Central Banks
People: Esma appoints vice-chair
HKMA names deputy chief executive; MAS expands sustainability group
Colombian court annuls Carrasquilla appointment
Law required president to name a woman to vacancy to central bank board, say judges
Alternative data used at most central banks
Non-traditional data such as Google searches widely used to support research and forecasting
RBA governor apologises over forward guidance
Philip Lowe says he’s sorry that people took out mortgages on the basis of central bank guidance
Sarb hikes rates as inflation continues to rise
MPC votes by three to two for 75bp rise as Kganyago warns power cuts are harming economy
Chile’s Costa on tackling inflation, forex interventions and nowcasting
The Central Bank of Chile governor speaks about stubbornly high prices, Fed policy spillovers, reserve buffers, retail CBDC and the need to address unconscious bias
Slovak police charge governor with bribery
Kažimir strongly rejects allegation that he tried to bribe head of tax agency
China cuts reserve requirement ratio for banks
Change to ratio will release funds for banks to help hard-hit industries, says the PBoC
PBoC pushes big techs to hand over user data, report says
Some tech firms are resisting order to supply information to PBoC-led credit-scoring firms
Research economists devote more working time to own projects
On average, own research works consume 25% of policy economists’ working time
Book notes: Zero interest rate policy and the new abnormal, by Michael Beenstock
Author's contention that asset purchases caused the low neutral rate of interest is entertaining and infuriating in equal measure
Turkish central bank cuts rates drastically despite soaring inflation
MPC’s 150bp cut comes as some economists say inflation may be much higher than 85% official figure
Balance sheet policy needs rethink, economists say
BoE chief economist says central banks should focus more on risks of assets they buy
Riksbank slows down normalisation with 75bp rise
Ingves chairs last policy decision as Riksbank predicts higher inflation and lower growth
BoE’s Ramsden says forecasts now less reliable
High uncertainty means policy-makers cannot rely heavily on forecasts, deputy says
BoJ to test CBDC next year, reports say
Two-year pilot project will examine whether digital currency can work without internet access
Bank of Korea raises rates to highest level since 2012
Governor says board expects to continue increasing rates “for some time”
Advanced economy institutions tend to produce more papers
Emerging market researchers averaged five papers a year in peer-reviewed journals
UK Treasury makes first payment to BoE to offset QE losses
Indemnity was “integral” to QE but “day of reckoning” had to come, economist says
Bank of Israel slows down policy normalisation
Central bank increases rates by 50bp to 3.25%, as inflation stood at 5.1% in October
New York Fed advances two digital asset exchange projects
Regional Fed to test cross-border payments with MAS and explore “regulated liability network”
ECB paper presents new corporate default prediction method
Authors say their “distance to insolvency” measure outperforms other forecasting methods