report October 27, 2021 Do term premiums matter? Transmission via exchange rate dynamics by Mitsuru Katagiri and Koji TakahashiUsing a small open economy model with long-term bonds, we ask whether term premia affect the inflation rate and the economy via the exchange rate.... Bank of International Settlements
report October 27, 2021 Labour markets and inflation in the wake of the pandemic by Frederic Boissay, Emanuel Kohlscheen, Richhild Moessner and Daniel ReesThe pandemic had a significant effect on labour markets. Working hours fell sharply almost everywhere, but the drivers of these declines varied greatly across countries, depending on whether policies to protect worker-firm relationships were in place. Labour markets have bounced back faster than after recent recessions, albeit unevenly. Even in... Bank of International Settlements
report October 26, 2021 Where is the Fed Vice Chair for Supervision? Randal Quarles, the first Trump appointment to the Federal Reserve’s Board of Governors, finished his four-year term as the Vice Chair for Supervision on October 13, 2021. To replace him, President Biden has nominated no one. The Fed replaced him with no one. For now, the Fed’s vital supervisory and regulatory priorities will be managed by the Fed’s Board... By Brookings Institute, Financial Regulation Brookings Institute
report October 21, 2021 Big techs in finance: on the new nexus between data privacy and competition by Frederic Boissay, Torsten Ehlers, Leonardo Gambacorta and Hyun Song ShinBig techs' entry in finance builds on their established digital platforms in e-commerce, search and social media, and holds the prospect of efficiency gains and greater financial inclusion.... Bank of International Settlements
report October 20, 2021 Policymakers must enable consumer data rights and protections in financial services After years of inactivity, momentum is gathering for policy action on issues related to consumer financial data in the United States. In July, the president issued an executive order encouraging the Consumer Financial Protection Bureau (CFPB) to enable data portability in financial services. The CFPB issued an advance notice of proposed rulemaking last year and expects to commence a... By Brookings Institute, Financial Regulation Brookings Institute
report October 20, 2021 Inter-agency coordination bodies and the speed of prudential policy responses to the Covid-19 pandemic by Michael Brei and Blaise GadaneczThis paper investigates whether the presence of inter-agency coordination bodies for financial stability (IABs) has been associated with faster prudential policy responses to the Covid-19 pandemic.... Bank of International Settlements
report October 19, 2021 Indebted Demand by Atif Mian, Ludwig Straub and Amir SufiThis paper explains the concomitant rise in debt and fall in interest rates by the liberalisation of the financial sector and income inequality.... Bank of International Settlements
report October 19, 2021 Joined at the hip: monetary and fiscal policy in a liquidity-dependent world by Guillermo Calvo and Andrés VelascoWe study the effects of monetary and fiscal policies when both money and government bonds provide liquidity services.... Bank of International Settlements
report October 19, 2021 The Treasury market in spring 2020 and the response of the Federal Reserve by Annette Vissing-JørgensenThe paper shows that Treasury yields did not spike due to a loss of confidence in Treasury fundamentals.... Bank of International Settlements
report October 18, 2021 Stability and inclusivity of stablecoins: A conversation with Circle CEO Jeremy Allaire While cryptocurrency has been around for over a decade, it has only gained mainstream popularity recently. Crypto backers see the technology as the way of the future, but its instability leaves others skeptical. As a less volatile alternative to traditional cryptocurrencies, asset-backed stablecoins have joined the market. But as with all new technology, important questions must be resolved before... By Brookings Institute, Financial Institutions Brookings Institute
