The Bank's Court of Directors acts as a unitary board, setting the organisation's strategy and budget and taking key decisions on resourcing and appointments. Required to meet a minimum seven times per year, it has five executive members from the Bank and up to nine non-executive members.
This study applies a Local Linear Forest (LLF) for wage forecasting in France. The LLF outperforms benchmarks such as Random Walk (RW), Ridge Regressions (RR) and Random Forests (RF). We also show that adding foreign predictors (i.e. measures of real activity, price and wage pressures from Germany and Italy) to French economic variables significantly improves wage predictions in France.
High-frequency interest rate surprises around Fed announcements do not identify monetary policy (MP) shocks if markets are imperfectly informed. Instead, they can also reflect central bank information (CBI) shocks, when the Fed assesses the economy differently, and Fed-response-to-news (FRN) shocks, when markets misperceive the policy rule.
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.
David M. Byrne, Robert Kurtzman, and Heidi L. WilliamsWe consider official and alternative data sources for measuring and projecting the role of U.S. manufacturing in the global semiconductor manufacturing industry.
Ben Ranish and Cindy M. VojtechAdoption of the current expected credit losses (CECL) methodology for loan loss provisioning significantly altered how banks recognize loan losses in their capital calculations. Because capital is a more costly funding source for banks, the accounting change affects banks' cost of funding loans.
Macroeconomic policy increasingly requires assessments of risk rather than point forecasts alone. This paper develops a framework to compute impulse responses for scenario probabilities and the full predictive distribution of macroeconomic outcomes. The approach combines a regime-dependent mixture VAR with endogenous state probabilities and heteroskedastic shock identification, complemented by sparse sign and narrative restrictions.
The Market Participants Group (MPG) is a senior-level forum for financial market participants to share their views on relevant themes and narratives in financial markets with members of the Bank of England’s Monetary Policy Committee.
Cross-border payments are often slow and costly with many regions underserved by current arrangements. In line with the G20 Roadmap for Enhancing Cross-border Payments, several countries and regions, including the euro area, are working to interlink their domestic fast payment systems as a way to improve speed, cost and transparency. Econometric evidence suggests that countries with interlinked systems trade about 4% more with each other – around half of the effect of a trade agreement and a quarter of the effect of a common currency.
Europe’s competitiveness challenge is increasingly recognised as a scale-up challenge. Firms expanding across the Single Market continue to face regulatory burdens and legal fragmentation throughout their life cycle, increasing the cost and complexity of cross-border operations. This article examines how these barriers affect the ability of firms to scale up and assesses the extent to which the European Commission’s proposal for an optional European corporate form (EU Inc.) could help firms.
