Central Banking
Paper proposes ‘re-engineering’ US statistics
System for compiling statistics is dated and overly complex, authors say
Fed launches banknote app for children
App provides details of security features, mimicking raised intaglio print through vibrations
Irish government nominates Philip Lane as next ECB chief economist
European governments have turned down two Irish nominations for senior ECB roles in last year
IMF expects global growth to slow further in 2019
“Significantly higher” and “increasingly intertwined” risks weigh on global growth, Lagarde says
Brexit unlikely to affect sterling’s reserve currency status
No-deal scenario could put major downward pressure on the currency
People: Albania appoints new deputy governor
Luljeta Minxhozi joins Bank of Albania; Netherlands Bank loses chief investment officer; Chile appoints first technology manager; and more
Crypto assets hobbled by proof of work, finds BIS economist
Raphael Auer says bitcoin payments could take “nearly a year” to become truly final
Innovation prompts firms to hold more cash – IMF paper
Firms must hold enough liquidity to insure against risky research and development
Establishing the Fed worsened the Great Depression – St Louis Fed paper
Setting up lender of last resort reduced banks’ incentive to manage risk, paper argues
Central Banking Awards 2019: first winners announced
Reserve manager, initiative, asset manager, innovation in reserve management, global markets, custody and specialised lending awards unveiled
Nigerian central bank to set up national micro-lender
Leading presidential candidate says he will not give governor a second term
Brexit might allow simpler regulation for small UK firms – PRA chief
Sam Woods says “simpler, not weaker” regulation might boost both competition and safety
BoJ must normalise policy to cope with ageing population – former official
Japanese firms face labour shortages and limited ability to raise prices- Shirai
Turkish central bank makes early payout to government
Extraordinary general meeting sees CBRT agree to similar actions in future
Fall in technology use helped slow Canadian productivity, BoC paper finds
But slowdown in labour productivity began eight years before fall in technology use – researchers
Summers and co-authors find negative rates can be contractionary
Policy rate cuts below zero can lead to higher lending rates by commercial banks, authors find
Indonesia keeps rates unchanged
Governor signals benchmark rate is “almost at its peak”
Malta’s crypto asset plan means greater money laundering risks, IMF warns
Authorities must rapidly improve AML regime and guarantee FSA’s independence, mission says
Central bank’s headline inflation projections improve significantly
Central bank’s headline inflation projections improve significantly over near term, but inflation still forecast to climb to 5.3%
CBSL resorts to monetary financing amid wait for IMF talks
Central bank promises loan to government will be unwound in the first quarter of 2019; IMF talks scheduled for mid-February
Ireland ready to shield insurance policy-holders in ‘hard Brexit’ – deputy governor
Irish financial system should prove resilient if UK quits EU without a deal, Ed Sibley says
UK lawmakers demand fix for RPI miscalculation
House of Lords says Statistics Authority’s failure to fix error has left many members of public poorer
Costa Rica credit rating downgraded two notches amid persistent fiscal deficit
Fitch Ratings revised rating down despite early repayment of central bank and fiscal reforms
ECB revamps code of conduct for high-level officials
National governors and SSM board members must adhere to policy communication rules