Central Banks
Turkish central bank award aims to promote research in central banking
Turkey award follows the Carl Menger Prize for Research launched by the Bundesbank, the National Bank of Austria and the Swiss National Bank in January
Belgian governor’s term extended, successor named
Luc Coene will serve another year as governor despite reaching retirement age this week; Council of Ministers says he will be succeeded by director Jan Smets in March 2015
Cyprus names auditor-general as new central bank governor
Cypriot president moves fast to appoint Chrystalla Georghadji, the head of the state audit office, as successor to Panicos Demetriades, who resigned from his post earlier this week
Slovakian economists build new framework for estimating output gap
Researchers combine a variety of methods and information sets to ‘substantially reduce’ the uncertainty of output gap estimates on a ‘policy-relevant’ horizon
BoE to create new deputy role amid FX rigging controversy
Bank of England will create new deputy governor post to get a better grasp of financial market dynamics, Mark Carney said in hearing yesterday
Carney pledges to push BoE FX investigations 'all the way'
Bank of England governor Mark Carney pledges to get to the bottom of allegations that UK central bank condoned market manipulation in FX markets
Brazil minutes highlight inflation 'resistance' concern
Central Bank of Brazil remains concerned about 'resistance' of inflation despite more than 400bp of rate rises, latest minutes show
Target2 'filled in' balance of payments gaps during euro crisis, NY Fed paper finds
Federal Reserve Bank of New York study finds adjustment to the pullback of private capital during the euro crisis made less harsh by Target2
BoE could act as lender-of-last-resort for Scottish banks
Bank of England's Mark Carney refers to European Union's discretionary approach during euro crisis; suggests independent Scotland would need to increase foreign reserves
Dombret calls for cap on bank loans to sovereigns
Deutsche Bundesbank board member advocates a cap on the amount banks can lend to an individual sovereign, as they should never ‘put all their eggs in one basket’
BoJ holds rates as tax hike looms
Bank of Japan policy board holds QQE steady and maintains economic assessments in its last meeting before consumption tax hike comes into effect
Bank of Zambia tries to talk down forex market ‘panic'
Bank of Zambia aims to arrest ‘panic' in foreign exchange market amid reversal of portfolio flows; hiked reserve ratio requirement on Monday in attempt to strengthen currency
ECB sets out second phase of asset quality review
The European Central Bank reveals the methodology of its asset quality review and provides guidance for national authorities tasked with executing the inspection
BIS economists give forward guidance mixed review
Research in quarterly review says forward guidance has shaped market expectations but warns it could ‘encourage excessive risk-taking’ in the markets
Demetriades resigns as Cyprus governor
Resignation brings an end to the long conflict between the Cypriot governor and the president; Demetriades will leave in April after less than two years in the role
Bank of Israel cut rates despite 'rapid' increase in house prices
Four out of five members of the Bank of Israel's MPC backed last month's 25 basis point rate cut to 0.75% following weaker performance across range of indicators
ECB paper studies imbalances in major eurozone countries
Use of a new multi-country model demonstrates stimulus effects on aggregate demand from changes in interest rates at ECB-level 'are present but not overly large'
Czech paper deconstructs exchange rate variability in advanced economies
Researchers find that economic fundamentals are only responsible for a third of the medium-term exchange rate variability, although this increases when the euro is involved
Bank of Canada revamps website
The Canadian central bank has sought to simplify the design of its website and make it easier for users to locate information across a variety of devices
RBA takes next step in opening up payments market
Shake-up of access regimes aims to give more room for competition in the Australian payments market; proposed changes still need amendments to legislation to go ahead
Fed not to blame for recent emerging market sell-off, says BIS
Recent rush of capital out of emerging markets was due to country-specific factors, not tapering by the Fed; Borio reiterates call for better policies, lamenting a ‘disappointing element of déjà vu’