Articles by Central Banking Newsdesk
Swiss paper finds SNB's 2009 bond purchase policy narrowed spreads
Researchers find 'unique' Swiss bond purchase programme had a 'discounted portfolio balance effect of the expected purchases, as distinct from policy signalling'
Riksbank report deflects criticism over persistent below-target inflation
Economic commentary says low inflation is partly caused by factors outside the Riksbank’s control; argues tight policy cannot take all the blame for high unemployment
IMF report calls for more powers for Bank of Spain
Progress report finds Spain has implemented 'the bulk' of required financial sector reforms, but suggests greater independence and powers for the central bank
Colombian paper recommends using neural networks in yield curve forecasts
Neural networks, which process information in a similar manner to the human brain, are tested for their ability to improve yield curve forecasts in Latin America
ECB paper says government spending harms growth
Study analyses impact of government revenues and spending on long-term growth; finds income taxes and public investment can both have a negative impact
MAS pushes for tighter rules on financial advisers
Monetary Authority of Singapore expands and elaborates on report recommending tighter rules for financial advisers; calls for higher qualifications, more capital and greater efficiency
Top US regulators restless over too-big-to-fail
Fed’s Jerome Powell and FDIC’s Martin Gruenberg stress the need for ongoing progress in bid to eliminate ‘too-big-to-fail’ problem
ECB lauds 2012 as year of ‘great achievement' for T2S programme
Annual report details progress in 2012 including 22 participating clearing houses and new governance and legal frameworks, though one deadline has already been missed
New Zealand central bank publishes macro-prudential ‘tool-kit' consultation
Four new tools proposed by Reserve Bank of New Zealand; former RBNZ chief economist says implementation will take time, but anticipates an ‘announcement effect'
NY Fed paper says monitoring is essential to fix Dodd-Frank’s ‘significant limitations’
A growth in shadow banking is one risk from the Dodd-Frank Act that must be addressed by broad and forward-looking monitoring, a staff report says
Dutch paper suggests using loan-to-deposit ratio in macroprudential policy
Study says LTD ratio could be a useful tool for regulator to address liquidity risk; suggests counter-cyclical policy to encourage lending in tough times
Benoît Cœuré says ECB can only 'buy time for political bodies to act'
ECB executive board member calls on Europe's governments to 'redefine the European social contract' - saying rebalancing is 'inevitable'
Bernanke evaluates long-term interest rates
Federal Reserve chair Ben Bernanke expects long-term interest rates to rise gradually; says upside and downside risks to rate level are 'roughly symmetric'
Yellen says monetary easing needed to support labour market
Federal Reserve vice-chair says labour market should take centre stage in Fed’s monetary policy; does not believe asset purchases are threatening financial stability
People: Bank of England reappoints Dale and Haldane to committee posts
BoE hands Spencer Dale and Andrew Haldane – both executive directors – further three-year terms on the financial and monetary policy committee respectively; Sweden deputy stands down
Japan’s Kuroda signals ‘substantive step change’ in fight against deflation
Haruhiko Kuroda, nominated as the next Bank of Japan governor, says the central bank is not doing enough to stimulate inflation
Thailand deputy defends rate hold in wake of appreciating currency
Pongpen Ruengvirayudh says surge in capital inflows is a cause for concern, but says abandoning inflation targeting would be ‘counterproductive’
ECB's Mersch calls for 'true banking union' to unblock policy transmission channel
Yves Mersch says banking union and single supervisory mechanism are necessary to allow European Central Bank to effectively set monetary policy in the eurozone
Hungary central bank staff review their monetary policy model
The National Bank of Hungary's Monetary Policy Model has been in place for two years - staff publish a review of its performance ahead of governor switch
Bank of Japan paper shows popping bubbles may require volatile inflation
Research finds inflation can remain stable while asset price bubbles develop, implying optimal monetary policy should tighten to reduce the bubble at the cost of below-target inflation
Emerging markets exports most sensitive to FX changes, says French paper
Banque de France researchers find exports in emerging markets are relatively sensitive to exchange rate changes, while US imports are relatively impervious
BIS paper urges inclusion of financial cycle in output gap calculation
Working paper warns ignoring the financial cycle when calculating the output gap can cause policy-makers to overlook unsustainable output movements
Central Bank of Ireland economist says monetary policy will not save euro
Lars Frisell suggests loosening monetary policy in the eurozone is unlikely to have much effect on the distressed periphery; instead advocates risk sharing through common deposit guarantees
European legislators agree sweeping rules for banking sector reform
European Parliament and Commission agree CRD IV package to tighten capital rules, increase bank transparency and curb bankers' bonuses