ECB announces new pandemic emergency longer-term refinancing operations (European Central Bank)

Banks more restrictive on lending to new borrowers (Norges Bank)

Covid-19 and Economic Analysis: A Review of the Debate (G. Caracciolo, F. Cingano, V. Ercolani, G. Ferrero, F. Hasan, A. Papetti, P. Tommasino; Bank of Italy)

A Fiscal Capacity for the Euro Area: Lessons from Existing Fiscal-Federal Systems (Pablo Burriel, Panagiotis Chronis, Maximillian Frier, Sebastian Hauptmeier, Lukas Reiss, Dan Stegarescu, Stefan Van Parys; Bank of Spain)

The Missing Link: Monetary Policy and Labor Share (Cristiano Cantore, Filippo Ferroni, Miguel León-Ledesma; Bank of England)

Teachable Moments from the Pandemic (Stephen S. Poloz; Bank of Canada)

Alternative scenarios for the impact of the COVID-19 pandemic on economic activity in the euro area (Niccolò Battistini, Grigor Stoevsky; European Central Bank)

Economic policy incentives in the fight against pandemics (Roberto Chang, Andres Velasco; VoxEU)

The economic risk from COVID-19 is not where COVID-19 is (Ilan Noy, Nguyen Doan, Benno Ferrarini, Donghyun Park; VoxEU)

On April 30, the Federal Reserve Board announced updates to the Main Street Lending Program, after receiving more than 2,200 comments from individuals, businesses, and nonprofits on the initial terms of the program announced on April 9. Major changes include creating a third facility that accepts riskier borrowers, lowering the minimum loan size, lowering the interest rate, and expanding the pool of eligible borrowers.

Central banks across the world have eased monetary policy to facilitate smooth market functioning during the Covid-19 crisis. Interest rate cuts are their primary policy tool. Global interest rates are now at historic lows, with 14 of the 38 central banks in a Bank for International Settlements (BIS) database setting their nominal key policy rates at or below 0.25 percent; three are below 0.

MAS and Financial Industry Provide Additional Support for Individuals (Monetary Authority of Singapore)

Monetary policy decisions (European Central Bank)

Which city economies did COVID-19 damage first? (Alan Barube; Brookings Institution)

A risk-centric perspective on the central banks’ Covid-19 policy response (Ricardo Caballero, Alp Simsek; VoxEU)

Is This a Liquidity Crisis or a Solvency Crisis? It Matters to Fed (Greg Ip; Wall Street Journal)

The EU recovery fund: An opportunity for change (Massimo Motta, Martin Peitz ; VoxEU)