Economics
Economist salaries outpace GDP per capita
Salaries were six times higher than GDP per capita, on average
How Turkey’s president created chaos in economic policy-making
Observers allege presidential domination of the central bank, unauthorised FX transactions and untrustworthy statistics
Policy economists outnumber research economists
Central banks with their own pure research departments tend to employ more policy economists
Nearly 40% of central banks have financial sector in main forecast model
Semi-structural models remain favoured option for producing key forecasts
Economists tend to perform both policy and research duties
Only around a quarter of economics departments have a pure research function
Fed's monetary policy ‘spillbacks’ have significant effects – ECB paper
Researchers estimate how impact of Fed policy on foreign economies in turn affects US
ECB paper examines exchange rates and household consumption
Exchange rate elasticity of household consumption driven largely by industrial goods - researchers
Should ESG reporting be made mandatory?
As concern around the impact of climate change on businesses grows, many regulators have announced their intentions to include ESG requirements in reporting frameworks
New York Fed opens new research centre
Marco Del Negro will lead work on research methods and issues in macroeconomics
Bank of Israel calls on divided parliament to pass budget
Central bank stresses it includes key investments to boost productivity and growth
‘Say what?’ Trust in central bank communications
Central banks are changing how they communicate with different audiences, but judging the success of these communication efforts is difficult
Biden stimulus will cause small, short price spike, says paper
San Francisco Fed predicts American Rescue Plan will boost inflation by 0.3%
Gita Gopinath to leave IMF
Fund’s first female chief economist is set to return to Harvard
Delta variant had smaller impact on US consumer spending
Cleveland Fed finds weaker or no link between hospitalisation and spending in 2021
ECB paper examines ‘euroised’ economies
European countries’ informal adoption of euro places limits on central banks, says working paper
Fed’s Bullard believes a ‘five-year window’ for AIT is ‘realistic’
St Louis Fed president says “big tent language” was a reason overshoot details were not specified; “precise numerical implementations” can “get you into trouble”
James Bullard on Fed policy, action and governance
St Louis president calls for tapering amid “exceptional” job market and risk of “more persistent” inflation, quantifies ‘big tent language’ for pioneering AIT move, and details Congress’s role in Fed ethics oversight
IMF: growth prospects dim as pandemic lingers
Fund revises down growth forecasts, warning of inflation, disruption and divergence
Cubero calls for expanded IMF role
Costa Rica governor endorses Resilience and Stability Trust proposal
Empirical economists win Nobel Prize
Card, Angrist and Imbens share prize for work on labour markets and causality
Greater competition cut US banks’ ‘insider lending’ – BdF paper
Researchers quantify bank owners’ and executives’ loans to themselves and their interests
Larry Summers on stagflation risks, lessons from Delphi and never-ending ‘punch’
The former US Treasury secretary speaks about fiscal ‘overexpansion’, Fed/Treasury debt discord, the pitfalls of ‘unknown unknowns’ and central bankers ‘unable’ to remove the ‘punchbowl’
Inequality sharpens monetary policy’s effects – ECB paper
Author analyses “inequality channel” using model with three types of heterogeneous agent
Agustín Carstens on BIS strategic priorities, innovation and central bank policy
The BIS general manager speaks about policy trade-offs at critical time, tackling NBFIs and the dearth of ‘green’ assets, tech collaboration, and why he favours Biden’s $3.5trn infrastructure bill