Czech National Bank (CNB)
People: Thomsen named head of IMF’s European department; Former deputy finance minister joins CNB
Poul Thomsen gets post on full-time basis after leading Fund’s programmes in Greece and Portugal; Radek Urban heads resolution department at Czech National Bank; and more
Czech economy generating ‘noticeable inflationary pressures’
Czech National Bank board members point to ‘rapid’ rise in wages as indicator of inflationary pressures, but remain concerned by price developments in the eurozone
People: BoE legal adviser to retire in April 2015; Banque de France appoints new deputy director
BoE loses chief legal adviser next year; Banque de France promotes its director of risk operations; Czech National Bank names new deputy director; and more
IMF deems Czech exchange rate floor appropriate ‘for now’
Latest staff report commends CNB’s decision to intervene in foreign exchange market; supports the floor but says it should be removed ‘as soon as conditions allow’
Firm-level characteristics affect monetary policy transmission, Czechs find
Working paper finds firm-specific characteristics like size, age, collateral and profit, affect the way in which monetary policy changes are reflected in the external financing decisions of firms
Czech vice-governor says parts of Basel III 'done with too much haste'
Vladimir Tomsik discusses regulatory framework's impact on smaller economies; says interaction between capital buffers and liquidity standards could pose problems
People: Czech comms head moves to general secretariat; RBNZ board names new member
Czech National Bank appoints Marek Petruš to head general secretariat; Tania Simpson named as RBNZ director; New Zealand SWF gets new CIO; Bank of Russia Moscow head on the move
Czech banks could ride out recession plus deflation, central bank says
The Czech financial sector is exposed to bond volatility but banks have sufficient buffers to survive a ‘strong recession accompanied by deflation', financial stability report says
Czech paper aims to overcome ‘model uncertainty' over motives behind international reserves
Czech National Bank economists use Bayesian model averaging to suss out the chief motivations of holding international reserves
Czech National Bank calls for research on 'priority topics'
Topics include potential improvements to inflation targeting framework and the issues related to euro adoption; Bank of Estonia also launches research award
Czechs discuss appropriate capital requirements for Sifis
Paper sets out the range of indicators that could be used, and the advantages and disadvantages of focusing on an individual or consolidated level
Czech paper examines strength of link between financial and real sectors
An expansion of credit from banks ‘supports industrial production' in small open economies such as the Czech Republic, working paper finds
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
People: Former PM joins Czech central bank; Bank of Canada appoints ‘special adviser'
Czech National Bank replaces outgoing board member with man who was Prime Minister until last week; Canada appoints special adviser with financial system expertise
Global crisis weakened monetary policy transmission, Czech paper shows
New research from the Czech National Bank studies the transmission of monetary policy through different channels, finding it works as expected but was weakened in the financial crisis
Czech central bank starts targeting exchange rate
Czech National Bank finally says it will start intervening in the forex market, a year after it cut rates to the zero lower bound; Czech koruna almost hits target level straight after announcement
Focus on non-linearity can improve macro estimates, research finds
Czech National Bank working paper argues considering non-linearity can advance probabilistic economic assessments; focuses on relationship between credit markets and the rest of the economy
CNB's Lízal sets out case for forex intervention
The use of forex interventions to ease monetary conditions in an open economy is a rational choice at the zero lower bound, Czech National Bank board member tells finance conference
Czech governor slams one-size-fits-all regulation
CNB workshop considers impact of Basel III on emerging and smaller economies; participants consider the unintended consequences of both capital and liquidity rules
Czech study finds DFM ‘nowcasting' adds value in calculating real-time GDP
Dynamic Factor Model ‘nowcasting' is as accurate as the judgemental method currently used by the Czech National Bank; a simple average of the two results is more accurate than either on its own
Czech paper dissects central bank inflation reports
Researchers find the inflation reports produced by a sample of eight central banks are ‘generally of good quality’ but warn their analytical power cannot be taken for granted
Currency appreciation not just bad news for exporters
The use of cheaper imported intermediates compensates for 0.2 percentage points of a 1% currency appreciation followed by proportionate drop in export sales, Czech National Bank study shows
IMF backs Czech forex intervention
Article IV says a ‘persistent and large undershooting’ of the Czech National Bank’s inflation target would warrant a weaker koruna; governor Miroslav Singer says board is coming round to the idea
Hungarian central bank signals rate cut slowdown
Monetary council cuts benchmark rate by 25 basis points for 12th consecutive meeting; says global volatility may justify a change in pace in coming months