Central Banking Journal - Volume XXXV Number 3
Articles in this issue
Fed independence is under threat
US central bank faces increasing pressure although monetary policy autonomy looks safe for now
People: January to March 2025
A round-up of central bankers in the news and on the move during the past three months
Banknotes: January to March 2025
A round-up of news and salient issues that have affected central bankers in the past three months
CNB’s Aleš Michl on tackling inflation, Friedman’s legacy and ditching DSGE
The Czech governor speaks about policy mistakes, targeting M2, diversifying into equities and gold, building new models and ending interest payments on minimum reserves
Combining central banking orthodoxy with innovation
Sergiy Nikolaychuk argues the future of central banking centres on adaptability as well as independence
Fake it ’til you break it: the battle against disinformation
Transparency, beefed-up comms and AI are all being enlisted in central banks’ fight against falsehood
The GFXC chair on the next steps for the FX global code
Global FX Committee chair Gerardo García speaks with Christopher Jeffery about updating FX best practice, improving buy-side engagement and revising settlement risk estimates in the BIS’s triennial survey
The frontiers of AI in central bank communications
Comms experts assess technology's value in video production, message generation and more
How AI is shaping the future of payment system oversight
Biagio Bossone explains that sound AI policies can be a powerful ally supporting financial stability
Accounting for banknotes
Three leading experts on central bank finances debate the appropriate treatment of currency
The monetary base and seigniorage in a digital era
Rapid technological innovation in payment systems portends declining demand for money. Emerging markets and low-income countries may have to lower their expectations of seigniorage revenue
Book notes: Default: the landmark court battle over Argentina’s $100 billion debt restructuring, by Gregory Makoff
Required reading amid current high sovereign debt, global tensions and the urgent need for climate finance
Book notes: A fly on the RBI wall: an insider’s view of the central bank, by Alpana Killawala
This book offers insights into the inner workings of the growing Indian economy and pro tips on communication
Book notes: The bankers’ new clothes, second edition, by Anat Admati and Martin Hellwig
A disjointed book where ‘I told you so’ new chapters add little to the excellent original analysis
Book notes: Central bank capitalism: monetary policy in times of crisis, by Joscha Wullweber
This book asks if independent monetary policy is feasible at a time when central banks prop up the poorly regulated shadow banking sector
