The Curious Engineer

All blogs / Society / politics / economy

Bank Underground

bankunderground.co.uk

Society / politics / economy

’15’16’17’18’19’20’21’22’23’24’25’26
Posts
735 from 19 Jun 2015 to 15 Oct 2026
Posting
weekly (47 in the last year)
Kind
magazine
Feed
https://bankunderground.co.uk/feed/

2026 40

  1. Artificial intelligence meets business intelligence: the anatomy of inflation
  2. Narratives under the microscope: what MPC transcripts can tell us about policy thinking
  3. Tracking property completions in near real time with CHAPS purpose codes
  4. When the financial system becomes searchable
  5. When the floor rises: how Basel output floor could tilt bank lending
  6. A new framework for monitoring risks in the UK housing market
  7. Distributional consequences of borrower-based macroprudential tools
  8. Monetary policy transmission: it’s all in the curve
  9. Has UK food inflation been under the weather?
  10. Is UK productivity growth low? A historical and cross-country perspective
  11. Who’s paying attention? How firms form policy rate expectations
  12. Does higher productivity create inflationary or disinflationary pressure?
  13. If AI disappoints? The transmission of US big-tech earnings news
  14. Is artificial intelligence making us more productive? What the UK industry data show
  15. Canaries in the column? AI exposure and the UK’s hiring slowdown
  16. Demographics, deposits and data: using machine learning to segment UK mortgages
  17. Credit constraints and housing market access
  18. Explainability in machine learning: do popular methods deliver on their promises?
  19. A ‘group washing machine’ and ‘tangled skein’: the failure of Slater Walker
  20. A balancing act in public ownership: the quiet legacy of the Bank of England Act 1946
  21. The quantity theory of crypto: what is Bitcoin worth as a medium of exchange?
  22. Agentic commerce and the battleground for new payments infrastructure
  23. Financial markets point to very data-dependent monetary policy
  24. Climate change increases bilateral trade costs (through its impact on maritime shipping)
  25. Under one roof: housing and inflation expectations
  26. Opening the floodgates? Modelling spillovers from flood insurance protection gaps to UK mortgages
  27. Money talks, broadly speaking
  28. Stress-free spending: why payment choice matters for disabled people
  29. What machines taking over pricing means for central banks
  30. Tomorrow’s costs, today’s prices: why expectations matter for inflation
  31. Zooming in: firm-level expectations for economy-wide inflation
  32. Bond financing conditions and economic activity in the UK: aggregate and firm-level evidence
  33. Monetary policy, state-dependent bank capital requirements and the role of non-bank financial intermediaries
  34. A public-private partnership: central banks as a funding backstop
  35. Measuring banking resilience to adverse outcomes
  36. Can regulation drive innovation in finance? Lessons from green mortgage products
  37. Monitoring trade prices in the wake of trade tensions
  38. Generative AI: degenerative for jobs?
  39. Retail investors’ participation in the gilt market
  40. Our top five posts of 2025

2025 38

  1. The Bank Underground Christmas Quiz 2025
  2. Who owns the buildings where Britain shops, works – and stores its data?
  3. How does lower inflation uncertainty affect households’ financial behaviour?
  4. Trade fragmentation and inflationary pressures
  5. The debt trigger: how household debt can amplify the effect of rising rates
  6. The keys to house price growth
  7. All shocks are different: insights from sentiment and topic analysis using LLMs
  8. War and payment innovation: the adoption of paper currency in Britain
  9. Could financial infrastructure be used to govern AI agents?
  10. The right tools for the job? How effectively can central banks support the transition to net zero?
  11. Regulatory independence and financial stability
  12. Same firms, different footprints: making sense of financed emissions
  13. The gathering swarm: emergent AGI and the rise of distributed intelligence
  14. When mortgage flexibility meets monetary policy tightening: heterogeneous impacts on spending and debt
  15. Muddled measurements on clarity
  16. What happens to inflation when we put a price on carbon?
  17. Once upon a time in the future: strategic foresight in central banks
  18. How fixed are global exchange rates?
  19. More mortgage lending might push home ownership further out of reach
  20. Collateral re-use: unveiling the risk of delivery failures and higher volatility in the repo market
  21. Could digitalisation of finance lead to more disruptive international capital flows?
  22. Boosted inflation – using machine learning to make sense of non-linear determinants of inflation
  23. Balancing complexity and performance in forecasting models: insights from CHAPS volume predictions
  24. (Updated) A benchmark global carbon price to support climate risk metrics
  25. Parental guidance: the influence of parents on young people and their attitudes towards cash
  26. Forbearance lending as a crisis management tool
  27. Tracking the price of carbon: price substitution effects across energy markets
  28. What can 40 years of data on vacancy advertising costs tell us about labour market equilibrium?
  29. Global financial centre and its regulators: what’s the strategy when everyone wants to be the top dog?
  30. What has macropru ever done for you? Macropru announcements can lead to a substantial reduction in systemic risk
  31. GIV us some credit: estimating the macroeconomic effects of credit supply shocks
  32. Why do government bond yields drift when news is on its way?
  33. Fossicking in the dark or twenty-twenty foresight?
  34. Central banks, big and small
  35. The Bank of England’s statutory monetary policy objectives: a historical and legal account
  36. Shaping inflation expectations: the effects of monetary policy
  37. Launch of the 2025–28 Bank of England Agenda for Research
  38. Our top five posts of 2024

