Bank of England Research
@boeresearch.bsky.social
Research papers, #bankunderground posts, publications and news from Bank of England researchers. Staff opinion and analysis, not necessarily official BoE views. https://linktr.ee/boeresearch
In today’s Bank Underground post, Tuli Saha (BoE) and Alexandra Varadi (BoE) explore how household debt shapes the transmission of interest rates to spending and mortgage defaults. 🔗 bankunderground.co.uk/2025/11/20/t...
November 21, 2025 at 1:17 PM
In today’s Bank Underground post, Tuli Saha (BoE) and Alexandra Varadi (BoE) explore how household debt shapes the transmission of interest rates to spending and mortgage defaults. 🔗 bankunderground.co.uk/2025/11/20/t...
📢 #CallForPapers 📢
Submissions are now welcome for the Bank of England’s 2026 BEAR #conference on “The Interconnected World”
📆 7-8 May 2026 📍 London, Bank of England
📆 Submission deadline: 15 February 2026
👉 Submit here: www.bankofengland.co.uk/events/2026/... (1/4)
Submissions are now welcome for the Bank of England’s 2026 BEAR #conference on “The Interconnected World”
📆 7-8 May 2026 📍 London, Bank of England
📆 Submission deadline: 15 February 2026
👉 Submit here: www.bankofengland.co.uk/events/2026/... (1/4)
Call for papers - Bank of England’s 2026 BEAR conference 'The Interconnected World'
London, 7 and 8 May 2026
www.bankofengland.co.uk
November 19, 2025 at 10:35 AM
📢 #CallForPapers 📢
Submissions are now welcome for the Bank of England’s 2026 BEAR #conference on “The Interconnected World”
📆 7-8 May 2026 📍 London, Bank of England
📆 Submission deadline: 15 February 2026
👉 Submit here: www.bankofengland.co.uk/events/2026/... (1/4)
Submissions are now welcome for the Bank of England’s 2026 BEAR #conference on “The Interconnected World”
📆 7-8 May 2026 📍 London, Bank of England
📆 Submission deadline: 15 February 2026
👉 Submit here: www.bankofengland.co.uk/events/2026/... (1/4)
🧵 How do global supply chains shape our economy? Rebecca Freeman (BoE) shared insights on this topic at the OECD event “Launch of the new vintage of OECD’s Inter‑Country Input‑Output (ICIO) tables and Trade in Value Added (TiVA) database | Measuring the Global Economy”. (1/3)
November 19, 2025 at 10:09 AM
🧵 How do global supply chains shape our economy? Rebecca Freeman (BoE) shared insights on this topic at the OECD event “Launch of the new vintage of OECD’s Inter‑Country Input‑Output (ICIO) tables and Trade in Value Added (TiVA) database | Measuring the Global Economy”. (1/3)
In our latest Bank Underground post, Iulia Bucur (BoE) & Ed Hill (BoE) explore how LLMs can be applied to central bank reports—including the BoE’s Monetary Policy Reports & the BoJ’s Outlook for Economic Activity and Prices—to analyse sentiment over time.🔗 bankunderground.co.uk/2025/11/13/a...
November 18, 2025 at 3:25 PM
In our latest Bank Underground post, Iulia Bucur (BoE) & Ed Hill (BoE) explore how LLMs can be applied to central bank reports—including the BoE’s Monetary Policy Reports & the BoJ’s Outlook for Economic Activity and Prices—to analyse sentiment over time.🔗 bankunderground.co.uk/2025/11/13/a...
Staff Working Paper 1151 by J Peydro (LUISS, EIEF), F Rodriguez-Tous (Bayes), J Tripathy (BoE), & A Uluc (BoE) provides a synthesis of the evidence on the transmission of borrower-based macroprudential tools across jurisdictions. 🔗 www.bankofengland.co.uk/working-pape...
Distributional consequences of borrower-based macroprudential tools
Staff working papers set out research in progress by our staff, with the aim of encouraging comments and debate.
www.bankofengland.co.uk
November 14, 2025 at 2:02 PM
Staff Working Paper 1151 by J Peydro (LUISS, EIEF), F Rodriguez-Tous (Bayes), J Tripathy (BoE), & A Uluc (BoE) provides a synthesis of the evidence on the transmission of borrower-based macroprudential tools across jurisdictions. 🔗 www.bankofengland.co.uk/working-pape...
