In today’s Bank Underground post, Peter Denton (BoE) explores how financial infrastructure could emerge as a governance tool for autonomous AI systems. 🔗 Read the post here: bankunderground.co.uk/2025/09/25/c...

Mike Knight (BoE) updated his April Bank Underground post that motivated the need for a benchmark global carbon price to support climate risk metrics. 🔗 Read the post here: bankunderground.co.uk/2025/04/17/a...

In today’s BU post, Utkarsh Somaiya (BoE), Caspar Siegert (BoE) & Benjamin Kingsmore (BoE) examine the effectiveness of some potential central bank tools that are frequently discussed as ways in which central banks could support a transition to net zero. 🔗 bankunderground.co.uk/2025/09/19/t...

In today’s Bank Underground post, Rhiannon Sowerbutts (BoE) develops a new measure of regulatory and supervisory independence, and examines its relationship with financial stability. 🔗 Read the post here: bankunderground.co.uk/2025/09/04/r...

Staff Working Paper 1140 by Giovanni Covi (BoE) and Tihana Škrinjarić (BoE) develops a stochastic balance sheet banking model to capture correlated solvency–liquidity risks, contagion channels, and systemic vulnerabilities.🔗Read the paper here: www.bankofengland.co.uk/working-pape...

In today’s Bank Underground post, Lewis Holden (BoE) shows that differences in financed emissions reflect which activities and exposures are included, not data quality, and outlines how these metrics should be used in practice. 🔗Read the post here: bankunderground.co.uk/2025/08/28/s...

Staff Working Paper 1139 by Daniel Ostry (BoE), Simon Lloyd (BoE) and Giancarlo Corsetti (EUI) constructs a new tariff-shock database to study how the exchange rate response depends on retaliation. 🔗 Read the paper here: www.bankofengland.co.uk/working-pape...

In today’s Bank Underground post, Mohammed Gharbawi (BoE) considers the case where AGI may emerge from decentralised, interacting AI agents, and explores the implications for decision-making, risk management, market dynamics, and governance. 🔗Read the post here: bankunderground.co.uk/2025/08/21/t...

📣 📣 📣 Registration now open for the Bank of England – EABCN conference: Can Heterogeneous Agent Models Be Useful for Central Bankers? How? cepr.org/events/eabcn... 📆 22 Sep📍 Bank of England 🎙Keynote: Adrien Auclert (Stanford University, CEPR) 🎙Register by 10 Sep: forms.office.com/e/84Jr82qvsw

Staff Working Paper 1138 by Krishan Shah (BoE), Philip Bunn (BoE) and Jonathan Haskel (Imperial) examines the effect of the 2022-23 tightening cycle on UK firms’ borrowing costs and investment. 🔗 Read the paper here: www.bankofengland.co.uk/working-pape...

Staff Working Paper 1137 by Tim Willems (BoE) and Thomas Norman (Oxford) examines the importance of fiscal-monetary interactions for inflation outcomes via a game-theoretic approach. 🔗 Read the paper here: www.bankofengland.co.uk/working-pape...

In today’s Bank Underground post, Philippe Bracke (BoE), Matt Everitt (BoE), Martina Fazio (BoE) and Alexandra Varadi (BoE) explore how UK mortgagors adjusted their spending patterns during the period of interest rate increases that began in late 2021. 🔗 bankunderground.co.uk/2025/07/24/w...

🧵 We recently published our third Macro Technical Paper (MPT) by David Brignone (BoE) and Michele Piffer (BoE), which outlines a structural VAR model for the UK economy. 📖 Read here: www.bankofengland.co.uk/macro-techni... 1/3

Staff Working Paper 1135 by Michael Bordo (Rutgers), Oliver Bush (BoE) & Ryland Thomas (BoE) reconsiders the historical & empirical record of inflation in the UK to determine the underlying causes of the Great Inflation of the 1960s & 1970s. 🔗 www.bankofengland.co.uk/working-pape...

In today’s Bank Underground post, Charlie Warburton (Cambridge) and James Brookes (BoE) develop a new set of readability metrics, and revisit the relationship between central bank communication readability and market volatility. 🔗 Read the post here: bankunderground.co.uk/2025/07/17/m...

Staff Working Paper 1134 by Mahmoud Fatouh (BoE), Simone Giansante (Palermo) & Meryem Duygun (Nottingham), examines the real economy impact of the Bank of England’s QE operations through the corporate bonds market between 2009 and 2021. 🔗 Read here: www.bankofengland.co.uk/working-pape...

In today’s Bank Underground post, Hannah Copeland (BoE), Lennart Brandt (BoE), Natalie Burr (BoE) and Boromeus Wanengkirtyo (BoE) examine the impact of a tighter carbon pricing regime on UK energy prices and inflation. 🔗 Read the post here: bankunderground.co.uk/2025/07/08/w...