2024 57

  1. The Bank Underground Christmas Quiz 2024
  2. Stable gilts and stable prices: assessing the Bank of England’s response to the LDI crisis
  3. Zero-day options and financial market vulnerability
  4. Adaptation is to mitigation what Robin is to Batman
  5. Weathering the storm: the economic impact of floods and the role of adaptation
  6. Staying afloat: the impact of flooding on UK firms
  7. The heterogenous effects of carbon pricing: macro and micro evidence
  8. Some implications of climate policy for monetary policy
  9. Climate and monetary policy series
  10. Using causal inference for explainability enhancement in the financial sector
  11. With the arrival of stablecoins, is it time to pay farewell to traditional payment rails?
  12. Nonbank lenders as global shock absorbers
  13. International spillovers from climate policy
  14. 30+ year mortgages – are these the new norm? What does this mean for financial stability?
  15. Integrating blockchain into the insurance industry: is it a revolution brewing?
  16. Long-term fixed-rate mortgages through an international lens: could they lead to higher home ownership?
  17. Sharing interest rate risk: who is trading and what affects the costs?
  18. Payments without borders: using ISO 20022 to identify cross-border payments in CHAPS
  19. Shining a light on private equity backed corporates in four findings
  20. We are not an island: how have the UK’s external balance sheet risks changed over the past two decades?
  21. Global value chains and inflation: how imported inputs shape UK prices
  22. A simple model of the effects of entity and activity constraints on alternative investment funds
  23. Why short-term finance matters (a lot more) to exporting firms
  24. A summary measure for UK households’ resilience
  25. High hurdles: evidence on corporate investment hurdle rates in the UK
  26. Growth-at-Risk for macroprudential policy stance assessment: a survey
  27. State-dependent effects of UK monetary policy
  28. SONIA: steady as she goes
  29. Central bank balance sheet policies and the market for reserves
  30. Caring for the ‘future’
  31. Monetary policy in a gas-TANK
  32. What caused the LDI crisis?
  33. Futures under stress: how did gilt futures behave in the LDI crisis?
  34. Forecast accuracy and efficiency at the Bank of England – and how forecast errors can be leveraged to do better
  35. Using sectoral data to estimate the trend in aggregate wage growth
  36. ‘No one length fits all’ – haircuts in the repo market
  37. Selling England (no longer) by the pound: currency-mismatches and the dollarisation of UK exports
  38. The link between mortgage debt servicing burdens and arrears: is there a critical threshold?
  39. Leverage finds a way: a comparison of US Treasury basis trading and the LDI event
  40. Leveraging language models for prudential supervision
  41. Quantifying the macroeconomic impact of geopolitical risk
  42. Three facts about the rising number of UK business exits
  43. To the lower bound and back: measuring UK monetary conditions
  44. The transmission channels of geopolitical risk
  45. Flow of funds and the UK real economy
  46. Markup matters: monetary policy works through aspirations
  47. Another reason to care about investment taxes
  48. New money, old money
  49. How resilient are UK corporate bond issuers to refinancing risks?
  50. Cash stuffing versus girl maths: how do people budget in a digital world?
  51. Forecasting UK inflation in the presence of large global shocks
  52. Stressed or in distress? How best to measure corporate vulnerability
  53. CPI-weighted wage growth
  54. Mortgage affordability for borrowers who re-fixed in 2023
  55. Schrodinger’s market: what the quantum internet could mean for the financial system
  56. Beyond the average: patterns in UK price data at the micro level
  57. How auction design can make a difference: the case of the Bank’s Indexed Long-Term Repo Facility

2023 51

  1. Our top five posts of 2023
  2. Is UK monetary policy driving private housing rents?
  3. Global R*
  4. Supply chain disruptions: shocks, links, and hidden exposure
  5. Why lower house prices could lead to higher mortgage rates
  6. Profits in a time of inflation: what do company accounts say in the UK and euro area?
  7. Beyond emissions: the interplay of macroprudential regulation and climate policy
  8. The granular origins of exchange-rate fluctuations
  9. Bias, fairness, and other ethical dimensions in artificial intelligence
  10. Unifying monetary and macroprudential policy
  11. Can data science capture key insights in news articles?
  12. Has the import price shock been worse in the UK or euro area?
  13. Central clearing and the functioning of government bond markets
  14. The transmission of macroprudential policy in the tails
  15. Profit margins and firm price growth: evidence from the Decision Maker Panel
  16. Decoding the market for inflation risk
  17. Leveraged and inverse ETFs – the exotic side of exchange-traded funds
  18. Profits in a time of inflation: some insights from recent and past energy shocks in the UK
  19. How do firms pass energy and food costs through the supply chain
  20. Shining light on ‘shadow credit’ – what is Buy-Now-Pay-Later and who uses it?
  21. Forecasting near-term trends in the labour market
  22. A quick dive into SME finance
  23. Fuelling the tail: inflation- and GDP-at-Risk with oil-supply shocks
  24. Risk perceptions and economic activity in the United Kingdom
  25. Convertible or not: making sense of stresses in AT1 bonds market
  26. Bomadland: How the Bank of Mum and Dad helps kids buy homes
  27. How have recent changes to the demand for workers affected the unemployment rate?
  28. Lifting the lid on a liquidity crisis
  29. Unknown measures: assessing uncertainty around UK inflation using a new Inflation-at-Risk model
  30. Dissecting UK service inflation via a neural network Phillips curve
  31. Firm inflation perceptions and expectations: evidence from the Decision Maker Panel
  32. Did supply constraints tilt the Phillips Curve?
  33. Funding structures and resilience to shocks after a decade of regulatory reform
  34. How house prices respond to interest rates depends on where they are in the country
  35. Does long-term unemployment affect inflation dynamics?
  36. Understanding climate-related disclosures of UK financial institutions
  37. What can we learn about monetary policy transmission using international industry-panel data?
  38. Flash loans, flash attacks, and the future of DeFi
  39. Tradable cost shocks and non-tradable inflation: real wages and spillovers
  40. The pro-cyclicality of capital ratios and credit supply, a tale of two sizes
  41. The gravity of cross-border syndication ties in financial services trade
  42. What if it’s a perfect storm? Stronger evidence that insurers should account for co-occurring weather hazards
  43. The challenges of measuring financial conditions
  44. Corporate insolvencies reaching record highs: a look under the hood
  45. Time-varying disagreement and monetary transmission
  46. The effects of subsidised flood insurance on real estate markets
  47. Does the bonus cap work?
  48. Location, location, location? How UK housing preferences shifted during the pandemic
  49. Animal spirits and environmental, social and governance asset prices: does market sentiment drive stock returns?
  50. What does the rise in the inflation mean for financial stability?
  51. ‘There is all the difference in the world between paying and being paid’: margin calls and liquidity demand in volatile commodity markets

