David M. Arseneau, Grace Brang, Matt Darst, Jacob M. M. Faber, David E. Rappoport, and Alexandros Vardoulakis | This paper uses data from the Financial Accounts of the United States to map out the regulatory boundaries of assets held by U.S.
The Bank of England announces today that it will begin publishing aggregate results of a new Market Participants Survey from February 2022 onwards.
The Reporting and Data Standards Transformation Board acts as a forum for discussing issues of common concern relating to reporting and the development of data standards to enable better reporting.
Richard H. Clarida | This paper discusses the Federal Reserve's new framework and highlights some important policy implications that flow from the revised consensus statement and the new strategy. In particular, it first discusses the factors that motivated the Federal Reserve in November 2018 to announce it would undertake in 2019 the first-ever public review of its monetary policy strategy, tools, and communication practices.
This box discusses the fiscal policy recommendations addressed to the euro area countries against the background of the coronavirus (COVID-19) crisis.
This box describes the ECB’s liquidity conditions and monetary policy operations during the fifth and sixth maintenance periods of 2021 from 28 July 2021 to 2 November 2021.
This box presents a model-based approach for distinguishing between two unobserved components embedded in market-based measures of inflation compensation, namely inflation expectations and inflation risk premia. The approach relies on econometric models used to analyse the term structure of inflation-linked swap rates. Estimates indicate that the rise in inflation compensation observed since mid-2020 is attributable more to inflation risk premia than to inflation expectations.
This box explores new indicators of the financing conditions faced by euro area companies, based on firm-level survey data. Drawing on the rich dataset provided by the survey on the access to finance of enterprises (SAFE), three synthetic indicators summarise how firms have perceived their financing conditions in the euro area since 2009. Overall, the indicators suggest there have been several important phases in firms’ perceptions of financing conditions, which relate closely to ECB monetary policy measures.
During the economic recovery from the COVID-19 pandemic, supply and demand imbalances have put a strain on global production networks. We develop a two-step vector autoregression (VAR) procedure to gauge the impact of supply chain shocks on activity, trade and prices. In the first step, we use a sign restricted structural VAR with PMI output and PMI delivery times to recover the supply chain shock, which is our proxy for measuring episodes of supply chain strains. In the second step, we plug such shocks as exogenous variables into a companion VAR with endogenous real and nominal variables.
Understanding the expectations of households, firms and financial markets regarding monetary policy and macroeconomic developments is important for the conduct of monetary policy. Surveys can play an important role in understanding expectations. The ECB Survey of Monetary Analysts (SMA) brings together information on financial sector expectations of monetary policy and macroeconomic developments in one coherently structured and regularly updated survey.
