Economic Science

Criticisms of HANK Models

Recent research highlights issues with the forecasting accuracy of HANK models as well as issues with indeterminacy.


A cross-country analysis of the recent inflation spike

As the effects of relative price shocks and shortages stabilized what influence did labor market tightness exert?


The path to disinflation

What have we learned from history about why some attempts at disinflation are very successful and others failures?

Financial Markets

What is Finternet?

In a recent BIS paper the concept of Finternet was put forth as a visionary shift towards a more interconnected and technologically advanced financial system.

International Economics

The reallocation of trade and investment flows

A reallocation of trade and investment flows among countries is taking place. How does the current fragmentation compare to the one during the Cold War? What are the implications for the dollar as a reserve currency?


The role of central bank asset purchases

Do large-scale purchases of government bonds improve welfare? Under what conditions only small purchases can be beneficial?

Monetary Policy

Policymaking under uncertainty

How does uncertainty impact the FOMC’s decisions when the main concern is with maintaining credibility for the inflation anchor? What is a robust monetary policy when the source of an inflation shock is uncertain?


On fiscal rules

New research on the effectiveness of fiscal rules and their interplay with market discipline.

Monetary Policy

The normalization of monetary policy in Japan

The BOJ, for the first time after more than a decade of super-loose monetary policy, set its policy rate from 0% to 0.1% and abandoned its yield-curve control. Did this normalization go smoothly?


Energy prices and their impact on inflation expectations

Two recent papers explore how the recent increases in energy prices, specifically electricity prices, impacted household and firms’ inflation expectations in the Euro Area.

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