic and Monetary Union, split over IMF bailout
RBA: price stickiness overstated in traditional models
Reserve Bank of Australia study shows New-Keynesian Phillips Curve overstates the degree of price stickiness in macro models.
King sees “room for improvement” in Bank’s communication
Bank of England governor Mervyn King defends the central bank’s fan charts, which have drawn criticism, but says it can still refine the communication of its forecasts
BoJ report shows uptick in growth
Latest economic report from the Bank of Japan shows a 0.9% increase in GDP
Exercise caution with Okun’s law: Bank of Canada paper
Research from the Canadian central bank shows recent evidence does not conform to the original specifications of relationship between output and unemployment
BoE’s Sentance: rate policy to offset fiscal tightening
Bank of England’s Andrew Sentance says monetary policy can compensate for the negative impact of fiscal tightening on demand
Boston Fed: the housing portfolio effect
A study by the Boston Federal Reserve explains why Americans buy unaffordable homes when the housing market is appreciating
European monetary fund won't pay
Marco Annunziata, the chief economist at UniCredit, argues against the creation of a European monetary fund
ECB’s Stark: global economy is heading for lost decade
Jürgen Stark says failure to learn from the crisis would result in anaemic global growth for the next ten years
Investment growth declines in Europe
Central Bank of Ireland research shows that while declines in investment growth is larger in US compared with the eurozone this year, it continues to lag behind the US overall
Chinese inflation spike scares investors
Chinese consumer prices rise more than consensus forecast in February, sparking fears that the economy is overheating
Canada develops own version of the GPM
Model to predict global growth developed in conjunction with IMF
BoE’s Barker on the future of policymaking
Kate Barker draws on her nine years of service at the Bank of England to highlight some of the challenges facing policymakers
More men than women lost jobs in crisis: NY Fed paper
New York Fed paper finds that the unemployment gender gap widened in the recession, partly due to higher numbers of men re-entering labour force rather than waiting out the slump