In our latest Bank Underground post, Arno Hantzsche (BoE) and Harriet Jeanes (BoE) outline a new model that decomposes movements in house prices across contributions from key economic drivers. Real household income key for explaining house price growth. 🔗 bankunderground.co.uk/2025/11/13/t...
November 14, 2025 at 10:01 AM
In our latest Bank Underground post, Arno Hantzsche (BoE) and Harriet Jeanes (BoE) outline a new model that decomposes movements in house prices across contributions from key economic drivers. Real household income key for explaining house price growth. 🔗 bankunderground.co.uk/2025/11/13/t...
Staff Working Paper 1150 by M Buckmann, Q Anh Nguyen & E Hill (BoE) evaluate LLMs’ ability to reproduce economic and financial statistics & find that examining their internal representations is more effective than relying on their textual response. 🔗 www.bankofengland.co.uk/working-pape...
Revealing economic facts: LLMs know more than they say
Staff working papers set out research in progress by our staff, with the aim of encouraging comments and debate.
www.bankofengland.co.uk
November 13, 2025 at 10:06 AM
Staff Working Paper 1150 by M Buckmann, Q Anh Nguyen & E Hill (BoE) evaluate LLMs’ ability to reproduce economic and financial statistics & find that examining their internal representations is more effective than relying on their textual response. 🔗 www.bankofengland.co.uk/working-pape...
Staff Working Paper 1149 by G Covi, M Froemel, D Reinhardt & N Wegner (BoE) examines how banks respond to transition risk linked to the shift towards a low-carbon economy. Finds stricter climate policies reduce banks’ exposure to transition risk. 🔗 www.bankofengland.co.uk/working-pape...
Climate policy and banks’ portfolio allocation
Staff working papers set out research in progress by our staff, with the aim of encouraging comments and debate.
www.bankofengland.co.uk
November 12, 2025 at 10:35 AM
Staff Working Paper 1149 by G Covi, M Froemel, D Reinhardt & N Wegner (BoE) examines how banks respond to transition risk linked to the shift towards a low-carbon economy. Finds stricter climate policies reduce banks’ exposure to transition risk. 🔗 www.bankofengland.co.uk/working-pape...
📢 Applications are open for our 12-week PhD Internship at the BoE!
Are you a PhD student interested in conducting innovative, policy-relevant research & finding out what it is like to work in a policy institution?
📍 London, Leeds
📅 Deadline: 19 Jan 26
🔗 www.bankofengland.co.uk/careers/rese...
Are you a PhD student interested in conducting innovative, policy-relevant research & finding out what it is like to work in a policy institution?
📍 London, Leeds
📅 Deadline: 19 Jan 26
🔗 www.bankofengland.co.uk/careers/rese...
Research careers
Help shape the future of the economy, financial services industry and regulation in the UK
www.bankofengland.co.uk
November 11, 2025 at 10:06 AM
📢 Applications are open for our 12-week PhD Internship at the BoE!
Are you a PhD student interested in conducting innovative, policy-relevant research & finding out what it is like to work in a policy institution?
📍 London, Leeds
📅 Deadline: 19 Jan 26
🔗 www.bankofengland.co.uk/careers/rese...
Are you a PhD student interested in conducting innovative, policy-relevant research & finding out what it is like to work in a policy institution?
📍 London, Leeds
📅 Deadline: 19 Jan 26
🔗 www.bankofengland.co.uk/careers/rese...
📣 Registrations are now open for the “Understanding Business Conditions, Expectations & Uncertainty” conference organised by Phil Bunn (BoE) & Paul Mizen (King’s)
📆 17 Nov 📍 King's Business School
🎙 Confirmed speakers include Catherine Mann (BoE)
👉 Register: www.eventbrite.co.uk/e/understand...
📆 17 Nov 📍 King's Business School
🎙 Confirmed speakers include Catherine Mann (BoE)
👉 Register: www.eventbrite.co.uk/e/understand...
Understanding Business Conditions, Expectations and Uncertainty
Join us for an in-person conference.
www.eventbrite.co.uk
November 10, 2025 at 3:11 PM
📣 Registrations are now open for the “Understanding Business Conditions, Expectations & Uncertainty” conference organised by Phil Bunn (BoE) & Paul Mizen (King’s)
📆 17 Nov 📍 King's Business School
🎙 Confirmed speakers include Catherine Mann (BoE)
👉 Register: www.eventbrite.co.uk/e/understand...
