Articles by Central Banking staff
People: January to March 2024
A round-up of central bankers in the news and on the move during the past three months
Central bank independence usually safeguarded by law
But one in 10 respondents see their autonomy threatened
Most central banks have policy independence
But some respondents provide details of pressure they have faced to change policy
AI threatens labour’s share of income, research finds
AI could increase inequality and social unrest, Philadelphia Fed paper argues
Monetary policy may have counterintuitive housing price effects – research
Researchers from the Dallas Fed say indirect effects may undercut policy’s aims
Middle income central banks lag on diversity and green policies
But code of ethics and whistleblower schemes remain common standards
Governors’ salaries tend to rise with country income
Low income developing countries less likely to disclose data
African central banks most likely to manage sovereign wealth fund
FX reserve management, currency supply remain leading functions in most jurisdictions
US fiscal stimulus boosted vehicle price pressures – Fed research
Vehicle sales driven by consumer and small business stimulus, say Fed researchers
Anchoring inflation expectations increases FDI – research
Adopting inflation targeting also increases investment, researchers find
Debt-related driving bans create instability – Fed research
Punishments disproportionately affect low-income and minority communities
Governors rarely removed by central bank boards
Ultimate responsibility broadly vested in heads of state, other government entities
Governors’ terms average just over five years
Central bank chiefs are typically allowed two consecutive terms in office
Governance Benchmarks 2024 Charts
Take a deep dive into the Governance Benchmarks charts, which have just been released for 2024.
Around half of governments consult central banks on mandate reviews
Practice less likely to be found in Asia-Pacific and the Americas
Central Bank of Brazil cuts rate by 50bp
Copom says it expects to do the same at its next meeting in May
Some US banks vulnerable due to non-deposit funding, paper finds
Banks reliant on capital markets saw profits fall during tightening cycle, researchers say
Stablecoins show ‘flight to safety’ dynamics – NY Fed paper
Researchers argue these runs on stablecoins could cause wider financial instability
Current US wage trends may be here to stay – NY Fed research
Researchers present new tools for predicting wage growth in US
Elections influence bank lending in eurozone, study finds
Bank of Finland research suggests pre-poll uncertainty raises cost of loans
Most central banks’ cloud services are software-focused
Operational environment is largely hybrid and public, while access to server is often domestic
Hong Kong eases homebuying curbs to support real estate market
HKMA relaxes mortgage rules and government removes cooling measures
Fintech employees trained in AI in just over one-third of central banks
Senior management staff are least trained across jurisdictions
AI being adopted in over half of central banks
Supervision, document automation, data analysis and research are primary areas of use