New report outlining how we used text embeddings to categorize >30 million products of the ECB's daily price dataset in a cost-efficient manner. The goal is to turn billions of prices into snapshots of current inflation: www.bis.org/publ/othp109...
Heterogeneity & Inflation: From Microeconomic Variation to Macroeconomic Impact The BIS Innovation Hub Eurosystem Centre and the BIS Monetary and Economic Department, in association with CEPR, CEBRA and Basel University is organising a conference on Inflation Heterogeneity: Micro-Level Variations and Macro-Level Effects. The conference will take place 26-27 May 2026 at the BIS in Basel, Switzerland. This conference will explore different dimensions of heterogeneity - across consumers, firms, and shocks - and the resulting macroeconomic implications for aggregate inflation and policy. It will also explore the practical implications for the measurement, nowcasting and forecasting of inflation, including projects such as Spectrum of the BIS Innovation Hub. The conference is aimed at both academic and policy audiences. Scientific Committee: Raphael Auer (BIS & CEPR), Boris Hofmann (BIS), Sarah Lein (University of Basel & CEPR), Chiara Osbat (ECB), Elvira Prades (BIS & Banco de España), Andras Valko (BIS) and Henning Weber (Bundesbank). Deadline: 15 March 2026
📢 #CallForPapers - Heterogeneity & Inflation: From Microeconomic Variation to Macroeconomic Impact
📍26-27 May @ BIS | ⌛Deadline: 15 March
cepr.org/events/heter...
@unibas.ch @raphauer.bsky.social @leinsarah.bsky.social #EconSky
New report outlining how we used text embeddings to categorize >30 million products of the ECB's daily price dataset in a cost-efficient manner. The goal is to turn billions of prices into snapshots of current inflation: www.bis.org/publ/othp109...
Job alert: my current role. After 4 rewarding years leading the Eurosystem Centre, I’ll be moving back into a research role early next year. We’re also re-opening the search for the Nordic Centre Head — both applications close October 14:
www.bis.org/careers/vaca...
Happy to announce Leap Phase 2: together with Swift, Nexi, Banca d'Italia, Banque de France, and Bundesbank, we are exploring the implementation of post-quantum cryptography in a European payment system:
www.bis.org/about/bisih/...
Congrats to the Leap team for launching this initiative!
We must prepare our financial system for quantum threats. A new paper shows how: www.bis.org/publ/bppdf/b...
#Quantumcomputing poses a significant risk to global financial stability. This joint work with Donna Dodson, Angela Dupont, Maryam Haghighi, Nicolas Margaine, ... (1/3)
2. Strategic planning: cryptographic agility, phased migration, and hybrid models
3. Pragmatism: focus on existing solutions rather than hypothetical ones, as well as, on implementation complexities and infrastructure challenges.
#CyberSecurity #FinancialServices #QuantumSafe
(3/3)
Danica Marsden, Sarah McCarthy and Andras Valko sets out a framework for the transition to quantum-safe cryptography, emphasizing:
1. Immediate action: awareness and cryptographic inventory
...
(2/3)
We must prepare our financial system for quantum threats. A new paper shows how: www.bis.org/publ/bppdf/b...
#Quantumcomputing poses a significant risk to global financial stability. This joint work with Donna Dodson, Angela Dupont, Maryam Haghighi, Nicolas Margaine, ... (1/3)
How economically significant is decentralized finance (#DeFi)?
www.bis.org/publ/work126...
Total Value Locked (#TVL) aims to capture the size of any ecosystem by summing up the funds that are locked in a given ecosystem, much like the liability side of a bank’s balance sheet. However...
... #TVL can be inflated due to double-counting and reliance on off-chain data. We hence introduce Verifiable TVL, a more transparent and reproducible approach to measuring DeFi’s scale:
www.bis.org/publ/work126...
This is joint w Pietro Saggese, Stefan Kitzler, Michael F., Bernhard Haslhofer.
How economically significant is decentralized finance (#DeFi)?
www.bis.org/publ/work126...
Total Value Locked (#TVL) aims to capture the size of any ecosystem by summing up the funds that are locked in a given ecosystem, much like the liability side of a bank’s balance sheet. However...
Here's a new report from the Bank for International Settlements, showing the reality of digital assets with actual data.
