Articles by Central Banking staff
Aggressive monetary policy hits poorer harder – research
New York Fed authors find stabilising demand shocks has positive distributional outcomes
Quarter of central banks use tiered reserves remuneration
Corridor systems remain most common method of setting short-term interest rate
Minutes released with greatest lag in lower-middle income countries
Blackout period lasts seven days in most central banks
Money-supply targetters account for lowest frequency of policy meetings
Upper-middle income central banks set policy and publish reports at highest frequency
Middle income monetary policy staff salaries fall behind peers
Officials in Europe and Africa tend to earn highest average annual income
MPCs largest in inflation-targeting central banks
Government reps attend meetings in two-thirds of jurisdictions with other regimes
Monetary policy budget averages under $2 million annually
Budgets larger in high income, upper-middle income central banks
Briefing, analysis and research are monetary policy officials’ top duties
Average departmental staff remains below 40 persons
Half of central banks use forecast errors to assess policy impact
Surveys of expectations widely used but surveys of trust and understanding are less common
Canadian rate hikes may have lasting effects – research
Bank of Canada researchers find disposable income could decrease by up to 5% by 2027
US inflation’s last mile ‘could take several years’ – Cleveland Fed
Favourable shocks are necessary to reach 2% quickly, researcher argues
Turkey holds interest rate amid rising inflation
Disinflation will start in the second half of the year, CBRT says
Nearly 40% of central banks use targeted liquidity facilities
“Funding for lending” schemes remain widespread, though some have been wound down post-Covid
Trademark confusion influences US depositors, Fed paper finds
Federal Reserve Board researchers find a similar name to a failed bank decreases deposits
Monetary Policy Benchmarks 2024 Charts
Take a deep dive into the Monetary Policy Benchmarks charts, which have just been released for 2024.
Half of central banks regularly review monetary framework
Vast majority conduct reviews but many are ad hoc
Most asset purchase programmes are winding down
Around a quarter of respondents have open APPs but most are shrinking
Over 25% of central banks pre-brief government on policy decisions
Briefing patterns differ across institutions, as two central banks start practice
One-third of central banks offer liquidity to non-banks
But most keep the list of counterparties strictly limited
Four central banks commit to responsible artisanal gold principles
Colombia, Ecuador, Mongolia and the Philippines commit to principles aimed at guiding domestic small-scale, gold-buying schemes
Remittance fees unregulated in most jurisdictions despite high costs
But central banks identify opportunities in cross border payments integration
New York Fed paper argues for wage insurance
The programme would pay for itself and increase lifetime earnings, researchers say
Banks are main instant payments participants
Email address is central banks’ least-used payment channel
Two in five RTGS systems experienced outage last year
Majority of central banks plan technology upgrade within a year