Labour market
RBNZ economists look to improve GDP statistics
“GDPplus” has several advantages over standard GDP statistics, authors say
Lesotho cuts interest rates to 6.25%
Central bank reduces rates and lowers reserves target on back of weaker domestic outlook
BoE officials hint at willingness to cut rates
Carney, Saunders and Vlieghe all signal cut may be needed, as UK growth and inflation disappoint
Trump’s tax cuts boosted growth and jobs – Dallas Fed paper
Researcher uses state-level data on tax cuts to estimate national impact
Macroeconomics is not broken
The discipline has moved beyond the neoclassical synthesis. Critics should too
BoE holds rate, but two officials vote for cut
Policy-makers note gloomy backdrop and signs that the labour market is “loosening”
FOMC calls halt to cutting cycle
Unanimous decision keeps rates on hold; Powell signals no move likely for some time
T&T governor calls for productivity reforms
Alvin Hilaire says improvement still required despite recent increase in productivity
Powell calls on lawmakers to help sustain record-long expansion
The right policies can help build on economic gains, Powell said
US growth trend could fall for the next 10 years, SF Fed paper warns
Productivity slowdown in construction has contributed 30% of slowdown since 1950s, researchers find
Poloz: AI revolution calls for looser policy
Central banks can take lessons from Greenspan’s policy during IT revolution, governor says
Swedish paper investigates weak wage growth
Labour shortages may be lower than previously thought, researchers argue
Pay biases shrinking but still significant, says Haldane
BoE chief economist digs into the factors behind gender pay gaps
Tackling ‘dead-end’ monetary policy
A shift to lower inflation targets would help central banks escape forever-loose monetary policy, writes former IMF chief Jacques de Larosière
San Fran Fed president ‘biased’ towards a hot economy
Gains from a hot economy disproportionately flow to disadvantaged groups, Daly says
Overcoming deflation: Japan’s experience and challenges ahead
Bank of Japan governor Haruhiko Kuroda explains how Japan’s long battle against deflation may offer insights for the future conduct of monetary policy at other central banks
San Fran Fed’s Daly plays down recession fears
But there are still problems in labour market, president says in online Q&A
Mark Carney on joined-up policy-making, forward guidance and Brexit
BoE governor rules out negative rates and change to inflation targets, offers update on too-big-to-fail and use of CCyBs, highlights challenges of an asymmetric monetary system, hits out at cumbersome payments and warns Facebook’s libra cannot ‘learn as…
BoE under pressure with July inflation release
Bank of England must deal with recent fall in GDP and Brexit uncertainty
Markets diverge on how far Fed will go
“There may be volatility in the markets later this week,” Fed-watcher says
Strong labour market complicates Fed outlook
Non-farm payrolls stronger than expected, focusing extra attention on Jerome Powell’s testimony this week
Spanish and Italian labour markets still slack – ECB paper
Researchers use "Beveridge curve" to gauge efficiency of eurozone labour markets
NY Fed researchers develop new natural rate of unemployment measure
Estimate is 50–60 basis points lower than other mainstream estimates
Romania’s Mugur Isarescu on independence in a ‘post-truth’ world
National Bank of Romania veteran governor speaks to Christopher Jeffery about the country’s shift to a market economy, challenges in the eurozone and independence in a ‘post-truth’ world