Bank Underground

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 · 29 November 2023 English

Rebecca Freeman, Richard Baldwin and Angelos Theodorakopoulos Supply chain disruptions are routinely blamed for things ranging from elevated inflation to shortages of medical equipment in the pandemic. But how should …


Bank of England · 23 November 2023 English

Fergus Cumming and Danny Walker Bank Rate has risen by more than 5 percentage points in the UK over the past couple of years. This has led to much higher …


Bank of England · 16 November 2023 English

Gabija Zemaityte and Danny Walker Inflation has been high in many countries since 2021. Some have said that companies have increased their profits over that period: so-called ‘greedflation’. We use …


Bank of England · 8 November 2023 English

Francesca Diluiso, Barbara Annicchiarico and Marco Carli While climate change is often seen as a long-term concern, climate mitigation policies can have different short-term effects, since they affect the transmission …


Bank of England · 19 October 2023 English

Simon Lloyd, Daniel Ostry and Balduin Bippus How much capital flows move exchange rates is a central question in international macroeconomics. A major challenge to addressing it has been the …


Bank of England · 11 October 2023 English

Kathleen Blake Artificial intelligence (AI) is an increasingly important feature of the financial system with firms expecting the use of AI and machine learning to increase by 3.5 times over …


Bank of England · 4 October 2023 English

Julia Giese, Michael McLeay, David Aikman and Sujit Kapadia Central banks have been using a range of monetary policy and macroprudential tools to maintain monetary and financial stability. But when …


Bank of England · 27 September 2023 English

Itua Etiobhio, Riyad Khan and Steve Blaxland The volume of information available to supervisors from public sources has grown enormously over the past few years, including unstructured text data from …


Bank of England · 22 September 2023 English

Josh Martin and Julian Reynolds How much have higher import prices increased consumer prices in the UK and euro area? This post explores this question using a framework grounded in …


Bank of England · 14 September 2023 English

Yuliya Baranova, Eleanor Holbrook, David MacDonald, William Rawstorne, Nicholas Vause and Georgia Waddington The functioning of major government bond and related repo markets has deteriorated on several occasions in recent …