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...

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...

"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...

The BIS will be livestreaming the 20th BIS Annual Conference on the overarching topic of "Post-pandemic challenges for central banks", as well as the Andrew Crockett Memorial Lecture – high-level events taking place at the time of the BIS Annual General Meeting. Topics: - Bond markets and...

Topics: - International spillovers and spillbacks from monetary, macroprudential and fiscal policies; - Global determinants of low interest rates and inflation; - Financial risk-taking in a global environment of low interest rates; - Policy challenges in managing large and volatile cross-border...

Topics: - What are the possible implications of digital currencies for the nature of financial intermediation, monetary policy transmission and financial stability? - How should big techs and fintech companies be regulated? - What are the effects of regtech, suptech and govtech applications? -...

The workshop will bring together leading academics, central bankers and bank supervisors. Topics: - Implications for financial markets of the rise of artificial intelligence (AI), big data and crypto-assets, and the macroeconomic outcomes; - Technological innovations in financial and payment...

The main aim of this conference is to take stock of the latest research on the economics of exchange rate adjustment. Economists and policymakers have been discussing for quite a while whether and how far the exchange rate is an effective shock absorber or a source of macroeconomic and financial...