📆 17 Nov 📍 King's Business School
🎙 Confirmed speakers include Catherine Mann (BoE)
👉 Register: www.eventbrite.co.uk/e/understand...
Staff Working Paper 1148 by M Balgova (BoE), T Tekleselassie (Wellesley), L Hensel (Peking Uni) & M Witte (VU Amsterdam) study the causes and the consequences of firms omitting wage information from job adverts via a field experiment with real vacancies. 🔗 www.bankofengland.co.uk/working-pape...
Wage information and applicant selection
Staff working papers set out research in progress by our staff, with the aim of encouraging comments and debate.
www.bankofengland.co.uk
October 30, 2025 at 1:54 PM
Staff Working Paper 1148 by M Balgova (BoE), T Tekleselassie (Wellesley), L Hensel (Peking Uni) & M Witte (VU Amsterdam) study the causes and the consequences of firms omitting wage information from job adverts via a field experiment with real vacancies. 🔗 www.bankofengland.co.uk/working-pape...
Staff Working Paper 1147 by B Tracey (BoE) & N van Horen (BoE) shows FTB home purchases rose sharply after 2013 when the deposit requirement was reduced from 10% to 5% by HTB. Gains were concentrated among FTBs unlikely to have relied on family support. 🔗 www.bankofengland.co.uk/working-pape...
Credit constraints and the redistribution of housing wealth
Staff working papers set out research in progress by our staff, with the aim of encouraging comments and debate.
www.bankofengland.co.uk
October 28, 2025 at 9:46 AM
Staff Working Paper 1147 by B Tracey (BoE) & N van Horen (BoE) shows FTB home purchases rose sharply after 2013 when the deposit requirement was reduced from 10% to 5% by HTB. Gains were concentrated among FTBs unlikely to have relied on family support. 🔗 www.bankofengland.co.uk/working-pape...
Staff Working Paper 1146 by Ludovica Ambrosino (LBS), Jenny Chan (BoE) & Silvana Tenreyro (LSE) examines how trade fragmentation affects inflationary pressures. Paper develops a model to capture both supply & demand-side effects of trade fragmentation.
🔗 www.bankofengland.co.uk/working-pape...
🔗 www.bankofengland.co.uk/working-pape...
Trade fragmentation, inflationary pressures and monetary policy
Staff working papers set out research in progress by our staff, with the aim of encouraging comments and debate.
www.bankofengland.co.uk
October 24, 2025 at 2:12 PM
Staff Working Paper 1146 by Ludovica Ambrosino (LBS), Jenny Chan (BoE) & Silvana Tenreyro (LSE) examines how trade fragmentation affects inflationary pressures. Paper develops a model to capture both supply & demand-side effects of trade fragmentation.
🔗 www.bankofengland.co.uk/working-pape...
🔗 www.bankofengland.co.uk/working-pape...
🧵 We recently published two new Macro Technical Papers (MTPs). ICYMI here are the details... (1/4)
October 23, 2025 at 12:20 PM
🧵 We recently published two new Macro Technical Papers (MTPs). ICYMI here are the details... (1/4)
Staff Working Paper 1145 by C Canon Salazar (BoE), E Gerba (BoE) & J Barunik (Charlse) explore how frictions in funding market frictions shape bond prices & liquidity. Find dealer market power and interconnections distort repo pricing & market liquidity
🔗 www.bankofengland.co.uk/working-pape...
🔗 www.bankofengland.co.uk/working-pape...
Repo dealer-driven bond mispricing
Staff working papers set out research in progress by our staff, with the aim of encouraging comments and debate.
www.bankofengland.co.uk
October 21, 2025 at 8:48 AM
Staff Working Paper 1145 by C Canon Salazar (BoE), E Gerba (BoE) & J Barunik (Charlse) explore how frictions in funding market frictions shape bond prices & liquidity. Find dealer market power and interconnections distort repo pricing & market liquidity
🔗 www.bankofengland.co.uk/working-pape...
🔗 www.bankofengland.co.uk/working-pape...
