Articles by Central Banking Newsdesk
ECB cautions Slovenia over ‘critical infrastructure’ draft law
Legislation should not encroach on the central bank’s regulation of payments systems, says ECB
IMF’s Adrian sketches macro-financial model of term premium
Tobias Adrian outlines a new way of modelling financial cycles within a New Keynesian framework, which produces a good fit with empirical observations on the term structure
Oil prices feed through to core inflation – Fed paper
Research finds changes in the oil price have a small but statistically significant impact on core inflation
National Bank of Denmark sees "major challenges" for Greenland’s economy
Greenland is experiencing an economic boom, but needs to diversify its economy; central bank warns political independence may be a mistake
Fed’s liquidity policies more restrictive than other central banks
NY Fed article compares the Fed’s collateral and liquidity frameworks to other major central banks, finding the US central bank is much more limited in its operations
Argentine governor acknowledges rate cuts were too abrupt
Sturzenegger acknowledges central bank loosened monetary policy too abruptly in late 2016, but he says the bank still has tools to stimulate growth expanding access to credit
People: New chairman in Macau; Bosnia appoints vice-governor
Chan Sau San to lead Macau’s monetary authority; Bosnia appoints vice-governor; Nathan Sussman leaves the Bank of Israel after six years as head of research
FOMC divided on how to proceed with policy
Strong jobs growth, but below-target inflation leaves some members emphasising room to be patient, while others warn of a potential overshoot
Ghanaian central bank closes two commercial banks
IMF staff called for action in February over problems at some commercial banks
Bank of Colombia forecasts stronger growth as oil shock fades
The central bank expects higher GDP growth in 2018, as inflation remains within target and the peso’s exchange rate with the dollar stays stable
Wage growth may be stronger than headline figures suggest
San Francisco Fed researchers point to evidence that headline figures may overstate wage weakness; UK figures provide a positive surprise
Fed’s Fischer criticises efforts to unwind banking regulation in the US
The economist describes attempts to reduce capital standards as “extremely dangerous and extremely short-sighted”
Uzbekistan launches new banknote as inflation erodes value
New 50,000 som note is five times the value of the next largest banknote; security features include raised text, colour-changing foils and windows
Lithuanian paper examines interplay between European housing and credit
Panel-like econometrics may give misleading results, authors warn
Bank of Colombia paper charts fiscal multipliers in developing countries
Stronger fiscal-monetary co-ordination in developing economies during periods of expansion would extract more value from stimulus; fiscal multipliers higher in fixed exchange rate regimes
German court refers ECB bond purchases to ECJ
“Doubtful” whether PSPP is authorised by German and European law, says court
Fed paper studies how to tackle the lower bound
Simple policy rules lead to inflation falling “systematically” short of 2% target; pursuing higher inflation may help but comes at a cost
Failed bomber planned to target Fed
FBI arrests man in Oklahoma after undercover operation; Jerry Drake Varnell allegedly planned to target Fed in Washington
IMF explores ways to reform US mortgage finance
The research questions whether the US model of homeownership through government-backed fixed rate mortgages is sustainable in an increasingly unequal society
RBA’s Kent warns mortgages are still risky, despite offsets
RBA assistant governor says use of offset accounts does not remove the need for tighter lending standards; new securitisation database sheds light on housing market
RBI launches economics blog
“Mint Street Memos” comprise brief reports and analysis from RBI economists; first post studies beneficial effects of demonetisation for “financialisation” of savings
Goodhart and Pradhan: demographics will reverse ‘multi-decade’ trends
Ageing population is likely to put upward pressure on real interest rates and inflation, and push down inequality, economists say
DNB paper looks at Fed’s use of credit swap lines
Federal Reserve used currency swap lines to calm markets in worst of crisis, paper says
People: Ma Jun departs PBoC; Brazil promotes directors
Chief economist of the PBoC departs central bank for academia; Central Bank of Brazil gets new directors; Andrew Abir to sit on the Bank of Israel’s monetary committee