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Macroeconomics
Does the National Debt Matter?
The U.S national debt has increased 400% in 12 years, while over the same period, national income has grown by only 30%. David Andolfatto discusses whether this fiscal situation is sustainable
The Tail that Wags the Economy
Julian Kozlowski suggests economic crises produce persistent effects because they scar our beliefs
Searching, Recalls, and Tightness
Fabian Lange discusses the state of the labor market six months into the COVID recession, focusing particularly on…
Fiscal consolidations and distributional effects
Distributional consequences of fiscal austerity, while being increasingly recognized in the policy debate, have received little attention in…
Bank liquidity and the cost of debt
Since the 2007–09 crisis, tougher bank liquidity regulation has been imposed which aims to ensure banks can survive a…
Brexit and Foreign Investment in the UK
Since the outcome on the UK’s exit (‘Brexit’) from the European Union (EU) referendum there has been much…
Uncertain Kingdom: nowcasting GDP and its revisions
Nikoleti Anesti discusses a new econometric framework to nowcast macroeconomic data subject to revisions, and uses it to…
Lending relationships and the collateral channel
Corporate investment is known to respond strongly to cyclical swings in firms’ collateral values. This collateral channel is…
Banks are not intermediaries of loanable funds
In the intermediation of loanable funds model of banking, banks accept deposits of pre-existing real resources from savers…
Let’s talk about the weather: the impact of climate change on central banks
Misa Tanaka examines the channels via which climate change and policies to mitigate it could affect a central bank’s…
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