Growth
What is happening to US wages?
Economists disagree over causes of real wage stagnation
How US demographics complicate the Fed’s job
Ageing population and pandemic legacy are confounding economists’ predictions
BoT’s Sethaput on inflation dynamics, central bank mandates and multi-lateral payments
The Bank of Thailand governor speaks with Christopher Jeffery about the trend towards higher inflation, the sustainable finance challenge, experiments with CBDCs and governance issues related to multi-lateral payments
Sovereign debt restructuring can be improved – paper
Authors recommend changes to GDP-linked debt and process of loss sharing
Can new BoJ governor Ueda maintain his neutral position?
Kazuo Ueda will face divided views on monetary easing and its growing side-effects when he takes office, writes Sayuri Shirai
Inflation in Baltics set to remain highest in euro area
Charts highlight divergence between eurozone members
RBI continues with gradual monetary tightening
Governor notes continued progress on inflation but core index remains “sticky”
China needs reforms to maintain robust growth, IMF warns
Fund urges Chinese policy-makers to tackle productivity slowdown and financial risks
IMF says global economy may be at ‘turning point’
China and India expected to drive half of global growth this year, but other economies are lagging
Rates round-up: Canada to pause after 25bp rate rise
Thailand ups 25bp; Nigeria increases sharply; Angola opts for cut; and more
‘Geo-economic fragmentation’ could cut GDP by 12%, says IMF
Georgieva says world faces “new Cold War”, putting global financial stability at risk
China set to ease borrowing limits for ‘high-quality’ developers
New measure is part of a 21-point plan to support the reeling property sector
South Asia’s rapid progress under threat, IMF warns
Millions have escaped poverty but “bold” policies are needed to avoid backsliding
Palestine weathers ‘complex crises’ but faces further slowdown
Unemployment remains high and the government’s budget under severe stress
The strong dollar, global inflation and global recession
Steve Kamin asks whether the Fed’s tight policy is pushing the world towards recession
Rethinking the CCyB
As central banks rush to replenish bank capital reserves, the countercyclical buffer may need some fine-tuning
The rise of non-SDR currency reserves
New Cofer data release may show an overall fall in FX reserves, writes Gary Smith
BoE raises rates 50bp as outlook marginally brightens
Two MPC members vote to keep rates on hold, as staff predict slightly lower inflation
Book notes: A monetary and fiscal history of the United States, 1961–2021, by Alan Blinder
The book’s breakthrough is its infusion of the history of fiscal policy into a theoretical framework traditionally focused on monetary instruments. It is a splendid and thrilling read
RBI raises rate 35bp to ‘break’ inflation persistence
Committee splits as it tries to balance inflation fight against continued growth
Book notes: Zero interest rate policy and the new abnormal, by Michael Beenstock
Author's contention that asset purchases caused the low neutral rate of interest is entertaining and infuriating in equal measure
RBNZ delivers record 75bp rate rise to curb inflation
Central bank now expects policy rate to peak at 5.5% next year, up from previous estimate of 4.1%
Chinese MPC member calls for 5% growth target in 2023
China faces "difficulty" in sustaining strong annual growth from now to 2035, Liu Shijin says