Central Banks
BoE to challenge orthodoxy with research ‘revolution’
More combative approach to Bank of England’s research will see economists challenge orthodoxy – including the central bank’s own policies – as often as they support it, says Andrew Haldane
RBA strikes clearing deal with PBoC
Australian authorities agree clearing arrangements and RQFII quota with Chinese counterparts; announced in wake of G-20 summit and follows similar Canadian deals
St. Louis Fed’s Bullard doubts zero lower bound
James Bullard says low inflation in the US may justify a ‘somewhat lower-than-normal’ policy rate, but not remaining at the zero lower bound
Argentina enjoys a rare period of ‘currency peace’
Peso sees a recovery in the black market after the central bank cracks down; economists suggest a boost in dollar reserves is the main reason for the appreciation
G-20 Brisbane Summit: What to look for
Leaders of the G-20 countries meet this weekend to try to thrash out a deal on financial stability, growth and employment; Central Banking looks at some of the main issues on the table
Bank of Portugal looks set to audit banks' conduct
Central bank is expected to focus on banks’ governance models during the exercises, in an effort to prevent the issues associated with BES from resurfacing elsewhere
Spain ‘decoupled’ from other eurozone economies, says Banque de France paper
Working paper warns Spanish economy’s convergence with eurozone is ‘sluggish and incomplete’, with the sharpest decoupling beginning a year before the sovereign debt crisis
Dallas Fed president Richard Fisher to step down March 19
Fisher is the second recent dissenter on the FOMC to leave in less than two months; Was required by law to step down before April 30
Serbian central bank cuts key rate with inflation stuck below target
National Bank of Serbia ‘trims’ key rate to 8% with inflation hovering around 2%; also lowers foreign exchange reserve requirements in an effort to get banks lending
Plosser: central bankers should take ‘great care' in changing view on neutral interest rate
Distinguishing transitory from permanent changes in growth and real interest rates is a ‘tricky task', says Philadelphia Fed president and FOMC member
Payments technology progressing in ‘leaps and bounds,' says Canada deputy
Carolyn Wilkins says Bank of Canada is keeping a close eye on risks posed by new forms of electronic money and modernising its oversight framework for payments
French first deputy defends real estate picture
Anne Le Lorier says French banks are ‘well-guarded’ against any real estate downturn; accepts the authorities must improve data on commercial property
Lautenschläger highlights ‘unbelievable heterogeneity' in eurozone housing markets
ECB board member also has ‘Christmas wish list' with instruments that will complete eurozone's macro-prudential toolkit
IMF finds Mexico well-placed to weather capital market volatility
Mexico should be able to ‘weather’ a rise in volatility, says the IMF, since the country has a healthy buffer of international reserves and ‘deep and liquid’ financial markets
Dudley says Federal Reserve could do more to be a ‘better global steward'
Permanent FOMC member suggests dollar's reserve currency status sets the US central bank apart; warns Fed funds rate hike likely to spark ‘market turbulence'
Banque de France paper studies welfare cost of uncertainty
Banque de France working paper finds that the term structure of welfare costs ‘varies substantially, predictably and with a volatility that decreases with maturity’
Carney dismisses call for helicopter money
Bank of England governor says he ‘cannot envisage any circumstance’ where direct central bank financing of government debt would be justified – but some central banks may already be doing it
BoJ’s Sato sees macro-prudential comms issue
Policy board member identifies three issues surrounding the implementation of macro-prudential measures – timing, communication and spillovers
ECB watchers cut inflation forecasts
Average forecasts in 2014 and 2015 drop to 0.5% and 1% respectively, but probability distribution reveals little concern over deflation in the eurozone
Central Bank of Costa Rica should not have a growth target, says IMF
Costa Rican authorities should 'resist pressures to expand the central bank’s mandate' to include growth, according to IMF; general manager agrees
Carney: Inflation ‘likely’ to drop below 1%
Bank of England signals rates firmly on hold into 2015 as probability rises of inflation falling below 1% in the short run; real wage growth likely to accelerate over the year
RBNZ not ready to ease LVR speed limit
Graeme Wheeler welcomes falling house price inflation, but is wary of a potential ‘resurgence’ on the back of strong immigration flows; keeps speed limit in place for now
RBI wants foreign banks to offer commercial services
R Gandhi, deputy governor of the Reserve Bank of India, argues the local economy needs foreign banks to offer commercial services, ‘to ensure further penetration of banking activities’