Central Banks
The future of forward guidance
BNP Paribas Asset Management explores the current landscape around forward guidance, focusing on how central banks’ methods of communication are likely to evolve in the future. By Richard Barwell
Energy prices boost eurozone inflation in April
Consumer price index increased year on year by 1.6%, as energy prices increased by 10%
BoE’s Hall proposes policies to tackle ‘dash-for-cash’ risks
Central banks could offer repos to “broad array” of counterparties, FPC member says
Governors can serve 25+ years at 40% of central banks
Governors in high and upper-middle central banks have longest possible tenures
Finland’s Ilves on ESG and the impact of Covid-19 on reserves
Nick Carver speaks to the Bank of Finland’s head of asset management, Jarno Ilves, as part of HSBC’s Reserve Management Trends 2021
BoE’s Breeden urges financial firms to run climate scenarios before ‘time runs out’
Firms need to re-examine risk models to ensure all transmission channels are considered
Summers steps up attacks on Fed inflation stance
Inflation hawk warns of “complacency” after April CPI hike, but FOMC members have stood firm
Eurozone starting to see ‘light at the end of the tunnel’ – de Guindos
ECB’s ‘Financial stability review’ highlights pandemic’s uneven effect across countries and sectors
Icelandic central bank hikes rate as inflation climbs
Central bank faces trade-off as unemployment remains high
ECB paper offers model of interbank contagion
Researchers say policymakers can use their work to prevent and manage financial crises
Iran governor registers for presidential run
Hemmati is one of nearly 600 candidates for the June vote who now face screening from the Guardian Council
Book notes: Quantitative easing, by Jonathan Ashworth
Well-documented and fairly comprehensive book for anyone, including central bankers, wanting an overview of how monetary policy has evolved in recent decades
Governors at four in five central banks left before their term ended
Countries with highest governor turnover were experiencing political instability
German court dismisses challenge to ECB bond-buying
Constitutional court ends long-running challenge to asset purchase programme
Emerging markets pass capital flows test
BIS report concludes inflows are broadly positive, as improved EM institutions make them more resilient
Policymakers should consider adjusting ECB’s target – BdF paper
Lower eurozone r* points to adjustment of monetary policy strategy, researchers find
US imposes sanctions on Myanmar central bank governor
Treasury targets new slate of senior officials in military regime
Don’t dismiss inflation risks but don’t overreact, say central bankers
Sbordone, Smets and Vlieghe weigh up challenges for central banks in the “return towards normal”
Most central banks accountable to legislature
Chains of accountability vary and there does not appear to be one ‘gold standard’
Cash infrastructure as public good – implications for the cash cycle
Efforts are under way in the Eurosystem to safeguard cash infrastructure as a ‘public good’ even as transaction volumes have fallen significantly. How can policy-makers strike the right balance?
Fed’s Harker warns US higher education ‘is in peril’
Philadelphia Fed president calls for reforms, as colleges face up to $115 billion in deficits
EU banks that were stress-tested reduced credit risk – ECB paper
Banks that were subject to 2016 stress tests reduced risk compared with control group, researchers find
Brainard questions Fed approval of bank merger
Fed approves PNC purchase of BBVA USA, while Brainard warns of “weakened” safeguards