What caught my eye: Monetary policy, macroprudential policies, zombie firms, and much more…

Speech by Richard Clarida on “The Federal Reserve’s New Framework: Context and Consequences”

https://www.federalreserve.gov/newsevents/speech/clarida20210113a.htm

The “Beige Book” of the Fed. As always, many interesting observations from across the United States:

https://www.federalreserve.gov/monetarypolicy/beige-book-default.htm

Do credits to so-called zombie firms lead to too much supply which dispresses prices? “Zombie Credit and (Dis-)Inflation: Evidence from Europe” by Viral V. Acharya, Matteo Crosignani, Tim Eisert, and Christian Eufinger:

https://www.newyorkfed.org/research/staff_reports/sr955.html

The macroprudential toolkit: effectiveness and interactions:

https://www.bankofengland.co.uk/working-paper/2021/the-macroprudential-toolkit-effectiveness-and-interactions

In the United States, industrial production advanced 1.6 percent in December 2020. This is a very positive number:

https://www.federalreserve.gov/releases/g17/current/default.htm

U.S. retail trade data for December 2020 are less positive…:

https://www.census.gov/retail/index.html

Hornstein-Kudlyak-Lange Non-Employment Index for the U.S. labor market (alternative to the official unemployment rate):

https://www.richmondfed.org/research/national_economy/non_employment_index

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