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Shifting Gears: Integrating Climate Risks in Monetary Policy Operations

Pierre Monnin | 20 January 2020
Monetary, Policy Briefs | Tags: Asset purchases, Central Banks, Climate risk, Collateral framework, Credit risk
The assets central banks purchase and accept as collateral are at the core of monetary policy implementation. Risk considerations play a crucial role in the selection of these assets: central... continue reading

A Lack Of Transparency. Do You Know About The Taxes Your Government Does NOT Collect?

Christian von Haldenwang and Agustin Redonda | 20 January 2020
Blog, Fiscal | Tags: Tax Expenditures
All over the planet, governments are desperate for funds to finance social policies, public infrastructure and development projects. Yet, the very same governments routinely forego huge amounts of tax revenues... continue reading

Legitimacy Challenges to Central Banks: Sketching a Way Forward

Peter Dietsch | 19 January 2020
Discussion Notes, Monetary | Tags: Central Banks, Governing Finance
Delegation to independent agencies (IAs) can reap real benefits for policy making. In the case of monetary policy, it shores up the credibility of the central bank. However, it is... continue reading

Against Amnesia: Re-Imagining Central Banking

Benjamin Braun and Leah Downey | 10 January 2020
Discussion Notes, Monetary | Tags: Central Banks, Governing Finance
The purpose of the present paper is to identify and challenge contemporary adherence to the core of the prevailing monetary policy consensus. This consensus consists of what we call the... continue reading

Tax Expenditures and Complexity in a VAT System: The Case of Brazil

Ivan Ozai | 7 January 2020
Blog, Fiscal | Tags: Tax Expenditures, VAT
Despite its known regressivity, the value-added tax (VAT) has been considered a robust tool for development, especially if integrated into a well-implemented tax-and-benefit system. VAT is often considered a neutral... continue reading