2022 55

  1. Our top five posts of 2022
  2. How does remuneration regulation affect bankers’ pay?
  3. The Bank Underground Christmas Quiz 2022
  4. Precautionary facilities: stitches for a fragmented financial safety net
  5. Do larger bond trades cost more to execute?
  6. UK productivity puzzle – a production network perspective
  7. Strengthening the resilience of market-based finance
  8. What is the information content of oil futures curves?
  9. Bitesize: The pricing of credit risk
  10. When the lights go out: why does operational risk matter for financial stability?
  11. How broad-based is the increase in UK inflation?
  12. Capitalising climate risks: what are we weighting for?
  13. Old problems with new assets: some of crypto’s challenges look strangely familiar
  14. Bitesize: Riding the waves: the breadth of global monetary policy changes
  15. Bonus episode: understanding pay and labour market tightness
  16. Swing or amiss: are fund pricing rules good for financial stability?
  17. Trapped in a web of debt? Inefficiencies from corporate debt and the potential case for macroprudential intervention
  18. Measuring capital at risk in the UK banking sector
  19. Back to the Future IV: challenges for financial stability policy in the next decade
  20. The Basel regulatory framework: evolution of its textual complexity
  21. Monetary policy transmission during QE times: role of expectations and premia channels
  22. Sizing UK banking sector’s exposures to climate policy relevant sectors
  23. Shifting the composition of start-up cohorts can boost macroeconomic performance
  24. Cryptoassets, the metaverse and systemic risk
  25. Who took out mortgage payment holidays during the pandemic?
  26. Rolling substitutions in financial markets: did quantitative easing in 2020 lead to portfolio rebalancing?
  27. Adapting lending policies in a ‘negative-for-long’ scenario
  28. Monetary and fiscal policy in interwar Britain
  29. CoCo bonds and the risk appetite of banks: sweet or sour relationship
  30. Measuring business dynamics in real time
  31. Booming entrepreneurship during the Covid-19 pandemic
  32. What did we learn from working from home during Covid?
  33. Climate and capital: some outstanding issues
  34. Uncertainty in financial crisis prediction: a Bayesian approach
  35. Debt and investment: what can we learn from SMEs’ investment behaviour during and after the Global Financial Crisis?
  36. More than words: Bank of England publications and market prices
  37. Consumption effects of mortgage payment holidays during the Covid-19 pandemic
  38. Credit, crises and inequality
  39. Citizens’ advice: lessons from the public
  40. Predicting exchange rates
  41. Global supply chain risk and resilience
  42. Remote working, bargaining power and productivity
  43. Financial concerns and the marginal propensity to consume
  44. Bitesize: Efficiently green? What a simple metric can tell us about banks’ exposure to energy price shocks and the transition to a green economy
  45. Cost versus availability of loans: which matters more for mortgagors?
  46. The impact of shipping costs and inflation
  47. Diversity in UK banks – the long journey continues
  48. An unintended consequence of holding dollar assets
  49. Sluggish deposit rates and the effects of monetary policy
  50. The Bank of England’s 2022 Priority Topics for research
  51. Words which travel the world: global spillovers of the Fed information effect
  52. The macroprudential toolkit: effectiveness and interactions
  53. Preferred habitat behaviour in the gilt market
  54. The costs and benefits of reducing the cyclicality of margin models
  55. Quantifying the full impact of country-specific policies on trade flows

2021 54

  1. Our top five posts of 2021
  2. The Bank Underground Christmas Quiz 2021
  3. What is a Bitcoin worth?
  4. Does regulation bite only the less profitable? Evidence from the too big to fail reforms
  5. The structure of regulatory revolutions
  6. Impact of the UK QE on banks’ balance sheets
  7. Household debt and labour supply – a new labour market channel
  8. (Some of) The macroeconomics of working from home
  9. Did the Covid-19 local lockdowns reduce business activity in the UK?
  10. How does house price indexation affect the valuation of equity release mortgages?
  11. Gender imbalance in economics: what next?
  12. Challenges to monetary policy: lessons from Medieval Europe
  13. From Pillar 2 to post: is it time for a change in concentration risk methodology?
  14. Pinning the tail on the economy: why domestic developments aren’t enough
  15. I need a dollar, dollar, a dollar is what I need
  16. Weighed down by debt? Revisiting the link between corporate debt overhang and investment
  17. Battle of the exchange funds
  18. Central banks and history: a troubled relationship
  19. Can sectoral supply shocks have aggregate demand consequences?
  20. Household debt and consumption revisited
  21. Monetary policy, sectoral comovement and the credit channel
  22. Do large and small banks need different prudential rules?
  23. Slow recoveries, endogenous growth and macroprudential policy
  24. Does corporate leverage amplify economic downturns? A dive into the literature
  25. What do two million accounts tell us about the impact of Covid-19 on small businesses?
  26. On the origin of systemic risk
  27. Unemployment risk, liquidity traps and monetary policy
  28. What types of businesses have used government support during the Covid-19 pandemic?
  29. Covid-19 briefing: working from home and worker productivity
  30. Procyclicality mechanisms in the financial system: what we know and some open questions
  31. When should policymakers reach for the history books? Some examples from the 20th century
  32. Where is IFRS 9 taking the cost of funding of banks?
  33. The Real Effects of Zombie Lending in Europe
  34. Revisiting the New Keynesian policy paradoxes under QE
  35. The differing effects of globalization on trade versus migration
  36. Does deglobalisation make economies more resilient to recessions?
  37. Quantifying culture and its implications for bank riskiness
  38. The consumption response to borrowing constraints in the mortgage market
  39. Decomposing changes in the functioning of the sterling repo market from 2014 to 2018
  40. What matters to firms? New insights from survey text comments
  41. It’s windy when it’s wet: why UK insurers may need to reassess their modelling assumptions
  42. What to expect when they’re expecting
  43. Uncertainty and voting in monetary policy committees
  44. Negotiating nationalisation
  45. Cloudy with a chance of tariffs: the impact of policy uncertainty on the global economy
  46. What is the relationship between a markets-based measure of leverage and banks’ funding costs?
  47. Do banks need belts and braces?
  48. Le Pont de Londres: monetary policy spillovers, prudential policies and the financial centre effect
  49. A fistful of dollars: transmission of global funding shocks to emerging markets
  50. Covid-19 briefing: pandemics, natural disasters and banks’ balance sheets
  51. How competitive are UK insurance markets?
  52. How Britain paid for war: bond holders in the Great War 1914-32
  53. Planes, boats and automobiles: a discussion of machine learning with telematics data
  54. How does international capital flow?

