The macroeconomic impacts of the quantitative easing programs enacted by the major central banks worldwide have been examined in many scientific articles. An increasing number of papers have additionally explored the spillover effects of the US and – to a lesser degree EA and UK - QE programs...

This is the first of three webinars in our series how (model) uncertainty shapes our understanding of the macroeconomic impacts of climate change and climate mitigation policies. “The design and conduct of climate change policy necessarily confronts uncertainty along multiple fronts. We...

We document a new fact: in U.S., European and Japanese surveys, households do not expect deflation, even in environments where persistent deflation is a strong possibility. This fact stands in contrast to the standard macroeconomic models with rational expectations. We extend a New Keynesian...

This policy panel will conclude our trilogy on the links between climate change and inflation. Our panelists will discuss the recent evidence of climate change and mitigation policies driving price levels and ask: are central banks in the position to act against these growing pressures? And what...

"We study optimal monetary policy during times of exceptionally high global demand for tradable goods, relative to non-tradable services. The optimal monetary response entails a rise in inflation, which helps rebalance production toward the tradable sector. While the inflation costs are fully...

Co-author: Luhang Wang (Xiamen University) . In China, the relative wages of high-skilled and low-skilled workers display huge variation across different regions. We examine whether financial intermediation development can explain such variation. Conceptually, better-developed financial...

Co-authors: Yiping Huang (Peking University), Han Qiu (Bank for International Settlements) and Changhua Yu (Peking University) Through the lens of a unique dataset covering the full borrowing history of sampled firms from both BigTech and traditional bank lenders in China, we compare the...

Donata Faccia, Miles Parker, and Livio Stracca, in their paper investigate how extreme temperatures affect medium-term inflation, the primary objective of monetary policy.

Co-authors: David Newton (University of Bath), Steven Ongena (University of Zurich) and Ru Xie (University of Bath) Is bank- versus market-based financing different in its attitudes towards Environmental, Social, and Governance (ESG) risk? Using a novel sample covering 3,783 U.S. public firms...

Co-authors: Mikhail Mamonov (MGIMO-University and CERGE-EI), Steven Ongena (University of Zurich), Svetlana Popova (The Central Bank of Russia) and Natalia Turdyeva (The Central Bank of Russia). In 2013, the Central Bank of Russia started revoking licenses from fraudulent banks. By 2020,...