Productivity
Challenges ahead for Ueda’s easing commitment
BoJ governor’s plan to maintain monetary easing until 2% inflation is hit may not be easy, writes Sayuri Shirai
Edmund Phelps and the search for a ‘new economy’
The Nobel Prize winner helped lay the foundations of modern macroeconomics. Now he is concerned something is deeply wrong with how policy-makers think about the economy
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
How US demographics complicate the Fed’s job
Ageing population and pandemic legacy are confounding economists’ predictions
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
China needs reforms to maintain robust growth, IMF warns
Fund urges Chinese policy-makers to tackle productivity slowdown and financial risks
Book notes: Yellen, by Jon Hilsenrath
This book offers new insights into the tough decisions and tremendous efforts Yellen has made as a pre-eminent economic policy-maker
How central bank mistakes after 2019 led to inflation
Central banks must acknowledge their own mistakes and outline concrete steps to restore the public’s confidence in their ability to ensure price stability, write Graeme Wheeler and Bryce Wilkinson*
US risks slipping back into secular stagnation, says Rajan
Fed has “good chance” of defeating inflation but US economy has deeper problems, economist says
Book notes: Two hundred years of muddling through, by Duncan Weldon
Insights into UK economic history offer lessons for today’s policy-makers
Book notes: A full-value ruble, by Kristy Ironside
Soviet experience shows MMT worked, only with far more challenges and downsides than promoters envisioned
Central bank of the year: Bank of Korea
South Korea’s central bank was the first developed-world central bank to tighten policy to address inflationary risks
IMF paper finds falling r* should eventually reverse
Authors say several policies could be used to push natural rate back up
Fed signals time will be right for rate hike ‘soon’
QE set to end in March, with balance sheet to start shrinking after rates rise
Labour market news matters for business cycle – BoE paper
Findings suggest previous focus on productivity is too narrow
Turkey’s Dornbusch moment
Turkey’s new deposit scheme sets the stage for hyperinflation, writes Barry Eichengreen
Masaaki Shirakawa on lessons from crisis and how to reform central banks
The former governor reflects on a turbulent 40 years at the Bank of Japan, and considers how central banks might face up to the challenges of the future
Eurozone QE helped increase R&D spending, paper finds
Firms that had bonds bought by the ECB increased R&D spending by 9% on average
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
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
ECB calls for changes to draft Austrian central bank law
Mechanism for paying productivity council’s head would be monetary financing, ECB says
UK looks to boost long-term investing
Working group says action needed to encourage illiquid investing without risking instability