Program: Monetary

Unconventional Monetary Policy and Inequality – Is Japan Unique?

and | 20 September 2019
Monetary, Working 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. ... continue reading

Governing Finance for Sustainability – Advancing the Debate

8-9 July 2019 | Zurich, Switzerland | By Invitation
Monetary, Roundtables | Tags: Central Banks, Financial Regulation, Governing Finance
As highlighted by Benoît Cœuré from the ECB in his keynote on “Monetary Policy and Climate Change” last November, there is an accelerating momentum to move sustainability up financial market agendas worldwide. A key aspect of this development is the growing acceptance that the linkages ... continue reading

The Low-Skill Losers

| 30 April 2019
Blog, Monetary | 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 ... continue reading

Central Banks and the G20 Agenda. Ensuring Policy Coherence

and | 21 March 2019
Blog, Monetary | 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 ... continue reading

Changing Landscapes for Central Banks and Financial Regulators

| 14 March 2019
Discussion Notes, Monetary | Tags: Central Banks, Governing Finance
This discussion note is an extended version of the introductory comments shared by the author at a CEP roundtable on “Governing Finance and Sustainability” in January 2019. It addresses in order the four issues raised in the convening’s agenda. First, what are the historical origins ... continue reading