Very valuable! "Evaluating the Implications of CBDC for Financial Stability" by Marco Gross, Marcello Miccoli, Jeanne Verrier, and Germán Villegas-Bauer. www.imf.org/en/-/media/f...

This looks like a must-read! "No, the EU does not impose a 45% tariff on itself" by Keith Head and Thierry Mayer. cepr.org/voxeu/column...

Highly relevant (though not really surprising)! "Elections Matter: Capital Flows and Political Cycles" by Maria Arakelyan and Tatiana Evdokimova. www.elibrary.imf.org/view/journal...

Super interesting! "What Is a Tariff Shock? Insights from 150 years of Tariff Policy" by Régis Barnichon and Aayush Singh. www.frbsf.org/wp-content/u...

Euro area – How are you doing? imeneconomics.substack.com/p/euro-area-...

Super interesting! "Competing digital monies" by Jon Frost, Jean-Charles Rochet, Hyun Song Shin, and Marianne Verdier. www.bis.org/publ/work130...

Super interesting! "Investor Beliefs and Expectation Formation" by Stefano Giglio, Matteo Maggiori, Joachim Rillo, Johannes Stroebel, Stephen P. Utkus, and Xiao Xu. www.nber.org/papers/w34446

This looks like a must-read! "Frontiers of Digital Finance" edited by Dirk Niepelt. cepr.org/publications...

Super interesting! "Breaking Parity: Equilibrium Exchange Rates and Currency Premia" by Mai C. Dao, Pierre-Olivier Gourinchas, and Oleg Itskhoki. www.nber.org/papers/w34443

Super interesting! "The Impact of Fiscal Policy on Inflation Expectations" by Francisco Arizala, Santiago Bazdresch, Tomohide Mineyama, and Shiqing Hua. www.elibrary.imf.org/view/journal...

Food for thought! "Monetary Policy without an Anchor" by Luigi Bocola, Alessandro Dovis, Kasper Jørgensen, and Rishabh Kirpalani. www.nber.org/papers/w34436

Really cool! "Economics Literature Search: Full-text search across 30,000+ papers from top economics journals and NBER working papers" by Paul Goldsmith-Pinkham. paulgp.com/econlit-pipe...

Super interesting! "Decoupling Dollar and Treasury Privilege" by Wenxin Du, Ritt Keerati, and Jesse Schreger. www.imf.org/en/News/Semi...

US Economy – How are you doing? imeneconomics.substack.com/p/us-economy...

Highly recommended! "Financial Repression in the 21st Century" by Ricardo Reis. Mundell-Fleming Lecture delivered at the 26th Jacques Polak Annual Research Conference: The Evolving Landscape of Global Trade and Financial Integration www.imf.org/en/Videos/vi...

Worth reading! "Monetary and fiscal policy interactions in the aftermath of an inflationary shock" by Maria Manuel Campos, José Miguel Cardoso-Costa, Sandra Gomes, and Pascal Jacquinot. www.ecb.europa.eu/pub/pdf/scpw...

Highly relevant! "Putting US Fiscal Policy on a Sustainable Path" by Karen Dynan and Douglas Elmendorf. "A meaningful shift toward a sustainable debt path in the United States seems unlikely to be accomplished soon." pubs.aeaweb.org/doi/pdfplus/...

Super interesting food for thought! Is U.S. Government Debt Unsustainable?" by Pierpaolo Benigno "Treasury debt is sustainable not because it is inflated away, but because it is effectively guaranteed by the central bank." pierpa612.substack.com/p/is-us-gove...

Highly relevant! "Industrial Policy Since the Great Financial Crisis", by Simon Evenett, Adam Jakubik, Jaden Kim, Fernando Martín, Samuel Pienknagura, Michele Ruta, Sandra Baquie, Yueling Huang, and Rafael Machado Parente. www.elibrary.imf.org/view/journal...

Very valuable! "Measuring Geoeconomics" by Laurent Ferrara and Jamel Saadaoui. papers.ssrn.com/sol3/papers....

Highly relevant! "Central Banks' Contribution to Financial Stability: From Central Bank Money Issuance to Macroprudential Supervision" by Richard Senner. papers.ssrn.com/sol3/papers....

Very valuable! "Evolving Practices in Public Investment Management" "Since 2008, the Bank for International Settlements and the World Bank have organised – jointly with cosponsoring central banks – the Public Investors Conference..." www.publicinvestorsconference.com/proceedings/...

US Economy – How are you doing? We expect what we call a mild stagflationary episode, in which meager economic growth and somewhat elevated inflation will occur together. open.substack.com/pub/imenecon...

Super interesting! "World Cycles Revisited: Diverging Trends in Prices and Quantities" by Antoine Camous, Eric Monnet, and Damien Puy. www.banque-france.fr/en/publicati...

Highly recommended! Bundesbank Lecture 2025: Geoeconomics by Matteo Maggiori "Matteo Maggiori explored the origins and mechanisms of geoeconomic power, its implications for economic security, and the challenges posed by hegemonic states..." www.youtube.com/watch?v=Pvmp...

