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Home > News and Publications > Quarterly Bulletin 2015 Q1

Quarterly Bulletin 2015 Q1

News Release

Quarterly Bulletin 2015 Q1

Contents of the Quarterly Bulletin

Each article is available as a separate pdf file; click on the appropriate title to access the relevant file. Alternatively you may download the complete issue.

Complete issue (4.51MB)

 Topical articles

By Kushal Balluck of the Bank’s Banking and Insurance Analysis Division.
Investment banks play a key role in capital markets and contribute to the efficient functioning of financial markets. As demonstrated in the recent financial crisis, however, investment banks can create and propagate risks in the financial system given their scale, as well as the interconnected and complex nature of their activities. Recognising investment banks’ systemic importance, a number of international regulatory initiatives have come into force since the onset of the recent financial crisis.
A short video discusses some of the key topics from this article.


By Richard Button and Samuel Knott of the Bank’s Financial Stability Strategy and Risk Directorate, and Conor Macmanus and Matthew Willison of the Bank’s Prudential Policy Directorate.
City of Glasgow Bank was the largest commercial banking failure in the United Kingdom prior to the recent financial crisis and arguably shaped the future structure of the UK banking system.

A short video discusses some of the key topics from this article.


By Andrew Haldane and Rachana Shanbhogue of the Bank of England and Professors Orazio Attanasio of University College London, Timothy Besley of the London School of Economics, Peter Lindert of the University of California, Davis, Thomas Piketty of the Paris School of Economics, and Jaume Ventura of Universitat Pompeu Fabra.
On 19 December 2014, the Centre for Economic Policy Research and the Bank of England hosted a discussion forum based around Thomas Piketty’s book, Capital in the twenty-first century, with a number of economists from academia, public sector bodies and private sector institutions. Four speakers presented research on various issues relating to inequality, including: access to education; wealth and taxation policy; and the role of governance and institutions. This article presents each speaker’s key arguments, and includes a summary of the open-floor debate that followed.

By David England, Andrew Hebden, Tom Henderson and Tom Pattie of the Bank’s Inflation Report and Agency Intelligence Division.
The Bank’s Agents have had a long-standing role to provide economic intelligence for monetary policy purposes. Increasingly the Agents have also been gathering intelligence to inform financial stability policy. Developments in credit conditions and property markets are examples of issues relevant to both monetary and financial stability policy that the Agents are particularly well placed to provide information on.

Self-employment: what can we learn from recent developments?
By Srđan Tatomir of the Bank’s Structural Economic Analysis Division.
Self-employment has become an important feature of the UK labour market, accounting for around a third of the growth in employment since 2010. Developments in self-employment — and the reasons behind them — can provide information on the overall degree of spare capacity in the labour market which, in turn, can influence wages and inflation. While cyclical factors have played a role, much of the recent increase in self-employment reflects longer term trends — such as an ageing workforce — that began before the recession and are, therefore, unlikely to reflect additional slack above what is already captured by staff estimates.

Flora and fauna at the Bank of England (2.32MB)
By Jennifer Adam, Curator of the Bank of England Museum.
An exhibition at the Bank of England Museum explores the surprising menagerie that can be found adorning the Bank’s buildings and banknotes.

Recent economic and financial developments 

This article reviews developments in financial markets between the 2014 Q4 Quarterly Bulletin and 25 February 2015. It goes on to describe the Bank’s own operations within the Sterling Monetary Framework and other market operations.

By David Bholat of the Bank’s Advanced Analytics Division.
This article recaps an event held at the Bank of England on 2-3 July 2014. The article covers three main points. First, it situates the event within the context of the Bank’s new approach to data as set out in the Bank’s Strategic Plan. Second, it summarises and reflects on major themes from the event. And third, the article links central banks’ emerging interest in big data approaches with their broader uptake by other economic agents.

Summaries of working papers 


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