2020 73

  1. Our top five posts of 2020
  2. The Bank Underground Christmas Quiz 2020
  3. 2020 hindsight: what can supervisors learn from the collapse of Barings Bank 25 years on?
  4. Capital flights during Covid-19
  5. Covid-19 briefing: extensions to the SIR model
  6. Separating deposit-taking from investment banking: new evidence on an old question
  7. When bigger isn’t better: UK firms’ equity price performance during the Covid-19 pandemic
  8. Covid-19 briefing: monetary policy strategy post-Covid
  9. Montagu Norman and the transformation of the Bank
  10. Covid-19 briefing: Covid-19 crisis, climate change and green recovery
  11. Hubble? Bubble? Valuation trouble?
  12. Financial shocks, reopening the case
  13. Machine learning the news for better macroeconomic forecasting
  14. Left feeling unsettled: what are settlement failures, how prevalent are they, and what do we do about them?
  15. The leverage ratio: a balance between risk and safety
  16. Wir sind die Roboter: can we predict financial crises?
  17. Market fragility in the pandemic era
  18. Jump-starting an international currency
  19. First-time buyers: how do they finance their purchases and what’s changed?
  20. Informed trading in government bond markets
  21. Supervisory governance, capture and non-performing loans
  22. Covid-19 briefing: tracking economic variables in real time
  23. Launch of the new Bank of England Agenda for Research
  24. Covid-19 briefing: heterogeneous impacts of the pandemic
  25. With a little help from my friends: counter-cyclical capital buffers during the Covid-19 crisis
  26. Covid-19 briefing: cross-border dollar funding
  27. Monetary policy and happiness
  28. The language of rules: textual complexity in banking reforms
  29. Global financial cycles since 1880
  30. Bitesize: The age evolution of first-time buyers
  31. Covid-19 briefing: epi-macro 101
  32. Setting boundaries: finding thresholds in bank regulation
  33. Thinking historically
  34. Covid-19 briefing: post-lockdown macro
  35. Bitesize: Emerging market currency risk: evidence from the COVID-19 crisis
  36. The macro consequences of dollar shortages and central bank swap lines during the Covid-19 pandemic
  37. Economic uncertainty before and during the COVID-19 pandemic
  38. Choosing from a varied toolkit: assessing China’s overall policy stance
  39. Consumption in the time of a pandemic: tracking UK consumption in real time
  40. Uncovering uncovered interest parity: exchange rates, yield curves and business cycles
  41. Global real rates, 1311–2018
  42. How do lenders adjust their property valuations after extreme weather events?
  43. UK productivity growth from 2008 to 2018: weakness was structural, not cyclical
  44. Playing with fire: banks’ distressed sales under solvency and liquidity constraints
  45. Why fragmentation of the global data supply chain poses risks to financial services
  46. Pricing GDP-linked bonds
  47. Monetary policy and US housing expansions: what can we expect for the post-COVID-19 housing recovery?
  48. Bank Underground turns 5!
  49. Covid-19 Briefing: International Trade and Supply Chains
  50. Covid-19 Briefing: Corporate Balance Sheets
  51. Special series: Covid-19 Briefings
  52. There’s more to house prices than interest rates
  53. How important are large firms for aggregate productivity growth in the UK?
  54. Monetary Policy Transmission: Borrowing Constraints Matter!
  55. Housing consumption and investment: evidence from the Help to Buy scheme
  56. Thrive or dive: can our economy weather the climate crisis?
  57. Loss aversion: the concept every supplier should be utilising to tackle climate change
  58. Bank of England and Financial Times schools blogging competition: And the winner is…
  59. Temporary pause to Bank Underground
  60. How does monetary policy affect firms?
  61. How to see it coming: predicting bank distress with machine learning
  62. The declining elasticity of US housing supply
  63. Why cryptocurrency markets defy the laws of economics
  64. All you need is cash
  65. The birds, the bees and the Bank? The birth-rate channel of monetary policy
  66. Possible pitfalls of a 1-in-X approach to financial stability
  67. The myth of full automation: the roboadvice case
  68. Margin call! Cash shortfall?
  69. Fluttering and falling: banks’ capital requirements for credit valuation adjustment (CVA) risk since 2014
  70. Does accepting a broader set of collateral in central bank operations incentivise the use of riskier collateral by riskier counterparties?
  71. What’s been driving long-run house price growth in the UK?
  72. Bitesize: What might pension funds do when bond yields fall?
  73. Do emerging market prudential policies lessen the spillover effects of US monetary policy?