🎉We’re delighted to share that the paper “Refinancing Cross-subsidies in the UK Mortgage Market” has won the first-place Jensen Prize. Congratulations to the authors J Fisher (Virginia), A Gavazza (LSE), L Liu (Wharton), T Ramadorai (Imperial) & J Tripathy (BoE) www.sciencedirect.com/science/arti...

Staff Working Paper 1133 by Johannes Fischer (Bundesbank), Christoph Herler (BoE) and Philip Schnattinger (BoE) examines the effects of inflation uncertainty on households’ consumption and saving decisions. 🔗 Read the paper here: www.bankofengland.co.uk/working-pape...

In today’s Bank Underground post, Julia Giese (BoE) and Jacqueline Koay (BoE) discuss how scenario planning can be adopted by policymakers to navigate uncertainty and unpredictable events. 🔗 Read the post here: bankunderground.co.uk/2025/07/03/o...

Staff Working Paper 1132 by Sara Holttinen (Oxford), Marko Melolinna (FCA) and Marin Froemel (BoE) examines how intangible assets affect a firm’s ability to obtain external debt financing. 🔗 Read the paper here: www.bankofengland.co.uk/working-pape...

In our latest BU post, Roger Vicquéry (BoE) & Kevin Hjortshøj (Sciences Po) outline a new global index to measure how fixed the world’s exchange rates are. The index measures the probability that two units of GDP are involved in a fixed FX arrangement. 🔗 bankunderground.co.uk/2025/06/26/h...

🧵We’re excited to launch the Macro Technical Paper (MTP) Series—a key step in our response to Dr. Ben Bernanke’s 2024 review of the Bank’s monetary policy processes. Links to the first two MTPs are in the comments. 1/3

Staff Working Paper 1130 by Mishel Ghassibe (UPF/BSE), Boromeus Wanengkirtyo (BoE) & Ivan Yotzov (BoE) examines whether firms engage in “intertemporal pass-through”, where their desired prices respond to changes in expected future marginal costs. 🔗 www.bankofengland.co.uk/working-pape...

🎉 We’re delighted to share that Misa Tanaka, Head of Research at the Bank of England, has been appointed the next UK WEN Chair. Congratulations, Misa! 👏

📢 We’re hiring two Research Economist in the Current Economic Conditions Division, Bank of England 📍 Location: London or Leeds 📅 Apply by: 4 July 2025 🔗 Full details: eoff.fa.em1.ukg.oraclecloud.com/hcmUI/Candid...

Staff Working Paper 1129 by Marco D’Amico (Uppsala) and Martina Fazio (BoE) uses nearly 50 years of administrative-quality data to study how business cycle fluctuations affect the distribution of labour income growth. 🔗 Read the paper here: www.bankofengland.co.uk/working-pape...

Staff Working Paper 1124 by Manuel Muñoz (BoE) and Frank Smets (BIS) develops a quantitative macro-banking model to explore how countercyclical capital buffers should be optimally managed over the business cycle. 🔗 Read the paper here: www.bankofengland.co.uk/working-pape...

In our latest Bank Underground post, Jamie Waddell (BoE) and Danny Walker (BoE) examine whether an increase in mortgage supply causes a change in UK home ownership. 🔗 Read the post here: bankunderground.co.uk/2025/06/05/m...

📣 📣 📣 Registrations are now open for the 4th “ABM4Policy” Agent-Based Modelling for Policy workshop, co-organised by the ECB, BoE and others. 📆 26-27 June 2025 📍 ECB, Frankfurt am Main Register here: www.ecb.europa.eu/press/confer...

👀 New paper alert! 📄 “Unlocking New Methods to Estimate Country-Specific Effects & Trade Elasticities With the Structural Gravity Model” 🖋️ By Freeman (BoE), Larch (Bayreuth), Theodorakopoulos (Aston) & Yotov (Drexel) 🧠 Just out in J. Applied Econometrics! 🔗 onlinelibrary.wiley.com/doi/10.1002/...

📣 📣 📣 Registrations are now open for the BoE’s Centre for Central Banking Studies conference “Transforming monetary policy – How should we think about uncertainty and risks?” 📆 25-26 June 2025 📍 A hybrid event at Bank of England Register here: www.bankofengland.co.uk/events/2025/...

In our latest Bank Underground post, Miruna-Daniela Ivan (BoE) draws on the Bank of England’s Sterling Money Market Data to explore the extent of collateral re-use in the gilt repo market. 🔗 Read the post here: bankunderground.co.uk/2025/05/29/c...

Staff Working Paper 1127 by Marcus Buckmann (BoE) and Ed Hill (BoE) outlines a simple method using small open-source generative language models to conduct text classification on a laptop that can outperform larger commercial models. 🔗 Read the paper here: www.bankofengland.co.uk/working-pape...

