Bank Underground
Bank of England
Bank Underground is a blog written by staff at the Bank of England. On Bank Underground, authors write in an individual capacity and there is no “house view”.
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Bank of England · 10 September 2024 English
Colm Manning and Alice Crundwell No country is an island – in terms of economics at least, if not geography. Trade and capital link all the economies of the world. …
Bank of England · 5 September 2024 English
Aydan Dogan, Melih Firat and Aditya Soenarjo How does the use of imported inputs in production affect inflation dynamics in the UK? Over the past few decades, with the rise …
Bank of England · 4 September 2024 English
Leo Fernandes, Harkeerit Kalsi, Nicholas Vause, Matthew Downer, Sarah Ek and Sebastian Maxted Hedge funds and other alternative investment funds (AIFs) often take positions in financial markets that significantly exceed …
Bank of England · 29 August 2024 English
Aydan Dogan and Ida Hjortsoe Exporting allows firms to access a larger market, but it also implies costs and risks. Some of these costs and risks are due to the …
Bank of England · 28 August 2024 English
Vania Esady and Stephen Burgess A summary measure for UK households’ resilience High levels of household debt have been shown to amplify recessions. For example, in the global financial crisis …
Bank of England · 22 August 2024 English
Krishan Shah, Phil Bunn and Marko Melolinna An important way in which monetary policy impacts the economy is through its effects on the capital expenditure of firms. When policy rates …
Bank of England · 21 August 2024 English
Tihana Škrinjarić How effective is macroprudential policy and how should policymakers measure its stance? My recent paper surveys the literature on the topic of Growth-at-Risk (GaR), which has been developed …
Bank of England · 15 August 2024 English
Vania Esady Monetary policy actions transmit to inflation and real activity with ‘long and variable’ lags. However, it is not obvious how the effectiveness of monetary policy varies across economic …
Bank of England · 14 August 2024 English
Joanna McLafferty, Kirstine McMillan and Joseph Smart On 7 May 2024 the SONIA rate, the UK’s risk-free reference rate, printed at exactly 5.2000% and has remained there to the end …
Bank of England · 9 August 2024 English
Michael Kumhof and Mauricio Salgado-Moreno While ‘unconventional’ balance-sheet policies like quantitative easing (QE) and quantitative tightening (QT) appear to have been successful, it is difficult to separate their macroeconomic and …