2019 58

  1. Our top five posts of 2019
  2. The Bank Underground Christmas Quiz 2019
  3. Attention to the tail(s): global financial conditions and exchange rate risks
  4. Tell me why! Looking under the bonnet of machine learning models
  5. Build-your-own fancharts in R
  6. Handel and the Bank of England
  7. Bitesize: What can the MPC minutes tell us about the policymaker’s uncertainty?
  8. The ownership of central banks
  9. Bitesize: How far do people move house?
  10. What does population ageing mean for net foreign asset positions?
  11. Perceiving risk wrong: what happens when markets misprice risk?
  12. Bitesize: Fixing ideas – The Slowing of Interest-rate Pass-through to Mortgagors
  13. TEMPEST: a storm in a teacup?
  14. Great Expectations: the economic power of news about the future
  15. Houses are assets not goods: taking the theory to the UK data
  16. Houses are assets not goods: What the difference between bulbs and flowers tells us about the housing market
  17. How economic integration fuels macroeconomic imbalances
  18. Does liquidity spill over in the credit market? The case of CDS and corporate bonds
  19. Tracking foreign capital
  20. Is there really a global decline in the (non-housing) labour share?
  21. Liquidity resilience in the long gilt futures market
  22. Jane Austen’s income: insights from the Bank of England archives
  23. Bitesize: How much did PPI subsidise personal loan rates pre-crisis?
  24. How does the gilt curve react to demand shocks?
  25. Interregional mobility and monetary policy
  26. The long-run effects of uncertainty shocks
  27. No island is an ‘island’ in the age of GVCs
  28. Bitesize: The travels of Montagu Norman
  29. Bitesize: The end of a paradox?
  30. All bark but no bite? What does the yield curve tell us about growth?
  31. CCP porting, are there lessons to be learnt from elsewhere?
  32. Opening the machine learning black box
  33. What happens when ‘angels fall’?
  34. Building blocks: the useful elements of blockchain
  35. New banking regulation: is it affecting the clearing of derivatives?
  36. Currency will be no longer determined by those in power
  37. A nearly worthless currency ignites imaginations
  38. Bank of England and Financial Times schools blogging competition: And the winner is…
  39. The problem with cashless societies
  40. Currency Mispricing and Dealer Balance Sheets
  41. Have FSRs got news for you?
  42. The Great War and the Bank of England as Market Maker of Last Resort
  43. Give me more! Higher Capital Requirements and Loan Collateralisation
  44. Shocks and labour cost adjustment
  45. Bitesize: How volatile is Bitcoin?
  46. Can ‘stablecoins’ be stable?
  47. The Missing Link: Monetary Policy and The Labor Share
  48. Diffraction through debt: the cash-flow effect of monetary policy
  49. The whys and wherefores of short-time work: evidence from 20 countries
  50. Bitesize: Trading activity during the Corporate Bond Purchase Scheme
  51. What’s in the News? Text-Based Confidence Indices and Growth Forecasts
  52. How do bonus structures affect risk and effort choices? Insight from a lab experiment
  53. How do firms grow as they age?
  54. What goes up must come down: modelling the mortgage cycle
  55. Look abroad! Global financial conditions and risks to domestic growth
  56. Does competition help or hinder bank stability in the UK?
  57. A question of interest: Is UK household debt unsustainable?
  58. A balancing act: the case for macroprudential margin requirements

