Inequality
Book notes: The road to freedom: economics and the good society, Joseph E Stiglitz
A stimulating amalgamation of previous ideas presenting the kind of economic system most conducive to decent society
BIS predicts AI will be inflationary in long term
Expects accelerated inflation dynamics as firms adjust prices in response to shocks
Uneven US innovation could increase inequality – research
St Louis Fed economist documents rising patent concentration by area
AI threatens labour’s share of income, research finds
AI could increase inequality and social unrest, Philadelphia Fed paper argues
Minneapolis Fed study cites credit barriers for Native Americans
Authors say indigenous-owned businesses suffer unduly from limited access to loans
Ethnic minorities ‘more likely to be homeless in US’ – Fed study
Point-in-time data shows Black and Native American citizens disproportionately affected
Unconscious bias ‘blights female economists’ career prospects’
Bank of Italy study examines impact of referral letters for male and female job candidates
Racial wealth disparities in US ‘have accelerated post-Covid’
Research attributes gap to kinds of assets typically held by white, Black and Hispanic investors
Local preferences affect US bank lending to minorities – research
Ethnic minorities’ credit access is affected by stakeholders, NY Fed paper finds
Generative AI set to profoundly change workforce – IMF research
Paper recommends retraining for workers whose jobs are susceptible to erasure
Costa highlights economic costs of gender inequality
Chilean governor says women’s marginalisation reduces growth and innovation
US inflation hurting poorer citizens – St Louis Fed research
Nearly 90% of low-income households report significant stress from inflation
Book notes: The crisis of democratic capitalism, by Martin Wolf
A sincere attempt to explain and fix the failing of capitalism in liberal democracies
Ukraine’s governor on central banking in wartime
Andriy Pyshnyy talks about macroeconomic stability, running banks under missile attack, winning IMF aid and post-war reconstruction plans
Book notes: Labor in the age of finance, by Sanford M Jacoby
A fascinating attempt to document the US labour movement’s efforts to use pension fund money to bolster its voice
Hank model reveals monetary non-neutrality
Inequality and zero lower bound suggest monetary policy can impact long-term real rates
What is happening to US wages?
Economists disagree over causes of real wage stagnation
Book notes: The next age of uncertainty, by Stephen Poloz
This book provides a well-informed and well-argued view about our economic future
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
Inflation: what went wrong, and why?
Charles Goodhart and Manoj Pradhan detail three theories on the causes of high inflation, as well as their implications for policy responses
US needs tighter policy, former senior Fed adviser says
Higher rates will cause little damage to supply chains, David Wilcox argues