report November 25, 2021 Back to the future: intellectual challenges for monetary policy by Claudio BorioThe central banking community is facing major challenges – economic, intellectual and institutional. A key economic challenge is the need to rebuild room for policy manoeuvre, which has fallen drastically over time. This lecture focuses on the intellectual challenge, ie facts on the ground are increasingly testing the longstanding analytical paradigms on which central banks can rely... Bank of International Settlements
report November 24, 2021 What does machine learning say about the drivers of inflation? by Emanuel KohlscheenThis paper examines the drivers of CPI inflation through the lens of a simple, but computationally intensive machine learning technique.... Bank of International Settlements
report November 22, 2021 Dampening the financial accelerator? Direct lenders and monetary policy by Ryan Niladri Banerjee and José María Serena GarraldaIn this paper we investigate the role they play in the monetary policy transmission mechanism, using syndicated loan data covering the 2000-2018 period.... Bank of International Settlements
report November 22, 2021 Financial crises and political radicalization: How failing banks paved Hitler's path to power by Sebastian Doerr, Stefan Gissler, Jose-Luis Peydro and Hans-Joachim VothDo financial crises radicalize voters? We study Germany's 1931 banking crisis, collecting new data on bank branches and firm-bank connections.... Bank of International Settlements
report November 17, 2021 Non-bank financial institutions and the functioning of government bond markets The structure of market making in government bond markets has shifted from a bank-centric model to a hybrid one in which non-bank financial institutions, notably principal trading firms and hedge funds, play an important role alongside banks. This shift has occurred in several countries and, while farthest advanced in liquid segments, is also evident in less liquid segments.... Bank of International Settlements
