Unraveling the cobweb of global imbalances: drivers, vulnerabilities, and adjustment scenarios
Stefan Avdjiev, Kristin Forbes, Tsvetelina Nenova and Marjorie Santos This paper analyses the evolution and drivers of the stock of global imbalances in order to assess associated vulnerabilities and potential adjustment scenarios. These imbalances have recently increased sharply, with a deterioration in the US net international investment position (NIIP) mirrored by NIIP improvements in most […]
Richer & More Equal
Daniel Waldenström (2026) Richer & More Equal: A New History of Wealth in the West.Cambridge: Polity. Pp. vi + 264. Once there were princes and peasants and very few between. The extremes of wealth and poverty are still with us, but that shouldn’t blind us to the fact our societies have been utterly transformed for […]
Monetary Policy and the Wealth Distribution
Alessandro Franconi , Giacomo Rella We study the effects of monetary policy on the distribution of household wealth in the United States, distinguishing between interest rate and asset purchase shocks, using both the Distributional Financial Accounts (DFA) of the United States and the Panel Study of Income Dynamics (PSID). Our first contribution is to demonstrate […]