Central Banks
Nobel economist Sims on fiscal stimulus, Eurozone loss sharing and role of central banks
The Nobel laureate speaks with Christopher Jeffery about his scepticism regarding secular stagnation, the eurozone’s failings and the need for inflationary fiscal stimulus at the zero lower bound
BIS’s Shin on international co-operation, inflation targeting and integrating finance into economics
BIS head of research talks to Daniel Hinge about opportunities for international co-operation, integrating finance and macroeconomics, and whether anyone is listening to the institution’s advice.
Managing financial stability, monetary systems and the economic order
If policy-makers fail to address the challenges presented by strong feedback loops between the economic and monetary systems, the next crisis could seriously damage faith in market-based economies
The Fed’s impact on emerging market sovereign wealth investors
With central bank reserves seeing their biggest drop in more than a decade during the second quarter of 2015, Arvid Ahlund asks if tighter US policy will make matters better or worse
Book notes: The Great Divide, by Joseph E Stiglitz
Stiglitz’s new book argues that deregulation was an important cause of the recent banking crisis
Book notes: Efficiently Inefficient: How Smart Money Invests and Market Prices are Determined, by Lasse Heje Pedersen
A book that offers a condensed picture of hedge funds’ operations and strategies, written by a person with considerable academic and practical experience
Book notes: The Lion Wakes: A Modern History of HSBC, by Richard Roberts and David Kynaston
A weighty tome, commissioned by HSBC to commemorate its 150th anniversary
Book notes: Money and Trade Wars in Interwar Europe, by Alessandro Roselli
Alessandro Roselli’s book on interwar Europe should be compulsory reading for all those who are handling or interested in the current crisis in the euro area
BoK holds policy following RMB drop
Won bounces back from four-year low as Korean central bank keeps rates on hold following Chinese devaluation
Academic takes over at Bosnian central bank
The governing board of Bosnia’s central bank chose board member and economist Senad Softić to serve as the new governor
Greek memo reveals commitments necessary to access bailout funds
Leaked document shows string of ‘prior actions’ government must complete before it can access up to €86 billion of euro funds
ECB paper finds fiscal targets are useful for forecasting
Ex-ante fiscal targets can convey useful information to forecasters despite the possibility of bias, researchers find
RBA’s Lowe weighs impact of wealth redistribution
Growth in land and house prices has raised and redistributed wealth in Australia, with implications for monetary policy and financial stability
Central Banking poll respondents back 'Grexit'
In a narrow majority 87 out of 155 readers say Greece should adopt a new national currency; asked about a variety of monetary systems, most backed a free-floating regime
Labour markets need good training policies, NY Fed president says
Federal Reserve of New York President William Dudley says monetary policy can help labour markets recover but that good training and placement policies are key to workforce development
IMF offers PBoC cautious approval as renminbi slide continues
Fund urges China to aim for free float in next few years; PBoC insists there is 'no basis' for prolonged slide in currency as yuan falls for a second day
Bank of Russia presses ahead with rating agency plans
Russian central bank governor Elvira Nabiullina says banking sector is ‘safe’ and economy will soon have its own financial ratings agency and electronic payment system