2018 71

  1. Our top five posts of 2018
  2. The Bank Underground Christmas Quiz 2018
  3. Simply is best: enhancing trust and understanding of central banks through better communications
  4. A Closer Look at the BoC-BoE Sovereign Default Database
  5. The seven deadly paradoxes of cryptocurrency
  6. Reflections on the Bank’s History
  7. How did organisations adapt to change in the 18th and 19th century: Lessons from the Bank of England Archives…
  8. Montagu Norman: The View from St Clere
  9. Car insurance telematics: why the black box should become more transparent
  10. Could knowledge about Central banks impact households’ expectations?
  11. Low-Carbon Macro
  12. Insulated from risk? The relationship between the energy efficiency of properties and mortgage defaults
  13. Bitesize: Premium Delirium II
  14. Bitesize: Premium Delirium
  15. Financing private investment in China: the role of alternative finance and banking reforms
  16. ‘The world turned upside down’: How the global economy was hit by the crisis
  17. ‘Running for the exit’: How cross-border bank lending fell
  18. ‘Neither a borrower nor a lender be’: How the sterling money markets dried up
  19. ‘As safe as houses’: How a small corner of the US mortgage market nearly brought down the global financial system
  20. Lehman Brothers: 10 years on
  21. Repo Market Functioning: The Role of Capital Regulation
  22. Global Financial Cycles and risk premiums
  23. Making big data work for economics
  24. Climate change and finance: what role for central banks and financial regulators?
  25. Bitesize: Snowed In
  26. Fog in the Channel? How have equity markets reacted to Brexit news?
  27. Opposing change? The price impact of removing the penny
  28. Gender diversity on Bank Board of Directors and performance
  29. When Harry Fired Sally: The Gender Punishment Gap
  30. Using machine learning to understand the mix of jobs in the economy in real-time
  31. What a difference a day makes
  32. Who supplies liquidity in CHAPS?
  33. Pumping Iron: How can metals prices help predict global growth?
  34. Tight labour markets and self-service beer: is the productivity slowdown about to reverse?
  35. Bank of England and Financial Times Schools blogging competition: And the winner is…
  36. How lab-grown burgers could feed the world
  37. Facebook bank anyone?
  38. Should peer to peer lenders exist in theory?
  39. Would a Central Bank Digital Currency disrupt monetary policy?
  40. Core Design Principles for a Central Bank Digital Currency
  41. Home grown financing: How small business owners use their own houses to support investment
  42. US Hurricane Clustering: A New Reality?
  43. Has the UK’s demand for cars run out of gas?
  44. Algos all go?
  45. Bitesize: The past decade’s productivity growth in historical context
  46. Is the tail wagging the dog? The impact of VIX exchange traded products on equity volatility
  47. UK trade: going steady since the 1960s
  48. What can regional data tell us about the UK Phillips Curve?
  49. What did the CBPS do to corporate bond yields?
  50. Bitesize: UK real interest rates over the past three centuries
  51. The UK’s productivity puzzle is in the top tail of the distribution
  52. How does monetary policy affect the distribution of income and wealth?
  53. Our new home on twitter: @BoE_Research
  54. Open letters: Laying bare linguistic patterns in PRA messages using machine learning
  55. Monetary policy spillovers in the first age of financial globalisation: ripple or a riptide?
  56. Can central bankers become Superforecasters?
  57. The 2016 Sterling Flash Episode
  58. Peer to Peer – Scale and Scalability
  59. Bank of England and Financial Times Schools Blog Competition: Get writing!
  60. Bitesize: Risk-weight watchers: a probe into UK banks’ capital ratios
  61. Bitesize: The rise and fall of interest only mortgages
  62. The Spanish Connection – Consequences of a macroprudential regulation in Spain on Mexico
  63. Completing Correlation Matrices
  64. Population ageing and the macroeconomy
  65. Trimming the Hedge: How can CCPs efficiently manage a default?
  66. Stirred, not shaken: how market interest rates have been reacting to economic data surprises
  67. Is a steeper yield curve good news for banks? A challenge to the conventional wisdom
  68. Bitesize: Financial services exports and financial openness: two sides of the same coin
  69. Voting with their wallets? Consumer expectations after the EU referendum
  70. Who’s driving consumer credit growth?
  71. How does uncertainty affect how UK firms invest?

2017 80

  1. The Bank Underground Christmas Quiz 2017
  2. Our top 10 posts of 2017
  3. Sterling weakness: FX mismatch risks in the UK corporate sector
  4. Looking inside the ledgers: the Bank of England as a Lender of Last Resort
  5. A prince not a pauper: the truth behind the UK’s current account deficit
  6. Optimal quantitative easing
  7. Is the economy suffering from the crisis of attention?
  8. Do rich countries lend to poor countries?
  9. Bitesize: Trading your way out of debt
  10. Bitesize: Flourishing FinTech
  11. New machines for The Old Lady
  12. Global real interest rates since 1311: Renaissance roots and rapid reversals
  13. Do investors amplify or cushion corporate bond market sell-offs?
  14. Does domestic uncertainty really matter for the economy?
  15. A LOOPy model of inflation
  16. Will Pay Clawback Tame Damaging Risk-Taking In The City?
  17. Mind the gap: Services trade liberalisation and global imbalances
  18. The decline of solvency contagion risk
  19. Reducing counterparty credit risk in uncleared markets – but what are the costs?
  20. Bitesize: Are leasehold houses really a thing?
  21. Insurance companies: amplifiers or the white knights of financial markets?
  22. 10 Years after Northern Rock – is the UK more or less likely to see another bank run?
  23. Beyond blockchain: what are the technology requirements for a Central Bank Digital Currency?
  24. David vs Goliath: the supermarkets’ battle for the consumer
  25. Who withdraws money from distressed banks?
  26. Bitesize: The very volatile value of cryptocurrencies
  27. Foreign-owned firms and productivity
  28. Car finance: what’s new?
  29. Bitesize: Elections, confidence and misery (US edition)
  30. Your country needs funds: The extraordinary story of Britain’s early efforts to finance the First World War
  31. The Dog and the Boomerang: in defence of regulatory complexity
  32. Pension fund deficit risk
  33. Modelling the Macroprudential Balancing Act
  34. How will households react to the real income squeeze?
  35. Bitesize: Common ownership across UK banks: implications for competition and financial stability
  36. A CAMEL ride: Retracing the history of UK banking through a new historical database
  37. Bitesize: How trendy are retail sales?
  38. Central Bank Balance Sheets: Past, Present and Future
  39. Bitesize: Blink and you’ve missed it: French government bond ‘mini flash’
  40. The Forward Guidance Paradox
  41. Bitesize: How do fees affect overdraft pricing?
  42. Bitesize: How do fixed mortgage rates compare across loan-to-value ratios?
  43. Bitesize: Which fixed-rate bond term is most popular?
  44. Bitesize: How did the Bank Rate change affect business loan rates?
  45. Bitesize Special: Fascinating Rates and Where to Find them
  46. Eliminating high denomination notes and making the mob miserable
  47. Imports and the composition of expenditure
  48. Central Bank Digital Currency: DLT, or not DLT? That is the question
  49. Do core and transitory volatilities matter for the economy?
  50. Bitesize: Bank note-able growth
  51. Taking a long hard look in the mirror: should the leverage ratio reflect Pillar 2?
  52. Has there been a sea change in the way banks respond to capital requirements?
  53. The impact of Brexit-related shocks on global asset prices
  54. Green investment for busy people: retail investors need help to navigate towards the 2°C climate goal
  55. Trade: The benefits of foreign banks
  56. Big Data jigsaws for Central Banks – the impact of the Swiss franc de-pegging
  57. Guest post: Why regulators should focus on bankers’ incentives
  58. Does productivity drive wages? Evidence from sectoral data
  59. Bitesize: Correction to ‘There are two productivity puzzles’
  60. The art of the deal: what can Nobel-winning contract theory teach us about regulating banks?
  61. Of Goosebumps and CCP default funds
  62. An intuitive interpretation of factor models
  63. Unintended consequences: specialising in risky mortgages under Basel II
  64. Macroprudential policy beyond banking
  65. What happened to competition between UK deposit takers over the past 25 years?
  66. Low for long: what does this mean for defined-benefit pensions in the UK?
  67. Should economists be more concerned about Artificial Intelligence?
  68. Foreign booms, domestic busts: the global dimension of banking crises
  69. Is economic uncertainty holding back growth in the euro-area?
  70. Bitesize: Tantrums, massacres and bond market reversals
  71. Low real interest rates: depression economics, not secular trends
  72. Capital Inflows: The Good, the Bad and the Bubbly
  73. Do consumers respond in the same way to good and bad income surprises?
  74. The surprise in monetary surprises: a tale of two shocks
  75. How should regulators deal with uncertainty? Insights from the Precautionary Principle
  76. The tip of the iceberg: the implications of climate change on financial markets
  77. History dependence in the housing market
  78. Bitesize: Exploring UK sectoral productivity
  79. Bitesize: More on the bond-equity correlation
  80. Venetians, Volcker and Value-at-Risk: 8 centuries of bond market reversals

