Coronavirus
Rising debt has weakened eurozone – Bank of Spain paper
Highly indebted countries face lower output and limited ability to respond to crises, researchers say
RBA expects long period of low inflation – minutes
Policy set to remain on hold, as board members say term funding is having desired effect
Podcast: Cleveland Fed director on all things inflation and Covid-19
Robert Rich discusses money supply growth and muted inflation, plus new Fed research on the Phillips curve and alternative inflation targets
James Bullard on the Fed’s policy review, FSOC and forecasting jobs data
St Louis Fed president discusses his support for average inflation targeting, his concerns about US Treasuries market function, non-bank regulatory weakness and negative rates, as well as the unexpected success in using Homebase data to predict highly…
MAS launches campaign to boost Singaporeans’ financial resilience
Central bank starts programme in bid to help people manage challenges posed by Covid-19
Covid-19 policy-making and the need for high-speed data
High-frequency data holds the promise of speed and adaptability, but the rush to find alternative economic indicators has the potential to create problems
Book notes: The menace of fiscal QE, by George Selgin
Much of this book is even more relevant, thought-provoking and important following Covid-19
RBI to pay out $7.6 billion to cash-strapped government
Central bank maintains capital at lower bound of specified range
South African governor warns against QE
South Africa is not near deflation and QE would harm stability, governor warns
Bank of Mexico cites ‘major challenges’ as it cuts rate
Policy-makers focused on maintaining “room for manoeuvre” as inflation risks evolve
China's reserve manager may be buying government debt
PBoC not buying government bonds, but reserve manager may have sharply increased holdings
Book notes: Radical uncertainty, by Mervyn King and John Kay
The one certainty we have faced is that we have to confront uncertainty, which is precisely the point of this wonderful book
New York Fed paper examines MBS price dislocations in March
Flight to safety and dealer balance sheet constraints widened cash-forward basis, researchers find
New Fed discount window could ease bankruptcy crisis – researchers
Many companies may not endure a further liquidity shock
RBNZ boosts asset purchases and prepares new policies
Negative rates and funding for lending programme under “active preparation”
Improvements in US consumer expectations halt in July
Households more pessimistic as Covid-19 continues to spread, New York Fed survey reveals
Emerging markets face L-shaped recession – paper
Researcher works back from growth forecasts to see how Covid shocks might play out
Former RBI deputy attacks government over fiscal dominance
Recent actions by Indian government are “tantamount to coercive monetisation”, says Viral Acharya
PBoC official joins policy lender after clearing up Baoshang Bank
Zhou Xuedong joins China’s biggest policy lender, as PBoC declares Baoshang Bank bankrupt
US unemployment falls to 10.2%
Miscalculation errors continue to understate headline figures, Peterson Institute research finds
Emerging markets face ‘uphill battle’ against pandemic – IMF staff
EME countries face limited fiscal space and possible solvency crisis, warn researchers
Australian central bank cuts growth and jobs forecasts
RBA forecasts 10% unemployment by year’s end as official says recovery will be ‘uneven’
Brazil plans new note as cash demand hits record high
Central bank will introduce 200 real banknote as Brazilians start to hoard cash
World Bank grants Vietnam $6.2 million Covid-19 aid
Central bank deputy says support is ‘meaningful and necessary’ as virus returns to country