Yes, most activity is pure speculation. BUT, there is legitimate transactional cross-border usage of stablecoins.
www.bis.org/publ/work126...
New data shows #Stablecoins are quietly emerging as a global transactional means and reshaping remittance flows.
Happy to share "DeFiying Gravity? An Empirical Analysis of Cross-Border Bitcoin, Ether and Stablecoin Flows," with Ulf Lewrick and Jan Paulick: www.bis.org/publ/work126...
We...
Bitcoin and Ether remain predominantly speculative, influenced by global market volatility.
analyze a novel and extensive crypto transaction dataset across 184 countries and the four major crypto assets (USDT, USDC, #Ether, and #Bitcoin). We uncover substantial volumes but distinct roles: stablecoins serve transactional needs like remittances, while...
New data shows #Stablecoins are quietly emerging as a global transactional means and reshaping remittance flows.
Happy to share "DeFiying Gravity? An Empirical Analysis of Cross-Border Bitcoin, Ether and Stablecoin Flows," with Ulf Lewrick and Jan Paulick: www.bis.org/publ/work126...
We...
Join the BIS Innovation Hub in Frankfurt, Paris, Hong Kong, London, Basel, Stockholm, Singapore, or Toronto. We have a number of secondment opportunities. Duration is typically 6-18 months.
Find here more information on the job and how to apply:
lde.tbe.taleo.net/lde01/ats/ca...
Join the BIS Innovation Hub in Frankfurt, Paris, Hong Kong, London, Basel, Stockholm, Singapore, or Toronto. We have a number of secondment opportunities. Duration is typically 6-18 months.
Find here more information on the job and how to apply:
lde.tbe.taleo.net/lde01/ats/ca...
I found this video by MIT Professor Andrej Karpathy really worth the time (3½ hours). A non-technical walkthrough on creating an LLM chatbot like ChatGPT.
youtu.be/7xTGNNLPyMI?...
I found this video by MIT Professor Andrej Karpathy really worth the time (3½ hours). A non-technical walkthrough on creating an LLM chatbot like ChatGPT.
youtu.be/7xTGNNLPyMI?...
Unlocking seamless, instant, and safe FX settlements - read our brand new report on Meridian FX connecting DL3S, the Trigger solution, and TIPS Hash-link to the UK RTGS system: www.bis.org/publ/othp94....
Distributed ledgers are the embodiment of the vision of a decentralised notion of money. The key idea is to harness a network of self-interested ‘validators’ to perform the record keeping role of trusted intermediaries that underpin our current monetary system. This column examines the economic trade-offs in designing such systems, focusing on the interplay between decentralisation, finality, and scalability. A well-designed decentralised system aligns the interests of market participants with ledger maintainers. However, replicating validation across numerous validators can be cost-effective only in low-trust environments.
@raphauer.bsky.social, Cyril Monnet, & Hyun Song Shin discover that the economic gains from decentralisation of monetary ledgers are far from self-evident. One must balance decentralisation, security, and scalability.
cepr.org/voxeu/column...
#EconSky
For no particular reason, it might be a good time to repost my Starter pack of academic economists who study international trade
go.bsky.app/G3dqAYg
Is there an economic case for decentralization? Below, some takeaways from a paper with Cyril Monnet and Hyun Shin, now available in the JFE: www.sciencedirect.com/science/arti...
- Decentralization can provide benefits when validators are chosen from among the system’s users.... (1/3)
Submission deadline for #CEBRA25 is tomorrow 20.03: www.cebra-events.org/call-for-pap...
Please share! We are happy to announce up to 4 Adviser positions (Secondment). The BIS Innovation Hub Eurosystem Centre invites applications for Project Lead, Data Engineer, Economist, and Data Scientist.
These roles offer opportunities to (1/4)...
Submission deadline for #CEBRA25 is tomorrow 20.03: www.cebra-events.org/call-for-pap...
until March 31th:
igam.escb.eu/oamcontext/p...
(Note that the above link only works from a Eurosystem PC)
...found here: www.bis.org/about/bisih/...
These are Secondment positions open to current Eurosystem employees only. Candidates will hold the title of Adviser at the BIS Innovation Hub and work in either Frankfurt or Paris. A relocation and cost of living top-up is provided. Apply here: ... 3/4
