Claudio Borio

Recent and upcoming reviews of monetary policy frameworks have been putting the spotlight on the evolution of inflation…

Rodrigo Coelho

Fernando Restoy

and

Nikola Tarashev

Publication 11 Mar 2025

Moving targets? Inflation targeting frameworks 1990 - 2025

BIS Working Paper No 1230 2 Dec 2024

and

Matthieu Chavaz

and

Fabrizio Zampolli

BIS Paper No 133 20 Mar 2023

The two-regime view of inflation

This study provides a view of the inflation process that is complementary to the one captured in standard models, such as those…

Prudential policy tightening – whether ahead of or during monetary policy tightening – helps to reduce the likelihood of…

Marco Jacopo Lombardi

James Yetman

and

Egon Zakrajsek

Publication 27 Feb 2023

Prudential policy and financial dominance: exploring the link

Frederic Boissay

BIS Bulletin No 67 26 Jan 2023

Cristina Leonte

and

Ilhyock Shim

Does money growth help explain the recent inflation surge?

The strength of the link between money growth and inflation depends on the inflation regime: it is one-to-one when inflation is…

BIS Working Paper No 1057 13 Dec 2022

Boris Hofmann

and

Egon Zakrajsek

Macro-financial stability frameworks: experience and challenges

Since the 2008–9 Great Financial Crisis, major advanced economies (AEs) have used monetary and macroprudential policies…

Ilhyock Shim

and

External publication 1 May 2022

All external publications (130)

Monetary policy and inequality

External publication 1 Apr 2022

Traction lost: monetary policy at very low rates

External publication 1 Apr 2022

and

Rashad Ahmed

The surprising resurgence of inflation

External publication 1 Jan 2022

Looking under the hood: the two faces of inflation

External publication 1 Dec 2021

and

Dora Xia

Back to the future: intellectual challenges for monetary policy

External publication 1 Nov 2021

Monetary and fiscal policies: in search of a corridor of stability

External publication 1 Sep 2021

Navigating by r*: safe or hazardous?

External publication 1 Jun 2021

Integrated policy frameworks: the constraints of policy horizons and adjustment frequencies

and

External publication 20 May 2021

Monetary and fiscal policy: privileged powers, entwined responsibilities

and

Lecture by Mr Claudio Borio, Head of the Monetary and Economic Department, at the OMFIF's Economic and Monetary Policy…

All speeches (76)

Speech 13 Nov 2024

Whither inflation targeting as a global monetary standard?

Remarks by Mr Claudio Borio, Head of the Monetary and Economic Department, at the ECB Forum on Central Banking on "Monetary…

Speech 3 Jul 2024

In the eye of the beholder

Speech by Mr Claudio Borio, Head of the Monetary and Economic Department, on the occasion of the Bank's Annual General Meeting,…

Speech 30 Jun 2024

Monetary policy in the 21st century: lessons learned and challenges ahead

Article by Mr Claudio Borio, Head of the Monetary and Economic Department of the BIS, Mr Piti Disyatat, Assistant Governor,…

Speech 15 Feb 2024

The double-faced demand for bank reserves and its implications

Article by Mr Claudio Borio, Head of the Monetary and Economic Department of the BIS, Mr Boris Hofmann, Head of Monetary Policy…

and

Andreas Schrimpf

Speech 24 Jan 2024

Money growth and the post-pandemic inflation surge: updating the evidence

Article by Mr Claudio Borio, Head of the Monetary and Economic Department of the BIS, Mr Stijn Claessens, Head of Financial…

Boris Hofmann

and

Egon Zakrajsek

Speech 11 Jul 2023

Collateral damage

Speech by Mr Claudio Borio, Head of the Monetary and Economic Department of the BIS, on the occasion of the Bank's Annual…

Stijn Claessens

Andreas Schrimpf

and

Nikola Tarashev

Speech 25 Jun 2023

Monetary and fiscal policy: safeguarding stability and trust

Remarks made by Mr Claudio Borio, Head of the Monetary and Economic Department of the BIS, at the Netherlands Bank Workshop …

Speech 26 Apr 2023

Getting up from the floor

Remarks by Mr Claudio Borio, Head of the BIS Monetary and Economic Department of the BIS, at the 11th Biennial IFC Conference,…