Staff Working Paper 1144 by M Buckmann (BoE) & G Potjagailo (BoE) discusses how economic theory can be integrated into machine learning methods to address “black box” concerns and still harness their predictive power in forecasting & policy analysis.
🔗 www.bankofengland.co.uk/working-pape...
🔗 www.bankofengland.co.uk/working-pape...
Infusing economically motivated structure into machine learning methods
Staff working papers set out research in progress by our staff, with the aim of encouraging comments and debate.
www.bankofengland.co.uk
October 17, 2025 at 1:46 PM
Staff Working Paper 1144 by M Buckmann (BoE) & G Potjagailo (BoE) discusses how economic theory can be integrated into machine learning methods to address “black box” concerns and still harness their predictive power in forecasting & policy analysis.
🔗 www.bankofengland.co.uk/working-pape...
🔗 www.bankofengland.co.uk/working-pape...
Staff Working Paper 1143 by M Buckmann (BoE), G Potjagailo (BoE) & P Schnattinger (BoE) examines the drivers of post-pandemic inflation via a structured, interpretable ML model that provides insights into the non-linear sources of inflation dynamics.
🔗 www.bankofengland.co.uk/working-pape...
🔗 www.bankofengland.co.uk/working-pape...
Blockwise Boosted Inflation: Non-linear determinants of inflation using machine learning
Staff working papers set out research in progress by our staff, with the aim of encouraging comments and debate.
www.bankofengland.co.uk
October 16, 2025 at 11:57 AM
Staff Working Paper 1143 by M Buckmann (BoE), G Potjagailo (BoE) & P Schnattinger (BoE) examines the drivers of post-pandemic inflation via a structured, interpretable ML model that provides insights into the non-linear sources of inflation dynamics.
🔗 www.bankofengland.co.uk/working-pape...
🔗 www.bankofengland.co.uk/working-pape...
Staff Working Paper 1142 by M Chen (Warwick), R Cont (Oxford), A Joseph (BoE), M Kumhof (BoE), X Pan (Berkeley), W Xiong (Oxford) & X Zhou (RBA) illustrates how an “artificially intelligent” (AI) household can be embedded within standard macro models 🔗 www.bankofengland.co.uk/working-pape...
Deep reinforcement learning in a monetary model
Staff working papers set out research in progress by our staff, with the aim of encouraging comments and debate.
www.bankofengland.co.uk
October 15, 2025 at 9:11 AM
Staff Working Paper 1142 by M Chen (Warwick), R Cont (Oxford), A Joseph (BoE), M Kumhof (BoE), X Pan (Berkeley), W Xiong (Oxford) & X Zhou (RBA) illustrates how an “artificially intelligent” (AI) household can be embedded within standard macro models 🔗 www.bankofengland.co.uk/working-pape...
Staff Working Paper 1141 by Ambrogio Cesa-Bianchi (BoE), Andrea Ferrero (Oxford) and Shangshang Li (Liverpool) assess how US monetary policy transmit to other countries through its effect on exchange rates and capital flows…. 🔗 Read the paper here: www.bankofengland.co.uk/working-pape...
Capital flows and exchange rates: A quantitative assessment of the dilemma hypothesis
Staff working papers set out research in progress by our staff, with the aim of encouraging comments and debate.
www.bankofengland.co.uk
October 14, 2025 at 12:59 PM
Staff Working Paper 1141 by Ambrogio Cesa-Bianchi (BoE), Andrea Ferrero (Oxford) and Shangshang Li (Liverpool) assess how US monetary policy transmit to other countries through its effect on exchange rates and capital flows…. 🔗 Read the paper here: www.bankofengland.co.uk/working-pape...
In today’s Bank Underground post, David Rule (BoE) provides an historical account of the transition from coin to paper currency in Britian. 🔗 Read the post here: bankunderground.co.uk/2025/10/09/w...
October 9, 2025 at 9:59 AM
In today’s Bank Underground post, David Rule (BoE) provides an historical account of the transition from coin to paper currency in Britian. 🔗 Read the post here: bankunderground.co.uk/2025/10/09/w...
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...
September 25, 2025 at 2:53 PM
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...
September 23, 2025 at 3:11 PM
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...
September 19, 2025 at 9:57 AM
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...
September 4, 2025 at 1:15 PM
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...
www.bankofengland.co.uk
September 1, 2025 at 9:59 AM
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...