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New and noteworthy books in economics (March)

For this month we selected: two books on climate policies and the role of financial markets and political economy; a book on an evolutionary approach to understanding financial system dynamics; and the proceedings from the recent¬† Hoover Institute’s Monetary Policy Conference.

Monetary Policy

Central banking since 2007

What are the drivers of the transformation of central banking since 2007? What are the macroeconomic and financial challenges faced by central banks going forward?


Zombie firms and banks

Can well capitalized banks mitigate the negative spillover effects of zombie firms? What are the implications for macroprudential policy?


The deposit business

Two new papers challenging conventional views that assume a) deposit pricing as a function of pricing power and market concentration; and b) model bank deposits’ interest rate sensitivity as being constant.

Politics & Economics

How to renew global governance

In September 2024, the United Nations will convene a Summit of the Future, designed to address the crisis of multilateralism by modernizing outdated institutions of global governance. Joseph Stiglitz and Dani Rodrik outline pragmatic approach to global governance that is adaptable to the political realities of a world dominated by powerful nation-states and interests.

Economic Growth

Welfare accounting: a more realistic view

New approaches to measure welfare when consumers’ heterogeneity and population growth are taken into consideration.


The joint evolution of banks and shadow banks

New research shows that systemic risks of shadow banks and banks have become more interconnected since the GFC. Should regulatory frameworks address these risks separately?

Monetary Policy

Central bank independence: a new index and trends

A recent paper develops the first entirely new index in three decades that measures de jure central bank independence.  Has the momentum of central bank reforms been halted since 2008?

Monetary Policy

On the transmission of monetary policy shocks

New research sheds light on how fast as well as for how many years thereafter a monetary policy shock affects the economy.


Elections, macroprudential regulation and bank credit

How does the electoral cycle affect bank lending and the implementation of macroprudential regulation.

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