Central Banks
Uzbekistan launches new banknote as inflation erodes value
New 50,000 som note is five times the value of the next largest banknote; security features include raised text, colour-changing foils and windows
Lithuanian paper examines interplay between European housing and credit
Panel-like econometrics may give misleading results, authors warn
Bank of Colombia paper charts fiscal multipliers in developing countries
Stronger fiscal-monetary co-ordination in developing economies during periods of expansion would extract more value from stimulus; fiscal multipliers higher in fixed exchange rate regimes
German court refers ECB bond purchases to ECJ
“Doubtful” whether PSPP is authorised by German and European law, says court
Swedish inflation above target, but tightening unlikely
The Scandinavian economy recorded a 4% year-on-year expansion in the second quarter of 2017, but a strong krona and the ECB’s loose policy stance make an immediate rate rise difficult
Fed paper studies how to tackle the lower bound
Simple policy rules lead to inflation falling “systematically” short of 2% target; pursuing higher inflation may help but comes at a cost
Failed bomber planned to target Fed
FBI arrests man in Oklahoma after undercover operation; Jerry Drake Varnell allegedly planned to target Fed in Washington
Court dismisses ‘irrational’ Sarb mandate challenge
Judge finds South African public protector’s attempt to change the Sarb’s mandate was illegal, irrational and unfair
Irish central bank to set up dataset of registered firms
Dataset will help identify “structures of complex operations”, bank says
RBA’s Kent warns mortgages are still risky, despite offsets
RBA assistant governor says use of offset accounts does not remove the need for tighter lending standards; new securitisation database sheds light on housing market
PRA’s tough line on Pillar 2 disclosure divides lenders
Watchdog seeks to level playing field with public disclosure of total capital requirements
RBI launches economics blog
“Mint Street Memos” comprise brief reports and analysis from RBI economists; first post studies beneficial effects of demonetisation for “financialisation” of savings
Higher CPI unlikely to change Danish loose monetary policy
Consumer prices rise in July at the highest rate since December 2012 on food prices and package holidays, but analysts expect it to fall again over the coming months
Goodhart and Pradhan: demographics will reverse ‘multi-decade’ trends
Ageing population is likely to put upward pressure on real interest rates and inflation, and push down inequality, economists say
People: Ma Jun departs PBoC; Brazil promotes directors
Chief economist of the PBoC departs central bank for academia; Central Bank of Brazil gets new directors; Andrew Abir to sit on the Bank of Israel’s monetary committee
Banks need to tailor data strategies to clients, paper says
Dutch customers are open to sharing their payments data to enhance security, but do not want banks to sell it on, research finds
Bank resolution regime rolls out in Hong Kong
HKMA chief outlines how the new bank resolution regime can end the use of taxpayers’ money in case of a bank failure; authority also plans to conduct a public consultation on loss absorbency
“What would Allan say?”
Central Banking Publications founder Robert Pringle finds pearls of wisdom in his email correspondence with the late Allan Meltzer