Economics
IMF’s Adrian on the big tech threat and why a ‘non-system’ works
The IMF’s financial counsellor speaks about risks from big tech’s move into fintech, the fund’s efforts to craft well-targeted policy guidance and why the current international monetary ‘non-system’ works
Book notes: After Piketty, by Heather Boushey, Bradford Delong & Marshall Steinbaum
The book leaves you with a deeper and nuanced understanding of Piketty's work
Barbadian reforms are strengthening economy, says central bank
Annual report says IMF programme beginning to prove effective
Dallas Fed paper looks at impact of tech shocks
Researchers exploit forecast data for “more precise” identification of technology shocks
Book notes: Humanomics, by Vernon L Smith and Bart J Wilson
While being authored by world-class Adam Smith specialists means this is a must-read, the value-added of the book “remains a bit vague”
Policy uncertainty can magnify cost shocks – BoI paper
Lack of clarity over inflation targets increases effects of cost-push shocks on output, researchers say
Bank of Spain launches data lab for research
Economists now have access to micro-data on the country’s non-financial firms
Unexpected market news weakens fund liquidity – paper
Findings important for understanding systemic risk of firms during times of stress, researchers say
British lawmakers ask BoE for latest Brexit analysis
Publication of previous analysis led to angry criticism by UK politicians
IMF supports Cabo Verde’s reforms with new programme
IMF supports monetary policy reform and says the central bank must improve supervision and comms
Macro-prudential analysis is not fit for task – leading economists
Carney and Honohan warn of fund failures and Hélène Rey calls for better risk indicators
Purists lament as most cheer Lagarde as next ECB chief
Lagarde expected to adopt similar philosophy to Draghi at ECB, making the central bank the ‘only game in town’ – at least for a while
BIS papers weigh up ongoing risks to global stability
Papers from 2018 AGM include contributions from Forbes, Tucker, Gourinchas and Rey
BIS to scale up banking services as part of new strategy
“Innovation BIS 2025” envisages broader research agenda and new channels of co-operation
People: Sarb deputy governor retires after 10-year term
China appoints vice-finance minister to MPC; senior Bank of Finland official joins IMF executive board.
Spanish and Italian labour markets still slack – ECB paper
Researchers use "Beveridge curve" to gauge efficiency of eurozone labour markets
Central banks cannot fight a populist Tweet storm – panel
Populist leaders such as Donald Trump comfortably outgun central banks on social media; total approach to communications needed
Book notes: Why not default?, by Jerome Roos
A thought-provoking book that will repay the investment of any reader with an interest in sovereign debt
Bundesbank paper presents new model of banks’ risk-taking
Traditional models make error in assuming that banks choose fixed-size portfolios, authors argue
Akerlof warns economics is biased against methods seen as ‘soft’
Nobel prize-winner says bias leads to “sins of omission” in economic research
El Salvador appoints new central bank chief
Seasoned civil servant Carlos Federico Paredes appointed by new political outsider president
Next Bank of Jamaica governor chosen
Businessman and financier Richard Byles to take over on August 19
Fed banks collaborate on economic education
“We have a ‘power-in-numbers’ approach,” says officer at the San Francisco Fed
Romania’s Mugur Isarescu on independence in a ‘post-truth’ world
National Bank of Romania veteran governor speaks to Christopher Jeffery about the country’s shift to a market economy, challenges in the eurozone and independence in a ‘post-truth’ world