Lightnews — Scholar-powered news

Bank of England Research @boeresearch.bsky.social · 13d

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...

1

Bank of England Research @boeresearch.bsky.social · 15d

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...

2

Bank of England Research @boeresearch.bsky.social · 19d

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...

2 4

Bank of England Research @boeresearch.bsky.social · Sep 4

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...

2

Bank of England Research @boeresearch.bsky.social · Sep 1

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...

www.bankofengland.co.uk

2

Bank of England Research @boeresearch.bsky.social · Aug 28

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...

1

Bank of England Research @boeresearch.bsky.social · Aug 22

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...

Trading blows: The exchange-rate response to tariffs and retaliations

Staff working papers set out research in progress by our staff, with the aim of encouraging comments and debate.

www.bankofengland.co.uk

1 1

Bank of England Research @boeresearch.bsky.social · Aug 21

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...

Bank of England Research @boeresearch.bsky.social · Aug 19

📣 📣 📣 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

Microsoft Forms

forms.office.com

3

Bank of England Research @boeresearch.bsky.social · Aug 11

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...

The credit channel of monetary policy: direct survey evidence from UK firms

Staff working papers set out research in progress by our staff, with the aim of encouraging comments and debate.

www.bankofengland.co.uk

1 1

Bank of England Research @boeresearch.bsky.social · Aug 5

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...

A game-theoretic foundation for the fiscal theory of the price level

Staff working papers set out research in progress by our staff, with the aim of encouraging comments and debate.

www.bankofengland.co.uk

3 4

Bank of England Research @boeresearch.bsky.social · Jul 24

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...

3 5

Bank of England Research @boeresearch.bsky.social · Jul 22

The series aim to:
🔹 Support continuous learning and improvements
🔹 Encourage external engagement and debate
🔹 Improve transparency around the models we use (3/3)

1 2

Bank of England Research @boeresearch.bsky.social · Jul 22

The MTP Series is a key step in our response to Dr. Ben Bernanke’s 2024 review of the Bank’s monetary policy processes. (2/3)

1 1 2

Bank of England Research @boeresearch.bsky.social · Jul 22

🧵 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

A structural VAR model for the UK economy

Part of the Macro Technical Paper series designed to document models, analysis and conceptual frameworks for monetary policy preparation – they are written by Bank staff to encourage feedback and fost...

www.bankofengland.co.uk

1 2 4

Bank of England Research @boeresearch.bsky.social · Jul 18

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...

'Muddling through or tunnelling through?’ UK monetary and fiscal exceptionalism and the Great Inflation

Staff working papers set out research in progress by our staff, with the aim of encouraging comments and debate.

www.bankofengland.co.uk

1 2

Bank of England Research @boeresearch.bsky.social · Jul 17

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...

1 4

Bank of England Research @boeresearch.bsky.social · Jul 14

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...

The real economy effects of QE through the corporate bond market

Staff working papers set out research in progress by our staff, with the aim of encouraging comments and debate.

www.bankofengland.co.uk

1 5

Bank of England Research @boeresearch.bsky.social · Jul 8

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...

1 3

Bank of England Research @boeresearch.bsky.social · Jul 7

🏆 This research was previously released as a Bank of England Staff Working Paper, and published in the Journal of Financial Economics in 2024. This research was previously released as a BoE working paper & published in the JFE in 2024. (2/2)

2

Bank of England Research @boeresearch.bsky.social · Jul 7

🎉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...

Refinancing cross-subsidies in the mortgage market

In household finance markets, inactive households can implicitly cross-subsidize active households who promptly respond to financial incentives. We as…

www.sciencedirect.com

1 2

Bank of England Research @boeresearch.bsky.social · Jul 4

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...

When the fog clears: the effect of reduced inflation uncertainty on households' financial behaviour

Staff working papers set out research in progress by our staff, with the aim of encouraging comments and debate.

www.bankofengland.co.uk

2 4

Bank of England Research @boeresearch.bsky.social · Jul 3

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...

1

Bank of England Research @boeresearch.bsky.social · Jul 1

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...

Financial frictions and firms’ capital composition: a structural estimation of firms’ borrowing constraints for the UK

Staff working papers set out research in progress by our staff, with the aim of encouraging comments and debate.

www.bankofengland.co.uk

1 2

Bank of England Research @boeresearch.bsky.social · Jul 1

Read the companion Staff Working Paper here: www.bankofengland.co.uk/working-pape...

How fixed are global exchange rates?

Staff working papers set out research in progress by our staff, with the aim of encouraging comments and debate.

www.bankofengland.co.uk