2016 94

  1. The Bank Underground Christmas Quiz 2016
  2. Unto us a lender of last resort is born: Overend Gurney goes bust in 1866
  3. The Nightmare before Christmas: Financial crises go global in 1857
  4. The ghost of crises past, present and future: The Bank Charter Act goes on trial in 1847
  5. Christmas special: Financial Crises in the 19th century
  6. Mind over matter: is scarcity as much about psychology as it is economics?
  7. The world trade slowdown (redux)
  8. Designing stress test scenarios – developing doomsday
  9. Bitesize: Banks’ growing capital surplus since the crisis
  10. The U Word: What can text analytics tell us about how far uncertainty has risen during 2016?
  11. Making Macroprudential Hay When the Sun Shines
  12. Bitesize: Global growth: The *old* normal?
  13. Bitesize: America is not always like the rest of the world
  14. Home is where your cash flows are? UK-focused equities and the international exposure of the FTSE All-Share
  15. Bitesize: The divergence of house prices and rents in Prime London
  16. There are two productivity puzzles
  17. Bitesize: Has the FOMC increased its focus on foreign risks?
  18. Macroprudential Regulation: Two birds with one stone?
  19. Bitesize: Understanding housing activity in real time
  20. When linear models are misleading
  21. Bitesize: Sovereign debt, default and “r-g”
  22. Bitesize: Periodicity of GBP/USD trading activities
  23. Does market liquidity risk affect Euro corporate bond returns more seriously in stress periods?
  24. A dynamic model of financial balances for the United Kingdom
  25. Bitesize: Power and progress
  26. Bitesize: 250 years of the bond-equity correlation
  27. Bitesize: How 20-somethings are getting onto the housing ladder in London
  28. Bitesize: Mapping the UK’s trade
  29. Bitesize: The improvement in the gender labour force participation gap
  30. Bank Underground goes bitesize…
  31. Double trouble? How closely related are the UK’s ‘twin’ deficits and should we be concerned?
  32. Fish and (micro)chips: Why I’m relatively relaxed about robots
  33. Inflation compensation and risk sentiment
  34. A cat, a hat and a simple measure of gobbledygook: How readable is your writing?
  35. Why Unconventional Monetary Policy Works in Theory
  36. The economic effects of globalisation: a view from two of the Bank’s Agents
  37. Global Investment – The Role of Emerging Markets
  38. Unintended consequences of higher capital requirements
  39. DIY Macroeconomic Modelling on a Raspberry Pi
  40. Proprietary trading: evidence from the crisis
  41. Collateral and market stress: what are the risks?
  42. Robot Macroeconomics: What can theory and several centuries of economic history teach us?
  43. When asset managers go MAD
  44. How credit risk can incentivise banks to keep making payments at the height of a crisis
  45. Balancing bias and variance in the design of behavioral studies: The importance of careful measurement in randomized experiments
  46. It’s time to bring more realistic models of human behaviour into economic policy and regulation
  47. Mind the steps: competition implications of graduated approach to setting capital surcharges
  48. Forming strong bonds: dynamics in corporate bond markets
  49. Should the true costs of insuring deposits of up to £75,000 be made clearer?
  50. Transmitting liquidity shocks across borders: evidence from UK banks
  51. Car finance – is the industry speeding?
  52. Matchmaker, matchmaker make me a mortgage: What policymakers can learn from dating websites
  53. Central bank digital currency: the end of monetary policy as we know it?
  54. Stitching together the global financial safety net
  55. Is finance a powerful driver of growth?
  56. The ballad of the landlord and the loan
  57. No smog without fire: the financial stability risks around carbon-intensive investments
  58. Bank Underground is a year old!
  59. If Pate’s Grammar School set UK Monetary Policy…
  60. Rewriting history: understanding revisions to UK GDP
  61. What does the UK experience tell us about cyclicality in banks’ risk appetite?
  62. Life below zero – the impact of negative rates on derivatives activity
  63. Recycling is good for the liquidity environment: Why ending QE shouldn’t stop banks from being able to make CHAPS payments
  64. Have reforms to the BOE’s operating framework reduced money market volatility, and does this matter for monetary policy transmission?
  65. The growth of peer-to-peer lending platforms and prospects for banks’ disintermediation – hype or real threat?
  66. How financial variables can help in identifying the output gap in the UK
  67. Less is more: what does mindfulness mean for economics?
  68. Shocks Happen: Are Retail Deposits the Answer?
  69. Friedman was right: flexible exchange rates do help external rebalancing
  70. Bank liquidity requirements: How to get more bang for your buck
  71. International business cycle synchronization: what is the role of financial linkages?
  72. What explains the fall in sterling corporate bond issuance?
  73. Modelling banking sector shocks and unconventional policy: new wine in old bottles?
  74. What are the effects of fiscal policy at the zero lower bound?
  75. The danger zone – when should we worry about how much households spend on their mortgages?
  76. The declining sensitivity of asset prices to events in Greece
  77. Houses: who has stopped buying them?
  78. Too eagerly anticipated: The impact of the extension of ECB QE on asset prices
  79. Stress tests: The small print matters
  80. Is sterling ever a fashionable currency?
  81. How do firms adjust to falls in demand?
  82. When banks say ‘No’: how the credit crunch lowered UK productivity
  83. What do Agents’ company visit scores say about the weakness of wage growth?
  84. Rescuing a SIFI, Halting a Panic: the Barings Crisis of 1890
  85. Saving Liquidity in a Liquidity-abundant World: Why don’t banks use less liquidity when making high-value payments?
  86. From Berlin to Basel: what can 1930s Germany teach us about banking regulation?
  87. Uncertainty is no excuse for not using macroprudential tools
  88. Potential supply, the output gap and inflation
  89. Falling off a cliff: what happened to UK corporate debt? A transatlantic comparison.
  90. The cheque republic: money in a modern economy with no banks.
  91. Testing the test: How reliable are risk model backtesting results?
  92. Extracting insight from complexity
  93. How important are interest rates for exchange rates?
  94. Could new SME lending policies be bad for start-ups?