In our latest Bank Underground post, Simon Whitaker (BoE) examines the impact of the digitalisation of finance on international capital flows. 🔗 Read the post here: bankunderground.co.uk/2025/05/22/c...

📣 📣 📣 Registrations now open for the 6th BoE-Imperial Workshop on Household Finance & Housing 📆 5-6 June 2025 📍 Bank of England 🎙 Speakers include: Sophia Gilbukh, Atif Mian, Stijn Nieuwerburgh, Arna Olafsson, Timothy McQuade & Janis Skrastins. Register: www.bankofengland.co.uk/events/2025/...

Staff Working Paper 1126 by Carole Comerton-Forde (U. Melbourne), Billy Ford, Thierry Foucault (HEC Paris) & Simon Jurkatis (BoE) uses transaction-level UK corporate bond market data to examine whether dealers rely on their clients as a liquidity backstop. 🔗 www.bankofengland.co.uk/working-pape...

In our latest Bank Underground post, Marcus Buckmann (BoE), Galina Potjagailo (BoE) and Philip Schnattinger (BoE) propose a new machine learning approach that disentangles non-linear demand and supply-like determinants of inflation. 🔗 Read the post here: bankunderground.co.uk/2025/05/15/b...

Staff Working Paper 1125 by Nikoleta Anesti (BoE), Vania Esady (BoE) & Matthew Naylor (BoE, U. Oxford) examine whether households are more sensitive to price changes in certain components of the consumption basket. They find food prices matter most. 🔗 www.bankofengland.co.uk/working-pape...

Staff Working Paper 1124 by Davide Brignone (BoE) and Marco Mazzali (U. Bologna) tests whether a small number of shocks can explain the bulk of business cycle fluctuations in a highly heterogeneous economic region like the Euro Area. 🔗 Read the paper here: www.bankofengland.co.uk/working-pape...

📣 📣 📣 Registrations are now open for the 5th Annual BoE-Imperial- LSE Conference on “Non-Bank Financial Sector and Financial Stability” 📆 29-30 May 2025 📍 Bank of England Keynote speaker: Viral Acharya (NYU) Register here: www.eventsforce.net/bankofenglan...

In today’s BU post, Tom Davies (BoE) investigates different approaches to forecasting CHAPS volumes. 🔗 Read the post here: bankunderground.co.uk/2025/04/24/b...

In today’s BU post, Lily Smith (BoE) investigates what influences how young people make payments by drawing on a 2024 BoE survey with 3000 young people taken to understand young people’s payment behaviours & their attitudes towards cash. 🔗 Read the post here: bankunderground.co.uk/2025/04/10/p...

Congratulations to Neeltje van Horen (Senior Research Advisor, BoE & Professor of Fin Econ, U. Amsterdam) on the publication of her book Ignite! 🎉 Neeltje wrote this exciting new book in her own time in what started as a personal journey—providing tools to reduce stress and enhance productivity.

In case you missed our Annual Bank of England Agenda for Research Conference on the theme of “The Future of the Central Bank Balance Sheet”, recordings from the conference are now available here: www.bankofengland.co.uk/events/2025/...

In today’s Bank Underground post, Isabelle Roland (BoE), Yukiko Saito (Waseda University) and Philip Schnattinger (BoE) provide new evidence on forbearance by quantifying the aggregate impact of Japan’s 2009 SME Financing Facilitation Act. 🔗 Read more here: bankunderground.co.uk/2025/04/03/f...

🌟 Some highlights from yesterday’s #UKWEN Annual Networking Event 🌟 The event featured many inspiring speakers, including Megan Green (External Member of the MPC, BoE), who delivered a keynote speech, and Misa Tanaka (Head of Research, BoE), who chaired a panel.

📢 #CallForPapers 📢 Submissions are now welcome for the BoE—QMUL—U.Bristol—U.Kent Joint #Conference on “Firm Dynamics, Market Structures & Productivity in the Macroeconomy” 📆 29 May 📍 Charterhouse Square Campus, QML, London Deadline: 14 April Submit your paper: forms.gle/7F5KLe8fvWnZ...

In today’s Bank Underground post, Dooho Shin (BoE) and Rebecca Mari (BoE) explore the link between energy markets and carbon prices and discuss the channels underlying their relationship. 🔗 Read the post here: bankunderground.co.uk/2025/03/27/t...

Staff Working Paper 1123, Jin Cao (Norges Bank), Pierre Dubuis (BoE) & Karolis Liaudinskas (Norges Bank) studies how relationship lending affects the pass-through of monetary policy. 🔗 Read the paper here: www.bankofengland.co.uk/working-pape...