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Why So Low for So Long? A Long-Term View of Real Interest Rates
Borio, Claudio E. V. - 2017
Prevailing explanations of the decline in real interest rates since the early 1980s are premised on the notion that real interest rates are driven by variations in desired saving and investment. But based on data stretching back to 1870 for 19 countries, our systematic analysis casts doubt on...
Persistent link: https://www.econbiz.de/10012941033
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Inflation Dynamics in the Presence of Informal Labour Markets
Castillo, Paul - 2014
In this paper we analyze the effects of informal labor markets on the dynamics of inflation and on the transmission of … "buffer" effect that diminishes the pressure of demand shocks on inflation. This finding is consistent with the empirical … impact on inflation. Furthermore, the model produces cyclical flows from informal to formal employment, consistent with the …
Persistent link: https://www.econbiz.de/10013066569
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Central Banking Post-Crisis : What Compass for Uncharted Waters?
Borio, Claudio E. V. - 2014
The global financial crisis has shaken the foundations of the deceptively comfortable pre-crisis central banking world. Central banks face a threefold challenge: economic, intellectual and institutional. This essay puts forward a compass to help central banks sail in the largely uncharted waters...
Persistent link: https://www.econbiz.de/10013067255
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Rediscovering the Macroeconomic Roots of Financial Stability Policy : Journey, Challenges and a Way Forward
Borio, Claudio E. V. - 2014
The recent financial crisis has triggered a major rethink of analytical approaches and policy towards financial stability. The crisis has encouraged a sharper focus on systemic risk, the inclusion of a financial sector in macroeconomic models, a shift from a microprudential to a macroprudential...
Persistent link: https://www.econbiz.de/10013067256
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Monetary Policy in the Grip of a Pincer Movement
Borio, Claudio E. V. - 2018
, and an inflation process that has become quite insensitive to domestic slack, on the other. This two-pronged attack has …-tuning inflation and responds more systematically to the financial cycle …
Persistent link: https://www.econbiz.de/10012926156
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Unconventional Monetary Policies : An Appraisal
Borio, Claudio E. V. - 2009
The recent global financial crisis has led central banks to rely heavily on "unconventional" monetary policies. This alternative approach to policy has generated much discussion and a heated and at times confusing debate. The debate has been complicated by the use of different definitions and...
Persistent link: https://www.econbiz.de/10013153793
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What Anchors for the Natural Rate of Interest?
Borio, Claudio E. V. - 2019
(inflation-adjusted) interest rates over long horizons and finds them incomplete. The role of monetary policy, and its …
Persistent link: https://www.econbiz.de/10012889751
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On Money, Debt, Trust and Central Banking
Borio, Claudio E. V. - 2019
This essay examines in detail the properties of a well functioning monetary system - defined as money plus the mechanisms to execute payments - in both the short and long run, drawing on both theory and the lessons from history. It stresses the importance of trust and of the institutions needed...
Persistent link: https://www.econbiz.de/10012893451
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The Macroeconomic Effects of Asset Purchases Revisited
Hesse, Henning - 2017
This paper revisits the macroeconomic effects of the large-scale asset purchase programmes launched by the Federal Reserve and the Bank of England from 2008. Using a Bayesian VAR, we investigate the macroeconomic impact of shocks to asset purchase announcements and assess changes in their...
Persistent link: https://www.econbiz.de/10012941262
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Monetary Policy and Financial Spillovers : Losing Traction?
Disyatat, Piti - 2015
Has financial globalisation compromised central banks' ability to manage domestic financial conditions? This paper tackles this question by studying the dynamics of bond yields encompassing 31 advanced and emerging market economies. To gauge the extent to which external financial conditions...
Persistent link: https://www.econbiz.de/10013014247