Opinion
The monetary base and seigniorage in a digital era
Emerging markets and low-income countries may have to lower their expectations of seigniorage revenue
Demand for cash: a global update
Antti Heinonen explores recent data on banknote demand and analyses its impact on cash infrastructure
M1 vs M0 in an instant payments world
Manmohan Singh explains how measurement of ‘narrow’ money is changing
The hidden dynamics behind China’s BoP ‘errors and omissions’
Marcello Minenna highlights the possible implications an unaccounted-for £30bn has for the PBoC
Climate stress tests are cold comfort for banks
Flaws in regulators’ methodology for gauging financial impact of climate change undermine transition efforts, argues modelling expert
The Fed can afford to loosen policy
As (nearly) the world’s most hawkish central bank, the Federal Reserve is right to start monetary loosening, writes Steve Kamin
Central banks must reckon with the costs of quantitative easing
Asset purchase programmes have become a significant loss-maker for central banks. Jagjit Chadha says the losses raise questions about value for money, fiscal distortions and independence
Running the numbers on Barr’s Basel III endgame revisions
Fed vice-chair’s plan to ease capital requirements for big banks still lacks critical details
Russia’s tangled web of sanctions evasion
Central bank has been at heart of efforts to ensure continued payments from oil sales
All eyes on the Fed
The US central bank faces a challenging path to fulfil its mandated goals
Greedflation, if it ever existed, is correcting itself
Steve Kamin constructs a “wage gap” to assess inflationary pressures in the US
Honey, I shrunk the Fed. (Not a sci-fi fantasy)
Promoting the discount window may be the Fed’s key to shrinking its $7trn balance sheet, says Bill Nelson
How to increase the impact of financial literacy initiatives
As surveys show financial literacy outcomes falling short, Pedro Duarte Neves distils key lessons
The unbearable lightness of the krone
Norway's weak currency reflects financial markets’ lack of confidence in the country's economic policy
Central bank balance sheets: is there an optimal structure?
Establishing guidelines is challenging, although there are many reasons why CBBSes are heterogeneous
Turkey’s economic odyssey: inflation, lira decline and strategic shifts
Marcello Minenna delves into the damage of 20 years of ‘Erdoganomics’
How to cut the interest cost of bank reserves – and how not to do it
William Allen says setting required reserves is not a straightforward decision for the Bank of England
BoJ hawkishness due to weak yen belies wage inflation concerns
The contrast in Japan-US economic, price and wage performance and their implications for monetary policies
How Argentina’s financial tango could become a dance of death
Central bank and government’s unholy alliance is storing up further trouble for economy
Are low-level inflation targets still fit for purpose?
Geostrategic shifts make the case for a narrow price target less compelling
Artificial intelligence: key questions for financial supervisors
Manoj Singh outlines what supervisors need to be asking as they learn to interrogate machines