2015 64

  1. The Bank Underground Christmas Quiz 2015
  2. Global inflation: a laboured process
  3. Commenting on Bank Underground posts
  4. Bouncebackability of exports after the Great Trade Collapse of 2008/9
  5. House Prices and Job Losses
  6. Fixing bankers’ pay: punish bad risk management, not bad risk outcomes
  7. Mean and modal Bank Rate expectations
  8. Finding a Match
  9. Hedging the zero bound with threshold-based forward guidance
  10. What can we discover from average mortgage rate stats?
  11. How did the Bank’s forecasts perform before, during and after the crisis?
  12. Regulatory arbitrage in action: evidence from cross-border lending and macroprudential policy
  13. Productivity in the UK vs the US – can we play catch up again?
  14. The “question” or the “answer”? Market reaction to UK stress tests
  15. High-frequency trading and market quality: What’s the deal?
  16. Rational and Behavioural Drivers of Financial Markets: the case of ‘search for yield’
  17. Why has world trade been so weak in recent years?
  18. Does oil drive financial market measures of inflation expectations?
  19. Will there really be a pensions spending spree?
  20. Is starting a new market like opening a nightclub?
  21. Financial inclusion and central banks
  22. How important are households’ expectations for spending?
  23. Are reserves still “special”?
  24. On the benefits of reducing uncertainty about policy
  25. The impact of e-commerce on the consumer sector- view from a Bank of England Agent
  26. Bringing together stress testing and capital models – a Bayesian approach
  27. A lifecycle story of housing debt in Blighty
  28. How China lost UK GDP in 22 working days
  29. Izzy Whizzy let’s get Vizzy – The magic of using visualisation to analyse and understand data.
  30. The Relation Between Stock and Currency Returns
  31. Local housing booms and busts in England
  32. The special relationship: UK and US bond yields
  33. Has corporate bond market liquidity fallen?
  34. What do we know about non-bank interconnectedness?
  35. Monies – Joining Economic and Legal Perspectives
  36. Forecasting GDP in the presence of breaks: when is the past a good guide to the future?
  37. Tweets, Runs and the Minnesota Vikings
  38. Very much anticipated: ECB QE had a big impact on asset prices, even before it was officially announced
  39. It’s a model – but is it looking good? When banks’ internal models may be more style than substance.
  40. An estimate of the UK’s natural rate of interest
  41. Inequality: reframing the debate, reforming institutions and rooting out rent-seeking
  42. Helicopter money: setting the tale straight
  43. UK mortgage rates: born in the USA?
  44. Are mortgages like potatoes? Unintended consequences in a world of many constraints
  45. Drivers of long-term global interest rates – can changes in desired savings and investment explain the fall?
  46. Drivers of long-term global interest rates – can weaker growth explain the fall?
  47. Are firms ever going to empty their war chests?
  48. Human capital depreciation during unemployment – does it matter for monetary policy?
  49. Five facts about buy-to-let
  50. Chance favours the prepared mind: What linked micro data can tell us about the housing market
  51. Did Quantitative Easing boost bank lending?
  52. Will a Fed rate hike affect house prices in emerging markets?
  53. Seeking feedback: Towards a New Keynesian Theory of the Price Level
  54. Does business intelligence still point to labour market slack?
  55. Who benefits from the implicit subsidy to ‘too big to fail’ banks?
  56. Estimating and interpreting term premia in UK government bond yields: global influences on a small open economy
  57. Back to the future: why we’re optimists in the secular stagnation debate
  58. Banks are not intermediaries of loanable funds – and why this matters
  59. Oil is not as it seems: Expectations of future oil supply key to explaining drop in price
  60. Skills matter: The changing workforce and the effects on pay and productivity
  61. BoE archives reveal little known lesson from the 1974 failure of Herstatt Bank
  62. Driverless Cars: Insurers Cannot be Asleep at the Wheel
  63. How does the scope for policy loosening affect the risk of deflation?
  64. The Bank of England enters the blogosphere…