The history of financial development of London

I had blogged about this new study by Prof Nathan Sussman which shows how London emerged as a financial centre before the 1688 glorious revolution. Voxeu has a good interview of Prof Sussman where he explains his study and some more ideas on history of finance, London, Europe and so on.. Advertisements This entry was posted on October 14, 2019 at...

Digging into Older Americans’ Flat Participation Rate

« What the Wage Growth of Hourly Workers Is Telling Us | Main The rate of labor force participation (LFP) by people age 55 and over had been rising during the decade leading up to the Great Recession. But more recently, ...

Bank of Canada announces Deputy Governor and Special Advisor appointments

FOR IMMEDIATE RELEASE Available as: PDF The Board of Directors of the Bank of Canada today announced the appointment of Toni Gravelle as Deputy Governor, effective October 1, 2019. Mr. Gravelle’s...

Dollar exchange rate as a credit supply factor – evidence from firm-level exports

BIS Working Papers  |  No 819  |  14 October 2019 by  Valentina Bruno and Hyun Song Shin PDF full text (450kb)  |  53 pages Focus A broad appreciation of the dollar dampens international trade by weighing on the operation of credit-intensive global value chains (GVCs).  Contributions...

Bank of Japan Accounts (October 10)

October 15, 2019 Bank of Japan Assets (thousand yen) Gold 441,253,409 Cash1 224,355,216 Japanese government securities 482,341,535,696 Commercial paper2 2,094,190,118 Corporate bonds3 3,148,333,363 Pecuniary trusts (stocks held as trust property)4 799,686,162 Pecuniary trusts (index-linked exchange-traded funds held as trust property)5 27,485,304,418 Pecuniary trusts (Japan real estate investment trusts held as trust...

A conversation with Eric Tymoigne on MMT vs SMT

There are a lot of moving parts to the MMT program. I want to focus on one of these parts today: the relation between monetary and fiscal policy. One thing I find appealing about MMT scholars is their attention to monetary history and institutional details. I've learned a lot from them in this regard. But as is often the case with details, one has to worry about whether they help shed light on a specific question of interest, or whether they...

Luis de Guindos: Gabriel Zucman’s contribution to research on wealth inequality and the redistributive effects on globalization

SPEECHRemarks by Luis de Guindos, Vice-President of the ECB, on the occasion of the award of the Bernácer Prize to Professor Gabriel ZucmanMadrid, 11 October 2019It is a pleasure for me to celebrate with you the award of the 2019 Bernácer Prize to Gabriel Zucman, Assistant Professor of Economics at the University of California, Berkeley. Gabriel’s creative work on measuring household wealth over time and across countries and his studies on the...

Households’ lightening debt load : Data on the financial burden of U.S. households

[embedded content] There are many types of debt, including household debt, and many specific types of household debt as well. The Board of Governors of the Federal Reserve System collects a wide and well-organized array of data on debt. These data, especially in graph form, can help us better understand the financial burdens of U.S. households. This FRED graph shows the percentage of disposable (i.e., after-tax) income that households dedicate...

Money Supply 2014-07-29 13:41:38

This blog will no longer be updated. Our thoughts on all things central banking, along with the more wonkish elements of economic policy, will appear on Alphaville and The World blog. Thank you for reading. You can keep in touch using our author alerts and twitter.

Global Banks May Grow More Vulnerable to a Dollar Disruption

By Claudio Raddatz and Adolfo Barajas عربي, 中文, Español, Français, 日本語, Português, Русский When a Mexican airline buys Brazilian airplanes, it’s likely to finance the purchase with a US dollar loan obtained from a non-US bank. That’s just one example of the dollar’s outsize role in international financial transactions between non-US counterparts. What happens if non-US banks suddenly find themselves short of dollars? That was the case...

Weekly links May 10: why CCTs aren’t enforced before elections, when evidence isn’t used, digitalizing data, and more…

On Let’s Talk Development, results from tax compliance trials in Kosovo show some small increases from reminders, but also highlight the challenges of implementation, with many people not receiving their assigned treatment (e.g. half the letters not making it to recipients, less than one-quarter of emails opened). The CSAE coder’s corner has Meredith Paker sharing ...

A fifty-year history of Facebook’s Libra

Last week, we finally got some information about what Libra's currency basket would look like. A Libra currency basket will reportedly include... -no Chinese yuan -50% dollar -18% euro -14% yen -11% pound -7% Singapore dollarhttps://t.co/YNbRY9Q02xLibra could have automated the decision by adopting an established unit of account, say the IMF's SDR... — John Paul Koning (@jp_koning) September 20, 2019 If you haven't heard, Libra is a...

Is Free College the Solution to Student Debt Woes? Studying the Heterogeneous Impacts of Merit Aid Programs

Rajashri Chakrabarti, William Nober, and Wilbert van der Klaauw The rising cost of a college education has become an important topic of discussion among both policymakers and practitioners. At least eleven states have recently introduced programs to make public two-year education tuition free, including New York, which is rolling out its Excelsior Scholarship to provide tuition-free four-year college education to low-income students...

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Acting with integrity – for all New Zealanders

Release date 11 October 2019 Statement from the Reserve Bank of New Zealand’s Senior Leadership Team Leading the people at the Reserve Bank of New Zealand is an absolute privilege, and we never take that for granted. We are surrounded by incredibly clever and dedicated people who are driven by the shared values we have at Te Pūtea Matua: inclusion, integrity, and innovation. Every day we come to work with the same ambition and...

2019-10-14 – Press release – Important monetary policy data for the week ending 11 October 2019

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USD/CHF: Bulls have eyes on a break into the 1.000s in pursuit of channel resistance

USD/CHF has met a confluence of support as the US Dollar extends higher. Latest positioning data shows that CHF net shorts had been climbing for a third week.  FOMC minutes at the top of the hour is next major risk.  USD/CHF has met a confluence of support as the US Dollar extends higher on Wednesday ahead of the Federal Open Market Committee’s Minutes today and US consumer Price Index tomorrow. Currently, USD/CHF is trading at 0.9952 having...

The Fed’s Failed Experiment

Last week, on Tuesday September 17 in particular, overnight credit markets were misbehaving. Since then, various folks have been struggling to understand what is going on, with little assistance, apparently, from the Fed, whose job it is to prevent such misbehavior, and to tell us exactly what is going on. Here's what happened. On Tuesday of last week, the market in overnight repos became very tight:The chart shows the repo rate (secured...

Monetary policy delegation rebounded, and an odd trade-off

Back in the day, monetary policy economists and practitioners discussed the benefits of delgating monetary policy to an independent central bank. There were two kinds. The first was to remove an ‘average inflation bias’.  Think of a two period game.  In period 1, the government says to an all encompassing trade union ‘we are going to give you 2 per cent inflation’.  Unions bargain for 4 per cent nominal wage increases to cover productivity and...