Communication
BoK governor highlights difficulty in forward guidance
Rhee Chang-yong says he may reassess forward guidance amid exchange rate pressure
Armenian governor argues for ‘paradigm shift’ in forecasting
Base case should be abandoned in favour of multiple scenarios, says Martin Galstyan
BoE’s Pill says government must ‘respect’ independence
Government and central bank have clashed over causes of UK’s gilt market turmoil
BoE launches teaching resources for secondary school students
Few UK students study economics before age of 16 and schools are not required to teach finance
IMF warns UK government as pound resumes fall
BoE’s Huw Pill signals need for “significant monetary policy response” to government spending plan
BoE ‘monitoring developments’ amid market ructions
Many analysts had predicted early policy action from the central bank
Book notes: 21st century monetary policy, by Ben S Bernanke
Bernanke’s great book offers important insights for today’s policy-makers, writes Stephen Poloz
Social media: an essential tool for central bank communication
Strategies to secure popularity, comprehensibility and reputation as new media takes centre stage
People: July to September 2022
A round-up of central bankers in the news and on the move during the past three months
Bank of Mexico’s battle to restore price stability
Despite presidential attacks, former officials say a solid institutional framework preserves central bank autonomy – likely a key asset in the battle against inflation
Book notes: Can’t we just print more money?, by Rupal Patel and Jack Meaning
A genuinely readable but non-neutral introduction to economics
Glapiński accuses Germany of wanting to redraw land borders
Polish governor warns on plans for EU super-state as German foreign office calls claims “absurd”
Communications Benchmarks 2022 – presentation
Central Banking’s economics subject matter specialist Daniel Hinge on communications governance, social media, media monitoring and more
People: World Bank appoints Gill as chief economist
Two members join Bank of Japan board, and senior IMF officials Lester and Rice step down
Quarterly forecast updates are the norm at central banks
Forecasting tends to be a collaborative exercise between staff and policy-makers
Chile’s Marcel stresses importance of trust
Former central bank governor warns monetary and fiscal policies will diverge
CBDC and bank intermediation in the eurozone
An assessment of the impact different ‘digital euro’ designs related to remuneration and usage limits could have on the banking system, including during times of stress*
Swiss central bank defends board structure
Think-tank suggested governing board was “susceptible to group think” in April report
What is the right size for a central bank board?
There is greater consensus for smaller boards in theory than in practice
Riksbank was right to use negative rates, say former central bankers
As ECB loosened policy, Swedish central bank lacked any credible alternative, Flug and Honohan conclude
Communications Benchmarks 2022 – executive summary
Key findings of the 2022 report, including the ongoing shift to social media and the impact of Covid-19
Tackling private-sector debt in the wake of the pandemic
Navigating Covid-19 debt is more of a challenge amid gathered storms of inflation and war, write Roong Mallikamas and Benjamin Weigert
Bernanke says Fed acted too slowly on inflation
Former Fed chair argues forward guidance hampered Fed’s response to rising prices
Social media ahead of traditional comms for central banks
High income institutions still skewed towards traditional channels