Central Banks
Summers and Rachel set out fresh evidence on secular stagnation
Policy-makers may need to rethink their approach in a world of ultra-low real rates, authors say
Triple reserve managers safeguard Singapore’s stability – Ravi Menon
Menon explains the separate roles of the three institutions managing national financial resources
Yi Gang makes People’s Congress debut as dilemmas grow
Governor says he sees smaller room for cutting reserve requirement ratios in 2019 but does not rule out the possibility
Experts debate regulatory support for energy-hungry technology
Blockchain requires a vast amount of energy, which could become detrimental for the planet should the technology be adopted more quickly
Non-financial firms finance the economy – BIS paper
Authors find non-financial firms act as important intermediators and take on forex risks
PBoC independence would help China’s exchange rate goals – IMF paper
Researcher recommends four China-specific policies to support greater exchange rate flexibility
IMF says Gambian central bank is managing well
Significant policy rate cuts are “appropriate” in light of falling inflation, IMF report says
IMF staff praise Bank of Jamaica’s engagement campaign
Authorities must pass a law to guarantee the central bank’s operational independence, says staff report
Climate change matters for monetary policy – RBA’s Debelle
More frequent and acute climate disruptions need inclusion in economic models
BoE/FCA climate forum launches new initiatives at first meeting
Four streams will report back on key financial risks surrounding climate change
NY Fed activates motion to dismiss TNB’s lawsuit
“The relief TNB seeks is wholly incompatible with the public interest” – New York Fed
Ireland to cease euro banknote production
Central bank will look for third-party provider to continue to meet Eurosystem obligations
IMF urges Bank of Korea to pursue ‘accommodative policy stance’
Fund urges central bank to implement “light” macro-prudential policies
Researchers estimate two alternatives to DSGE model at ZLB
Dallas Fed paper finds piecewise linear version of the model is an “excellent substitute”
Bank of Mexico stresses risks stemming from state-owned oil company
Pemex provides 20% of Mexico’s fiscal revenues, but is grappling with high debt and falling output
Bulgaria nominates deputy governor as ECB inspects banks
Nominee to lead banking supervision team currently heads state deposit insurance fund
Fed to limit use of qualitative stress tests this year
The move enables some large banks to avoid capital planning capabilities examination
Romanian central bank warns on tax as dispute worsens
New team must be installed to lead central bank, says prime minister’s adviser
Housing prices fuelled by low interest rates in Australia – research
Increased migration has also boosted rents since the 2000s, RBA authors find
BoE economists find CBDC could permit helicopter money
Helicopter drop could be feasible without losing control of rates but may still be unwise, authors say