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Monetary vs. fiscal credibility in Japan

What’s at stake: The damage inflicted by the introduction in April of the first major tax increase in 17 years has led to calls for postponing th

Does Money Matter in the Euro area? Evidence from a new Divisia Index

The purpose of this paper is to examine the possible role of money shocks on output and prices in the euro area.

The distributional effect of quantitative easing

What’s at stake: The notion that ultralow interest rates and central-bank asset purchases have fueled a surge in asset prices, which mostly

Monetary policy cannot solve secular stagnation alone

Larry Summers crystallized an important development and question in a recent speech given at the IMF research conference: has the world economy entere

Chart of the week: Real interest divergence weighs on growth

The real interest rate divergence in the Euro Area has recently generated new attention. Real interest rates fell quite substantially in the cris

How tight is China’s monetary policy?

There have been definite signs of monetary loosening in China in recent weeks. Nevertheless, for almost a year, the debate continues to rage over whet

How loose is China’s monetary policy?

On the contrary, among the major central banks, the PBC appears to have tightened the most since the global financial crisis, on the basis of both ex-

China's financial liberalisation: interest rate deregulation or currency flexibility first?

Part I discusses three institutional factors favouring a strategy of greater currency flexibility ahead of fuller domestic interest rate liberalisatio

Developing an underlying inflation gauge for China

This paper develops a new underlying inflation gauge (UIG) for China which differentiates between trend and noise, is available daily and uses a broad

A compelling case for Chinese monetary easing

A successful Chinese economy needs both structural reforms on the supply side to enhance potential growth, and a nimble monetary policy to fully explo

Blogs review: The secular stagnation hypothesis

What’s at stake: On November 16, the Harvard economist and former Treasury Secretary Lawrence Summers gave a provocative talk at an International

Blogs review: U.S. inflation and growth

What’s at stake: Most discussions over the past few weeks on the blogosphere have centered around whether the U.S. economy is, eventually, gainin

The (not so) Unconventional Monetary Policy of the European Central Bank since 2008

This paper was prepared for the European Parliament's Montary Dialogue with the President of the European Central Bank Mario Draghi. Today, the ECB i

Secular stagnation in today's economy. How can it be addressed?

ECB shows activism but falls short of true QE

Overall, we welcome that the ECB has finally acted with a broad package. We also think that unanimity on the package was a very positive development a

Interactive map: Debt & inflation

Yesterday’s inflation flash estimates published by Eurostat show a Euro Area (EA) annual inflation of 0.5 percent, down from 0.7 percent in