Bank of England (BoE)
A new research agenda for the Bank of England
To manage the risks and opportunities of rapid financial innovation, policy-makers must look to cutting-edge research, writes Andrew Bailey
Don’t wait too long to normalise balance sheets – Bailey
Central banks need to unwind balance sheets when tightening policy, BoE governor warns
Carney to lead asset manager’s climate change strategy
Former BoE governor joins Canadian firm Brookfield and will continue in UN climate role
Experiment finds bonus caps can reduce risk-taking
BoE paper says bonus caps can work, in contrast to earlier work by the central bank and comments by senior officials
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
Weak banks undermined first round of QE – BoE paper
Undercapitalised banks took defensive measures rather than boosting lending, research finds
BoE paper outlines ‘capital flows-at-risk’ framework
Methodology allows researchers to explore full distribution of “push” and “pull” effects on capital flows
BoE runs ‘reverse stress test’ to prepare for renewed Covid crisis
Banks may have to take drastic “defensive actions” if UK suffers another major shock, BoE says
BoE says negative rates ‘in toolbox’ and forecasts slow recovery
First “proper” forecast since Covid-19 outbreak gives little hope of a V-shaped recovery
BoE awards Accenture RTGS overhaul contract
Consultancy firm wins contract worth up to £150 million for payments system upgrade
People: BoE governor appoints first female private secretary
St Louis Fed appoints new COO; new appointments at Kazakhstan’s sovereign fund and central bank; and more
Covid-19 likely to affect return of paper £20 banknote – BoE
Central bank reports consumers are likely to hold onto old banknotes until they cease to be legal tender
Tenreyro sheds light on BoE’s ‘epi-macro’ modelling
Staff have conducted several virus simulations, but uncertainty remains high
Haldane and co-authors conclude QE has made UK happier
Authors use survey data to track QE’s impact on household balance sheets
Common asset holdings important for stress testing – BoE paper
When banks and non-banks hold the same assets, losses can be magnified, authors warn
Central banks should disclose ethnic pay gaps – BoE research
Diversity pay gap disclosures could result in behavioural change similar to climate risk disclosures, authors argue
London court blocks Venezuelan government from using gold
Lawyers for Maduro regime say they will appeal over access to $1 billion store
Researchers test forward-looking uncertainty measures
BoE paper says the measures are likely to be useful for policy-making in the face of sudden shocks
BoE issues deadline for firms’ climate risk plans
PRA says firms’ climate risk disclosures and scenario planning need major improvements
BoE partners with QA Media to benchmark software investments
Central bank aims to improve own software development processes, and those in the banking sector
BIS expands innovation hub network
Several new locations unveiled in Europe and North America
BoE still falling short of ethnic diversity goal
Central bank has set itself aim of having 13% senior managers from ethnic minorities by 2022
Financial shocks explain ‘large share’ of US business cycle – BoE paper
New identification method helps avoid pitfalls encountered by earlier research, author says
NGFS offers concrete next steps to assess climate vulnerabilities
New climate risk scenarios will be incorporated into Bank of England stress tests and Bundesbank economic modelling, write Sarah Breeden and Sabine Mauderer