Against Amnesia: Re-Imagining Central Banking
Benjamin Braun and
Leah Downey | 10 January 2020
Monetary,
Discussion Notes | 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 holy trinity of the inflation targeting paradigm: price stability as the primary goal of the
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Climate Risk and Financial Systems of Latin America: Regulatory, Supervisory and Industry Practices in the Region and Beyond
Gianleo Frisari,
Matías Gallardo,
Chiemi Nakano,
Víctor Cárdenas and
Pierre Monnin | 18 December 2019
Monetary,
Discussion Notes | Tags:
Central Banks,
Climate Risk,
Financial Regulation,
Green Finance,
Latin America
In Latin America and the Caribbean (LAC), regional supervisors and regulators have not yet explicitly included nor addressed climate-related risks in binding regulations and/or supervisory measures for the financial sector. This implies significant work ahead for the LAC financial sector to develop effective and complete
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Climate Risks in Financial Assets
Emanuele Campiglio,
Pierre Monnin and
Adrian von Jagow | 4 November 2019
Monetary,
Discussion Notes | Tags:
Asset Prices,
Climate Risk,
Climate Stress Tests
This note reviews the empirical evidence available in the academic literature about the impact of climate-related risks on financial assets. It addresses three main questions: does climate change already affect financial asset returns? What is the potential impact of future climate-related costs on financial asset
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Governing Finance for Sustainability – Panel Discussion
16 October 2019 | Washington D.C., USA | By Invitation
Monetary,
Panel | Tags:
Central Banks,
Financial Regulation,
Governing Finance
The nexus between financial governance, macroeconomic and financial stability, social cohesion, and environmental sustainability has become the subject of a growing debate among policymakers and market participants. Current beliefs on central banking and financial regulation are being questioned in the face of systemic challenges such
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Governing Finance for Sustainability – Pathways Forward
15 October 2019 | Washington D.C., USA | By Invitation
Monetary,
Roundtables | Tags:
Central Banks,
Financial Regulation,
Governing Finance
This is the third in a series of roundtables on Governing Finance for Sustainability. Details on the first roundtable can be found here, and the second here.
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Unconventional Monetary Policy and Inequality – Is Japan Unique?
Ayako Saiki and
Jon Frost | 20 September 2019
Monetary,
Research Papers | Tags:
Inequality,
Japan,
Quantitative Easing
For over a decade, but especially since the start of Abenomics in 2013, the Bank of Japan (BoJ) has been increasing the monetary base rapidly by implementing an unconventional monetary policy (UMP). In a 2014 study, we found that Japan’s UMP had increased income inequality.
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Governing Finance for Sustainability – Advancing the Debate
8-9 July 2019 | Zurich, Switzerland | By Invitation
Monetary,
Roundtables | Tags:
Central Banks,
Financial Regulation,
Governing Finance
Since the initial roundtable that was held in January 2019 we have been carefully following the debate on governing finance in what we increasingly perceive to be a four-way nexus between growing risks in today's financial and monetary systems, the power of central banks and
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Distributional Impact of Unconventional Monetary Policies
Pierre Monnin | 25 June 2019
Monetary,
Discussion Notes | Tags:
Income Inequality,
QE
The sustained application of accommodative monetary policies has led to concerns that they were aggravating inequality. The criticism has come from several quarters, from academics to private sector participants, from politicians to media and civil society organizations. Some argued that by boosting housing and stock
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The Low-Skill Losers
Karen Petrou | 30 April 2019
Monetary,
Blog | Tags:
Employment,
Federal Reserve,
Inequality,
QE
The Fed is devoting increasing analytical – if not yet policy-maker – attention to the unequalizing impact of unconventional policy. It’s a start – a major problem besetting central banks in countries without a robust middle class – i.e., the U.S. – is that
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Central Banks and the G20 Agenda. Ensuring Policy Coherence
Alexander Barkawi and
José Siaba Serrate | 21 March 2019
Monetary,
Blog | Tags:
Central Banks,
G20,
Governing Finance
The G20 has come a long way in pulling economies back from the brink. Yet, a lot remains to be done in its pursuit of inclusive and sustainable growth. Productivity growth is sluggish, unemployment remains well above pre-crisis levels, inequality is hitting record highs, and
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