Announcement of the publication of the Governor's interview transcript
Statement from the Bank of England
Summary of the RTGS CHAPS Industry Forum
The first meeting of the RTGS CHAPS Industry Forum
Banknote imagery advisory group minutes – 15 December 2025
Meeting held 15 December 2025
Banknote imagery expert panel minutes – 10 March 2026
Meeting held 10 March 2026
Banknote imagery expert panel minutes – 24 April 2026
Meeting held 24 April 2026
Why corporate inclusion policies are moral decisions, not just business ones
Companies can be analyzed as moral actors, not just profit-makers. wildpixel/iStock via Getty Images PlusExecutives are facing pressure from boards, employees, regulators and consumers to either defend or abandon diversity, equity and inclusion initiatives.
From Potential Output to Full Employment: A Paradigm Shift for Italian Fiscal Policy
Europe’s new fiscal rules still bind policy to fragile estimates of potential output. For Italy, targeting lower unemployment could sustain stronger growth, improve deficit outcomes, and expose the self-defeating logic of austerity when debt is measured against a stagnating economy.
1. Introduction
FEDS Paper: Settlement Speed and Financial Stability(Revised)
Agostino Capponi and Jin-Wook ChangThis paper investigates how settlement speed affects financial stability in payment networks, accounting for netting benefits, liquidity costs, and counterparty risks. Faster settlement reduces crisis likelihood but amplifies crisis severity. The net welfare effect depends on network topology and proximity to default threshold points—settlement times at which the number of defaulting agents changes discontinuously.
FEDS Paper: Slow Learning
Lawrence J. Christiano, Martin Eichenbaum, and Benjamin K. JohannsenThis paper provides an analytic characterization of the speed of convergence under learning to a rational expectations equilibrium (REE) for a large class of multivariate models. We show that learning is slower when people's beliefs about model outcomes are more self-fulfilling.
FEDS Paper: Household Consumption Does Not Respond Directly to Interest Rates: Evidence From 10 Macroeconomic Shocks(Revised)
Edmund Crawley and William L. GamberWe estimate how much household spending responds directly to changes in interest rates. We develop a Bayesian procedure that uses the empirical impulse responses to macroeconomic shocks to discipline the consumer block of a HANK model. The procedure can be applied shock-by-shock or pooled jointly.
Pages
