New Working Paper!

Central Bank Research conference on the Bank holiday - presenting our project (with Francesco Zanetti and Masashige Hamano)“Structural determinants of credit market tightness and the zombie firm share” later today.

Hey, economists! Do you fancy working on the forecast for the Bank of England? We have a few vacancies going at the moment and I'd love to talk to you. Here's an advert for two policy economist roles: bankofengland.taleo.net/careersection/…

Given these data and the above-target medium-term inflation outlook, further increases in our key policy rates will be needed to ensure that inflation returns to our 2% target in a timely manner. See the full speech for all arguments and references. 15/15 ecb.europa.eu/press/key/date…

An international macro perspective on disinflation is building up: monetary tightenings export inflation abroad -> international cooperation is needed to avoid excessive rates hikes Adam Tooze adamtooze.substack.com/p/chartbook-15…

1/8. A point which is often lost in discussions of inflation and central bank policy. Inflation is fundamentally the outcome of the distributional conflict, between firms, workers, and taxpayers. It stops only when the various players are forced to accept the outcome.

Call for Papers: “Financial Frictions, Zombie Firms and the Macroeconomy”. Joint one-day workshop with Wadham College Oxford, + Waseda University. Takes place in Oxford on March 13 2023. Deadline for submissions is Jan 20, 2023. More info at: users.ox.ac.uk/~wadh4073/Temp…

BU on services inflation: "We employ a neural network Phillips curve model...The method allows us to extract signals for inflation from many variables, fed into the model according to the familiar building blocks of the Phillips Curve." bankunderground.co.uk/2023/07/10/dis…

SWP 1027 by Philip Schnattingen (BoE) asks how much of the variation in unemployment can be explained by fundamental factors and how much by sentiments across the UK, France and the US. bankofengland.co.uk/working-paper/…

5/ Beliefs driven fluctuations explain about 2% in the US and up to 50% in France. This is because more rigid labour markets put more weight on the future relative to the present.

6/ Beliefs turn out to be stronger drivers of unemployment fluctuations when unemployment is low than when it is high. Sentiments are more powerful when labour market is tight.

📢 We are hiring📢 A great chance to be part of our diverse + talented research team at a really interesting time. If you have a PhD / will have one by end 2024 please apply! Deadline is 13 Nov bankofengland.taleo.net/careersection/… More details + application form at: bankofengland.co.uk/careers/resear…

Conference on Financial and Economic Developments: New Challenges and Policy Solutions cepr.org/events/confere… via CEPR

New CEPR DP19863 Credit Market Tightness and Zombie Firms: Theory and Evidence Masashige Hamano 早稲田大学 Waseda University, Philip Schnattinger, Mototsugu Shintani UTokyo | 東京大学, Iichiro Uesugi Hitotsubashi ICS, Francesco Zanetti ow.ly/wVq850UKQ2X #CEPR_IMF, #CEPR_MEF, #CEPR_MG

New CAMA WP (05/2025): ‘Monetary Policy in Open Economies with Production Networks’, by Masashige Hamano 早稲田大学 Waseda University, Philip Schnattinger , Mototsugu Shintani UTokyo | 東京大学, Iichiro Uesugi Hitotsubashi ICS and Francesco Zanetti Read it at bit.ly/3CsuJCg ANU Crawford School of Public Policy

Financial intermediation and zombie firms: Theory and evidence cepr.org/voxeu/columns/… via CEPR

In our recent work (with Philip Schnattinger ), we dive into the "Drivers of household subjective inflation uncertainty". Using New York Fed Research SCE data.

In another joint work with Philip Schnattinger, we look into the "Household Inflation Uncertainty and Wage Growth Expectations". Using New York Fed Research SCE data and building on our previous work on "The Drivers of hhd Inf Uncertainty" short-link.me/16sAq