Central Banks
RBA spends $18,000 on governor’s table; refurb could cost up to $68m
Reserve Bank of Australia says refurbishment could set it back A$68 million; big-ticket items include A$18,000 desk for governor Glenn Stevens
Fed’s Kohn appointed to Bank’s FPC
UK government names four external members to interim Financial Policy Committee; former Fed vice-chair Donald Kohn among three ex-central bankers appointed to macroprudential body
Dallas Fed paper on SNB crisis measures
Dallas Federal Reserve case study on success of Swiss National Bank liquidity provisions to foreign banks
RBA minutes: rates on hold as flood damage assessed
Minutes of Reserve Bank of Australia rate-setting meeting relay concerns over impact of floods on economic outlook; cautious over rising commodity prices
Central Bank of Chile paper links instability to austerity
Central Bank of Chile study finds positive correlation between austerity and instability in Latin American countries
Buba study on robustness of monetary policy
Bundesbank research examines whether misspecification may have consequences on robustness of monetary policy decisions
Inflation may hit 5%, but we couldn’t have done it different: King
Bank of England’s Inflation Report says inflation will likely soar further; medium term outlook shifts slightly as spare capacity margin revised downwards
Merkel names Weber’s successor
German chancellor Angela Merkel nominates economic adviser Jens Weidmann to replace Axel Weber as president of Bundesbank; picks BaFin director Sabine Lautenschläger-Peiter as new vice-president
Without better data, we risk a repeat of the crisis
More analysis of the nature of cross-border financial flows and a global risk map are essential in countering systemic threats, Bernd Braasch argues
PBoC to lend to drought-wracked agricultural sector
People’s Bank of China says it will lend for agricultural purchases and drought relief to stymie effects of continuing drought
Brazil’s Tombini nominates two deputy governors
Central Bank of Brazil president Alexandre Tombini names two department heads to sit on rate-setting committee
Draghi strikes familiar chord on eurozone’s future
Bank of Italy governor Mario Draghi stresses importance of fiscal discipline, says monetary union is sound
HKMA plans launch of new HK$500 note
Hong Kong Monetary Authority says banknote will enter circulation next week
Basel surveys literature on links between finance and real economy
Basel Committee on Banking Supervision’s Research Task Force identifies three transmission channels between financial sector and real economy
Inflation benefits poor, hurts rich: Central Bank of Chile paper
Central Bank of Chile study shows contrary to conventional wisdom inflation has negative affects on welfare of rich but benefits the poor
NY Fed: consumer debt declines
New York Federal Reserve February 2011 Quarterly Report on Household Debt and Credit shows aggregate consumer debt declined in fourth quarter of 2010
ECB’s Bini Smaghi on causes of euro-area imbalances
European Central Bank executive board member Lorenzo Bini Smaghi says lack of labour and product market reforms created imbalances in euro area
King acknowledges risk of wage-price spiral as inflation climbs to double Bank’s target
Inflation of 4% in January prompts Bank of England governor Mervyn King to pen another letter to the chancellor; letter acknowledges mounting inflationary pressures
Fed’s Tarullo outlines OTC derivatives reform agenda
Federal Reserve governor Daniel Tarullo stresses importance of central counterparties, close scrutiny of market participants
Reserve Bank of India Bulletin (February 2011)
Reserve Bank of India monthly bulletin says current account deficit widened in third quarter of 2010 due to decline in terms of trade
Public perception of economy gloomy: BoJ survey
Bank of Japan 44th opinion survey on the general public's views and behaviour shows public believe economic conditions are worsening