Articles by Central Banking Newsdesk
Labour Market Review (January) – Bank of Estonia
Estonian central bank says unemployment has become structural, and would continue to increase in the first half of this year
Inventories and the Phillips Curve
A Richmond Fed paper finds that introducing inventories into the New Keynesian model limits its ability to capture inflation dynamics
“We failed the system”: Carney at RBI panel
Governors including Canada’s Mark Carney and India’s Duvvuri Subbarao point to imbalances as root cause of the crisis, but skirt around concerns over the dollar
Germans in favour of kicking Greece out: poll
Survey in leading newspaper shows 53% of Germans think Greece should be kicked out of the eurozone if its debt troubles cannot be resolved, 67% want no part in a bail-out
FSA’s Turner queries faith in deep and liquid markets
Britain’s top regulator calls for a conservative approach to liquidity, arguing that excessive financial activity is liable to do more damage than good
RBIs Subbarao pillories inflation targeting
India’s governor says crisis has “diluted if not dissolved” inflation-targeting consensus; says fiscal dominance likely to remain
Hungary split on size of cut
Minutes of the Hungarian central bank’s January meeting reveal that three members wanted a larger cut than was ultimately implemented on the threat of disinflation
Riksbank’s Nyberg: cards systemically important
Riksbank’s Lars Nyber says cards are overtaking cash in Nordic countries, but security still an issue
Canada has weathered the downturn well: BoC’s Duguay
Bank of Canada deputy governor Pierre Duguay says although output and growth rates fell sharply, the country did better than elsewhere
Spending and loose monetary policy cause inflation
CEPR looks for an explanation for UK inflation in the 1970s
Inflation targets must be raised: IMF’s Blanchard
IMF economists Olivier Blanchard, Giovanni Dell’Ariccia and Paulo Mauro call for central banks to revise their price growth targets if they want to avoid crippling deflation
China surprises with second reserve requirement hike
People’s Bank of China ups its reserve requirement ratio by 0.5 percentage points to drain excess liquidity from system
Fifty years of monetary policy
Reserve Bank of Australia’s Glenn Stevens and economists Adam Cagliarini and Christopher Kent document the birth of inflation targeting and look to the lessons from fifty years of policymaking
Monthly bulletin (February) – ECB
ECB’s second monthly bulletin of the year shows a shift away from broad money, both into longer-term assets and narrow money
China’s SWF to take control of its portfolios
China Investment Corporation will increase the proportion of investments that are managed in house, says its chairman Lou Jiwei
HKMA in fresh drive to spur yuan trade
Hong Kong Monetary Authority measures promote renminbi bond issuance and settlement
British PM heralds global bank levy
British prime minister Gordon Brown flags growing consensus among leaders on a global bank tax following Obama proposals
India’s Gokarn rules out March hikes
Reserve Bank of India’s Subir Gokarn emphasises that, barring extraordinary circumstances, the central bank will not raise rates before April; central bank cracks down on PayPal
Canada’s Carney sees recovery in business investment
Bank of Canada’s Mark Carney says companies are emerging from the recession
Community banks remain crucial for US economy
Chicago Federal Reserve summarises its conference on the impact of the financial crisis on community banks
New governor for the Bank of Central African States
Former director-general Lucas Abaga Nchama takes over at the top after the firing of his predecessor, Philibert Andzembe, over an embezzlement enquiry and unexplained losses
Monthly report on covered bond purchases – ECB
ECB’s January report shows demand is stronger in primary than secondary markets
Kenya gets first credit-reference bureau
Central bank governor Njuguna Ndung’u says credit bureaux will increase the availability and lower the cost of loans for borrowers
Ghana suited to inflation targeting: IMF paper
International Monetary Fund paper says the country does not suffer problems in credibility, which helps in the inflation targeting framework