Despite the persistence of low oil prices we still think that inflation in the major advanced economies will rise this year. That said, it is only likely to increase substantially above 2% in the US...

Broad money growth has slowed somewhat in the four major advanced economies in recent months. However, bank lending to the private sector, which is a better guide to economic prospects, has generally...

The recent declines in global equity prices may negatively affect household consumption via confidence and wealth effects, but any impact should not be huge. It would probably take further sharp falls...

In principle, cutting policy rates into negative territory should boost growth and inflation. But central banks have not communicated these benefits clearly, and the hesitant way in which they have...