Central banks

IFDP Paper: Multi-Plant Firms, Variable Capacity Utilization, and the Aggregate Hours Elasticity

07/08/2026 Federal Reserve Central banks

Domenico Ferraro, Giuseppe Fiori, and Damian PierriWe develop a business cycle model with perfectly competitive product and labor markets in which production requires a minimum labor input, generating endogenous capacity utilization. The aggregate production function is kinked, featuring constant returns to scale below capacity—typically in recessions—and decreasing returns at capacity in expansions.

Statistical Notice 2026/07 - Bank of England Levy: Notification Document Levy Year 2026/27

07/08/2026 Bank of England Central banks

Statistical Notices update the definitions and guidance contained in the Banking Statistics Yellow Folder

FEDS Paper: Capturing Heterogeneity: Machine Learning Approaches to Implied Volatility Forecasting

07/07/2026 Federal Reserve Central banks

Hyung Joo Kim and Dong Hwan OhDespite documented heterogeneity in volatility dynamics across the option surface, standard implied volatility forecasting models apply homogeneous parameters throughout. We introduce a machine-learning framework that uses regression trees to partition the surface along both moneyness and maturity dimensions, identifying data-driven regions where distinct forecasting models perform best.

Financial Policy Committee Record – July 2026

07/07/2026 Bank of England Central banks

Our Financial Policy Committee (FPC) meets to identify risks to financial stability and agree policy actions aimed at safeguarding the resilience of the UK financial system.

Bank of England appoints Rhys Phillips as the new Chief Cashier

07/06/2026 Bank of England Central banks

The Governor of the Bank of England, Andrew Bailey, has announced that Rhys Phillips will be the next Chief Cashier and Director of Notes. He will take up the role on 19 October 2026.

FEDS Paper: The Standards Are in the Mail: Comparing Credit Card Supply Indicators

07/02/2026 Federal Reserve Central banks

John C. Driscoll, Benjamin S. Kay, Geng Li, and Cindy M. VojtechWe provide the first lender-level analysis linking two independently constructed credit supply measures: the Federal Reserve's Senior Loan Officer Opinion Survey (SLOOS) and credit card mail offers from Mintel Comperemedia.

Minutes of the London FXJSC Main Committee Meeting – 26 March 2026

07/02/2026 Bank of England Central banks

The Bank of England chairs the London Foreign Exchange Joint Standing Committee (FXJSC), which is a forum for discussion of the wholesale foreign exchange market. The FXJSC is made up of market participants, infrastructure providers and the UK financial regulators.

Minutes of the London FXJSC Legal Sub Committee Meeting – 17 March 2026

07/02/2026 Bank of England Central banks

The Bank of England provides the Secretariat to the London Foreign Exchange Joint Standing Committee (FXJSC) Legal Sub-Committee. The FXJSC is made up of market participants, infrastructure providers and the UK financial regulators.

Minutes of the London FXJSC Operations Sub-Committee Meeting – 18 March 2026

07/02/2026 Bank of England Central banks

The Bank of England chairs the London Foreign Exchange Joint Standing Committee (FXJSC) Operations and Legal Sub-Committees. The FXJSC is made up of market participants, infrastructure providers and the UK financial regulators.

FEDS Paper: Cyclical Fluctuations, Financial Frictions, and Productivity Differences across Firms

06/26/2026 Federal Reserve Central banks

Luca Guerrieri, Jinill Kim, and Arsenii MishinWithin narrowly defined industries, the most productive firms produce far more than the least productive from the same inputs, and this dispersion widens in downturns. We build a tractable representative-agent model in which financial frictions—adverse selection and moral hazard—make firms sort endogenously into lenders, strategic defaulters, and producers.

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