Central Banks
Macro-pru helps dampen global shocks – BIS paper
Authors find capital controls are less effective than prudential tools at offsetting shocks
Most central banks give background briefings on key initiatives to journalists
Practice is dominant across central banks from advanced and emerging economies
Another financial crisis hiding in plain sight
Steve Kamin analyses how the risks that sank SVB were plain enough to those who looked for them
Book notes: States and the masters of capital, by Quentin Bruneau
Chronicling the practices and players involved in privately financed sovereign debt
World Bank board elects Ajay Banga president
Former Citigroup and Mastercard executive succeeds controversial Malpass
Colombia hikes rates in split decision
Meeting was last for finance minister Ocampo, who lost job in reshuffle
Norges Bank increases rates by 25bp
Norwegian central bank says weaker exchange rate may require higher rates than expected
NBER paper proposes ‘resurrecting’ non-linear Phillips curve
Original version of the curve is “strongly non-linear” and helps explain current inflation, authors say
Korean and Indonesian central banks sign bilateral transactions MoU
Agreement aims to let firms directly exchange won and rupiah without dollar conversion
Boosting social media and improving websites top priorities for comms teams
Data suggest central banks’ focus on communicating with the public
ECB slows down tightening with 25bp rate increase
Lagarde insists the governing council is “not pausing” its tightening cycle
Kenya commission publishes shortlist to succeed Njoroge
Six candidates on list to succeed governor, whose final term ends in June
Brazilian MPC holds key rate again
Central bank warns of “lingering uncertainty” over future fiscal policy
Russian governor Nabiullina warns of future hikes
Bank will raise rates if structural deficit rises, while labour market is “complicated”, governor says
UK credit stress is rising, BoE official warns
David Bailey says financial firms “need to take action now” to prepare for higher defaults
Communications departments get involved in key policy decisions at varying stages
Early communications involvement in policy decisions raises effectiveness
Book notes: The rise of central banks, by Leon Wansleben
The books is at its best when the author focusses on sociological angles related to central bank economics
Book notes: The big con, by Mariana Mazzucato and Rosie Collington
The authors highlight that the excessive pursuit of efficiency results in ineffective government agencies
Fed raises rates by 25bp as it chases lower core inflation
Policy-makers still need to “take away the punch bowl”, economist says
Biden may nominate Kugler, promote Jefferson on Fed board – reports
Adriana Kugler would be the first Latinx Fed governor in the central bank’s 109-year history