Central Banks
Outgoing Ukrainian governor is confident president will choose right candidate
Valeria Gontareva tells Central Banking she faced “evil slander campaign”
People: Atlanta and Richmond Federal Reserve banks fill senior roles
New vice-presidents among other appointments at Fed banks in Atlanta and Richmond; ESM appoints deputy counsel
BoJ cuts inflation forecast at a time of falling JGB purchases
Bank of Japan reduces forecast to 1.4% as bond purchases appear to be declining
Riksbank says own inflation forecasts are among least accurate
Study compares central bank’s forecasts with those of nine other institutions
The myth of independence
The US Federal Reserve stresses independence from government as central to its ability to fulfil its dual mandate. But much of the academic evidence that independent central banks generate better policy outcomes is fundamentally flawed, argues Thomas…
Internal model review is ECB’s second-largest supervisory project, Nouy says
ECB supervisory fees to rise 10% in 2017 in part to fund internal model review
Price disparity in housing market a cause for concern, says RBA’s Lowe
Australian house prices rising ‘briskly’ in some sectors, says governor of the Reserve Bank of Australia
Central Bank of Malta restructuring probably complete
The institution is moving from five directorates to six divisions; latest changes see statistics department partnered with financial stability as overlaps between them increase
Trade costs limit effects of internal devaluations – ECB paper
Researcher says trade costs explain Greek failure to boost exports
Paper looks at effects of international regulatory reform on Portugal
Tighter standards had different effects on foreign and Portuguese banks – researchers
Turkish central bank raises inflation forecast
Report suggests inflation will fall to 8.5% by the end of the year; monetary policy committee increased lending rate earlier this week citing ‘deterioration’ in outlook
Nouy criticises EC’s regulation reform proposals
ECB supervisor questions a “one-size-fits-all” approach to supervision
Construction underway on Philadelphia Fed data centre
Federal Reserve Bank of Philadelphia publishes annual report; data centre approved in June 2016 will offer access to range of granular datasets
SNB able to cut rates further, Jordan says
Thomas Jordan says Switzerland’s central bank could lower its deposit rate further into negative territory or buy foreign currency if necessary; Jean Studer defends governing board size
Swift to ‘streamline’ cross-border payments with DLT framework
Swift to launch blockchain proof of concept later this year utilising the ‘hyperledger fabric’
Korean governor outlines limitations of GDP as economic indicator
GDP does not “fully capture” income or wealth distribution; Lee Ju-yeol offers alternatives based on microdata and other macroeconomic indicators
RBNZ’s Krippner: term structure models can make for better policy
Central bank economist talks about his work on modelling monetary policy at the zero lower bound, and what comes next
Should more attention be paid to house prices?
The Czech National Bank’s experiences offer insights into using a broader inflation measure with a greater weight on housing to address both monetary and macro-prudential policy requirements
Draghi stands firm on QE
Eurozone recovery seems stronger, ECB president says
Adopting a dual mandate will not solve South African unemployment – Kganyago
Unemployment problems are caused by structural issues, Sarb governor says; scope for reducing unemployment through monetary policy is “smaller” than people imagine
People: RBNZ’s Bascand takes new role; Lithuanian deputy reappointed
Geoff Bascand becomes head of financial stability; Raimondas Kuodis gets a second term; Bank of Israel promotes two officials
Malaysian deputy wants ‘language of morality’ in finance
Encik Abdul Rasheed Ghaffour suggests transparency can help combat ‘rolling bad apples’ in Malaysian financial industry, but quality of the barrels is most important thing