Recent advances in artificial intelligence (AI) have revived expectations of transformative productivity gains and large‑scale labour‑market disruption. Yet despite rapid improvements in AI capabilities, aggregate productivity growth in advanced economies remains subdued, and widespread job...

This note examines how monetary policy responses to shelter inflation affect both the overall economy and different households. We find that the aggregate macroeconomic effects of responding to shelter inflation are modest, whereas the redistributive consequences across households are...

This paper introduces CLONE (Classification Of News), a method that decomposes asset price movements into four types of macroeconomic news-aggregate demand, productivity, inflation, and monetary policy-based on joint changes in prices of stocks, bonds, and inflation swaps. CLONE's simplicity and...

Monetary policy governance - how monetary policy objectives are determined, how decisions are made and who makes them - determines the quality and effectiveness of monetary policy decisions. In this paper, we examine some desirable and some adverse outcomes associated with different governance...

The decline in safe real interest rates over the past three decades has reignited discussions on the neutral real interest rate, known as R*. We review insights from the literature on R*, addressing its determinants and estimation methods, as well as the factors influencing its decline and its...

Monetary policy governance - how monetary policy objectives are determined, how decisions are made and who makes them - determines the quality and effectiveness of monetary policy decisions. In this paper, we examine some desirable and some adverse outcomes associated with different governance...