Speech 30 Sep 2022

Measuring the past to better understand the present and chart the future: the central bank network on historical monetary and financial statistics

Policy lessons and the future of unconventional monetary policy

All videos (80)

01:33:37

Video 6 Nov 2015

Policy lessons and the future of unconventional monetary policy

Claudio Borio explains that today's persistently low rates are not "equilibrium" rates because of their long-term costs…

EME vulnerabilities take centre stage

Lael Brainard

and

Maurice Obstfeld

00:16:09

Video 11 Sep 2015

EME vulnerabilities take centre stage

Media briefing for the September 2015 BIS Quarterly Review.

and

Credit booms and credit busts

00:17:19

Video 10 Jul 2015

Credit booms and credit busts

In this interview, Claudio Borio speaks with INET's Marshall Auerback on the need to strengthen the macroprudential orientation…

Persistent unusually low interest rates. Why? What consequences?

00:20:23

Video 28 Jun 2015

Persistent unusually low interest rates. Why? What consequences?

In his presentation, Claudio Borio develops a core theme of the 85th BIS Annual Report, that persistent unusually low interest…

Is the unthinkable becoming routine?

00:07:54

Video 24 Jun 2015

Is the unthinkable becoming routine?

Media briefing for BIS 85th Annual Report.

The international monetary and financial system: its Achilles heel and what to do about it

01:48:06

Video 9 Apr 2015

The international monetary and financial system: its Achilles heel and what to do about it

In his presentation, Claudio Borio argues that the Achilles heel of the international monetary and financial system is that it…

Monetary policy: the new normal

and

Hélène Rey

00:49:24

Video 10 Oct 2014

Monetary policy: the new normal

Claudio Borio participates in a panel discussion at the IIF's Annual Meeting. (Claudio Borio at 20:39, 35:09 and 54:44)

Macroprudential policy and the financial cycle: some stylised facts and policy suggestions

Vítor Constâncio

and

Martin Feldstein

00:29:49

Video 16 Apr 2013

Macroprudential policy and the financial cycle: some stylised facts and policy suggestions

In his panel remarks, Claudio Borio maintains that the financial cycle - which is the main source of systemic risk - should be…

and

Stanley Fischer

All podcasts (17)

00:39:50

Podcast 24 Feb 2023

Media briefing on the BIS Quarterly Review, March 2023

Claudio Borio and Hyun Song Shin summarize the March 2023 Quarterly Review and answer journalists' questions about market…

and

0:00 0:00

Podcast 2 Dec 2022

Persistent risks in foreign exchange trades, hidden dollar debt

Claudio Borio and Hyun Song Shin brief the media on the key takeaways of the BIS December 2022 Quarterly Review and answer…

and

0:00 0:00

00:23:30

Podcast 19 Sep 2022

Markets swing on changing perceptions of the policy outlook: BIS Quarterly Review

Claudio Borio and Hyun Song Shin summarize the September 2022 Quarterly Review and answer journalists' questions about market…

and

0:00 0:00

00:13:10

Podcast 26 Jun 2022

Inflation: looking under the hood

The recent surge in inflation has underscored the need to "look under the hood" to better understand how relative price changes…

0:00 0:00

00:10:07

Podcast 29 Jun 2021

The distributional footprint of monetary policy

Claudio Borio discusses the nexus between inequality and monetary policy, as outlined in Chapter II of the BIS Annual Economic…

0:00 0:00

21:23:00

Podcast 30 Jun 2020

The central bank response to the Covid-19 crisis

Agustin Carstens discusses the monetary and fiscal response to the Covid-19 pandemic and the challenges facing central banks…

and

Agustín Carstens

0:00 0:00

00:09:42

Podcast 22 Sep 2019

Markets swing on trade and monetary policy

Claudio Borio sat down on 19 Sept to discuss the Bank for International Settlements' latest Quarterly Review, which tells a…

0:00 0:00

00:08:39

Podcast 30 Jun 2019

Monetary policy frameworks in emerging markets

Claudio Borio explains the particular challenges for emerging market central banks in setting monetary policy and the multiple…