Advanced economies
G20 should create central bank blockchain group – think tank
Policy brief stresses the need for the G20 to be a leading figure in the blockchain debate; new consortium to discuss implications for monetary and fiscal policy
Terms-of-trade shocks affect house price fluctuations – paper
Bank of Canada research shows terms of trade shocks explain large percentage of variance in house price growth; most of the variation associated with changes in real import prices, authors say
Paper examines “puzzles” in monetary policy transmission
HKIMR paper highlights differences in monetary policy transmission between advanced and emerging markets; “puzzles” are more severe for emerging markets
First BIS survey data on central clearing shows gaps remain
OTC derivatives surveys capture central clearing for first time; data reveals marked differences between classes of derivatives and advanced vs emerging economies
Demographics could explain entire drop in real rate – Fed paper
Authors find ageing population can explain most – or even all – of the estimated decline in the long-run real interest rate, implying low rates are here to stay
Inflation expectations more sensitive near the zero lower bound – IMF study
IMF study examines whether monetary policy can boost inflation in constrained environment; countries near zero lower bound could see inflation respond more to shocks
Falling natural rates impacted by common global factors – Fed paper
Research by Kathryn Holston, Thomas Laubach and John Williams finds no sign of natural rate decline reversing; advanced economies jointly affected by global factors
Property prices closing in on pre-crisis levels – BIS statistics
Statistics for the first quarter show advanced economy prices approaching levels last seen before the financial crisis, but emerging markets see a dip; research links house prices to credit conditions