Statistical Notice 2026/05 - Implementation of Bank of England Statistics Taxonomy v1.3.1
Statistical Notices update the definitions and guidance contained in the Banking Statistics Yellow Folder
Public asked to help select UK wildlife to appear on new banknote series
The public are being asked to give their views on a selection of wildlife, native to the UK, that will appear on the next series of banknotes in a consultation launched today.
FEDS Paper: The Fragility of Perfectly Safe Digital Money
Elizabeth C. Klee, Arazi Lubis, Chase P. Ross, Sharon Y. Ross, and Alexandros P. VardoulakisDigital money differs from previous forms of money in an important way: it unbundles trust.
FEDS Paper: Double Inertia, Taylor Rules, and Monetary Policy Gradualism
Edmund Crawley, William Goodwin, Margaret M. Jacobson, and Fabian WinklerIn recent decades, an empirically estimated double-inertial rule fits the path of changes in the federal funds rate better than a standard inertial Taylor rule. Inertial Taylor rules aim to capture monetary policy gradualism via slow adjustments in the level of the policy rate.
Sovereign Money is not Debt: Why Central bank Accounting Must Change
Central bank money is still accounted for as debt, a legacy of an earlier monetary order. Treating sovereign money as equity would clarify central bank balance sheets, strengthen institutional transparency, and better prepare monetary systems for future digital-era design choices.
FEDS Paper: Paying More and Buying Less: 2025 Tariffs and U.S. Household Spending
Sinem Hacıoğlu Hoke and Leo FelerThis paper estimates the effects of the 2025 U.S. tariffs on household spending using transaction-level data linked to tariff exposure and a tariff sentiment survey. Comparing high versus low tariff-exposed categories, we find 15 to 20 percent price pass-through. At the mean increase in tariff exposure, prices rise by 1 to 2 percent while spending falls by roughly 4 percent.
FEDS Paper: Financial Liberalizations, Booms, and Crashes
Maximilian Grimm, Moritz Schularick, and Emil VernerFinancial liberalization is often seen as a way to deepen credit markets and stimulate economic growth, but it may also fuel credit booms that end in crisis. We construct a new cross-country database of banking regulation policies covering 21 regulatory indicators for 18 advanced economies since World War II. We distinguish liberalizations that directly relax constraints on credit supply from broader financial reforms.
The rise of China in academic research
Analyzing more than 300,000 articles across 40 top-tier journals between 2000 and 2022, this study demonstrates that China’s 2006 National Medium-and Long-Term Plan for the Development of Science and Technology catalyzed a surge in publication volume and citations, propelling China past the United States as the world’s leading producer of scientific research.
FEDS Paper: Alternative Scenarios at the Federal Reserve from 1968 to 2020: Data, Interpretation, and Evaluation
Edward Herbst, Scott Konzem, and Cristina ScofieldWe comprehensively document 1,265 Federal Reserve staff alternative scenarios presented to the Federal Open Market Committee in publicly released materials from 1968 to 2020. Scenarios grew in frequency and sophistication, typically spanning a range of outcomes around the baseline.
FEDS Paper: Skill and Efficiency in the U.S. Mutual Fund Industry
Dong Hwan Oh and Andrew J. PattonWe propose a new measure of mutual fund manager ability: "efficiency" is the ability to accrue the risk premium associated with a risk factor. The familiar abnormal return, or alpha, is shown to be the sum of two distinct measures of ability: "aggregate efficiency" which is the beta-weighted sum of the fund's (in)efficiencies across risk factors, and "skill," the component that is unrelated to factor exposures. Using a panel of U.S.
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