A good read! "Exploring the concept of uniformity of money" by Severin Bernhard and Philipp Haene. www.snb.ch/en/publicati...

Super interesting! "Tariffs and Technological Hegemony" by Luca Fornaro and Martin Wolf. crei.cat/wp-content/u...

Food for thought! "Trade Policy Ambiguity" by Joseph B. Steinberg. www.nber.org/papers/w34408

Really cool: WTO and IMF economists develop new indicator to measure global trade policy dynamics! www.wto.org/english/news...

Since the government shutdown started in the United States, alternative sources of price developments have become even more important. The HBS Pricing Lab is valuable! www.pricinglab.org/tariff-track... Updated working paper by Cavallo, Llamas, and Vazquez: www.pricinglab.org/files/Tracki...

Super interesting! "The impact of interest: How loan rates shape firm investment" by Lea Best, Benjamin Born, and Manuel Menkhoff. Blogpost: cepr.org/voxeu/column... Working paper: papers.ssrn.com/sol3/papers....

Here is what our network liked (selection): The new causal macroeconomics of surveys and experiments, the euro and its history, the IMF World Economic Outlook, and much more… open.substack.com/pub/imenecon...

Super interesting! "Commodity-driven Macroeconomic Fluctuations: Does Size Matter?" by Patricia Gomez-Gonzalez, Maximiliano Jerez-Osses, Vida Maver, Jorge Miranda-Pinto, and Jean-Marc Natal. www.elibrary.imf.org/view/journal...

Highly relevant! "The Economic Consequences of War" by Efraim Benmelech and Joao Monteiro. www.nber.org/papers/w34389

Really cool! A new measure of Fed moral suasion! "Official Arm-Twisting? Measuring the Federal Reserve’s Use of Moral Suasion" by Emily Martell. drive.google.com/file/d/19hdX...

Super interesting! One can learn many fascinating details about the history of the Fed. Jim Clouse on the Last 4 Decades at the Most Powerful Central Bank in the World (Macro Musings with David Beckworth) www.mercatus.org/macro-musing...

Wow, super interesting! "Expectations Matter: The New Causal Macroeconomics of Surveys and Experiments: What people believe about the economy—and why it matters" by Olivier Coibion and Yuriy Gorodnichenko. Princeton University Press: press.princeton.edu/books/hardco... Amazon: amzn.to/4nihzJh

Highly relevant! "Fiscal announcements and households’ beliefs: evidence from the euro area" by José-Elías Gallegos, Esteban García-Miralles, Iván Kataryniuk, and Susana Parraga Rodriguez. www.ecb.europa.eu/pub/pdf/scpw...

Super interesting! "Monetary Policy Shocks and Inflation Inequality" by Christoph Lauper and Giacomo Mangiante. www.ijcb.org/journal/laup...

Highly recommended! "Geopolitical Tensions and International Fragmentation: Evidence and Implications (Geneva Reports on the World Economy)" by Anusha Chari Nathan Converse Arnaud Mehl Gian Maria Milesi-Ferretti Isabel Vansteenkiste. cepr.org/publications...

Poll: On October 29, the Fed will decide on its interest rate. What will it decide? open.substack.com/pub/imenecon...

This looks like a must-read! "Inflation and monetary policy in medium-sized New Keynesian DSGE models" by Günter Coenen, Falk Mazelis, Roberto Motto, Annukka Ristiniemi, Frank Smets, Anders Warne, and Raf Wouters. www.ecb.europa.eu/pub/pdf/scpw...

Super interesting! "Europe in a changing international monetary system" Discussion with Agnès Bénassy-Quéré, Jacob Funk Kirkegaard, Klaas Knot, Signe Krogstrup, Olli Rehn, and Ángel Ubide. www.piie.com/events/2025/...

Highly relevant! "Monetary Policy and The Medium-Run Natural Rate" by Vasco Cúrdia. www.frbsf.org/research-and...

Super interesting! "Mapping the space of central bankers' ideas" by Taejin Park, Fernando Perez-Cruz, Hyun Song Shin "This paper explores the landscape of economic ideas as revealed in the machine learning embedding of a comprehensive dataset of central bank speeches." www.bis.org/publ/work129...

Forecasting the Economy: For our blog, an economist discusses challenges in creating economic forecasts, whether some indicators are easier to forecast than others, how “nowcasts” are useful and why economic forecasting matters https://bit.ly/4nMYCiZ

Super interesting! "Dancing in the Dark: Sentiment Shocks and Economic Activity" by Maximilian Boeck, Zeno Enders, Michael Kleemann, and Gernot J. Müller mboeck11.github.io/papers/BEKM2...

Highly relevant! "Measuring What Matters: Why Italy May Be in Better Fiscal Shape than the US" by Emanuele Dicarlo, Laurence J. Kotlikoff, Mauro Marè, and Marco Olivari. www.nber.org/papers/w34340

Highly recommended! Maurice Obstfeld on trade and the international financial system piieinsiderlive.libsyn.com/maurice-obst...

Food for thought! "Financial channel implications of a weaker dollar for emerging market" by Mikael Juselius, Philip Wooldridge, and Dora Xia. www.bis.org/publ/bisbull...