Debt
Charles Goodhart on inflation targets, financial stability and the role of money
The LSE professor says inflation targets should have been 0%, the Fed’s move to AIT is a mistake, independence is under threat from inflation, big balance sheets support liquidity, AI can help supervisors and climate stress tests are unconvincing
Norges Bank signals September rate hike
MPC says economy is rebounding sharply as officials warn of high household debt levels
RBNZ gains tool to curb house price rises
Government approves debt-to-income limits to address hot housing market
Central bank profits under pressure
The structure of a central bank’s portfolio and its relationship with shareholders can affect shock-absorbing capital and the amount of profit distributed
Ailing Suriname floats its currency
Defaulting country holds debt talks as inflation and corruption take toll
Sarb paper questions assumption that government debt is low risk
Banks may need to reduce exposure to sovereign debt instruments as fiscal risk rises
New York Fed to begin SMCCF bond sales
Federal Reserve plans to offload $13.7 billion in corporate debt bought as pandemic measure
NY Fed prepares to sell corporate bond portfolio
Holdings of $13.7 billion were bought under emergency SMCCF programme
Danish central bank may tighten house lending rules
National Bank of Denmark recommends that FSA reimpose countercyclical buffers
A return of the inflation monster?
There are fears that a shift in intellectual approach towards running economies ‘hot’ could herald a return of the money-eating inflation era
Fed’s Harker warns US higher education ‘is in peril’
Philadelphia Fed president calls for reforms, as colleges face up to $115 billion in deficits
The new era of money supply and its impact on policy
The empirical relationship between money and inflation has changed, writes Manmohan Singh, with Apoorv Bhargava and Peter Stella. To understand current policy challenges, we must first understand money creation
RBI set to launch second round of asset purchases
Indian central bank seeks to curb borrowing costs amid severe Covid-19 outbreak
IMF urges Mauritius to reform central bank
Bank of Mauritius made loan to government in 2020 and funds investment body with reserves
Central clearing of Treasuries could cut disruption – NY Fed paper
Central clearing could have avoided most settlement failures during Covid-19 crisis, authors say
China and private sector could free ride on SDR issuance – El-Erian
Economist calls for development of a new common sovereign debt restructuring framework; Vera Songwe says many countries need more debt relief
Rising rates could endanger emerging market recovery, IMF warns
“Divergent recovery” likely to create financial stability challenges, report says
‘Giant of the field’ Robert Mundell dies
The Nobel laureate influenced a generation of economists via the Mundell-Fleming model
A latent rise in r* could upend monetary policy
A rising natural rate could create serious challenges for policy-makers, write Jorma Schäublin and Philip Turner
Fed won’t set rates to ease debt pressure – Waller
Newest Fed board member stresses central bank autonomy in first public address
A rebuttal of Philip Turner’s criticism of the BIS ‘house view’
Robert Pringle critiques the key findings raised in Philip Turner’s occasional paper, ‘The new monetary policy revolution: advice and dissent’
IMF weighs up $650 billion SDR issuance
Figure would allow Biden administration to avoid a vote in Congress
Central bank of the year: The Federal Reserve System
Overwhelming Fed interventions in March 2020 forestalled a damaging global financial crisis, as policy overhaul prompts introspection in Europe and Japan
Advisory services: Oliver Wyman
The consultancy has built a reputation for analytical excellence and governance expertise, and counts leading central banks across the globe as its clients