Growth
State money and bank money: lifting the fog around QE
Steve Hanke says economists are missing important details by focusing on interest rates, rather than the money supply
Trinidad and Tobago governor predicts GDP contraction of up to 2.5%
Contraction of 2.5% expected amid falling oil prices; co-ordinated fiscal, monetary and structural reforms would increase recovery's chance of success, Hilaire says
Slow growth need not be the ‘new normal’ – Richmond Fed paper
Authors give reasons for optimism about the future of US economic growth, and outline policies that could support it, although most are outside the control of the central bank
BoE’s Weale: t-distribution may outperform normal
Representing monetary policy committee’s judgements using the t-distribution implies GDP outcomes are skewed to the downside and inflation to the upside
IMF’s Rennhack outlines challenges facing LatAm economies
Robert Rennhack sees terms of trade driving real exchange rates; tells audience in Mexico region as a whole is in recession
Sub-Saharan African countries need more responsive policy – IMF staff
Some central banks “impeded” in pursuit of primary mandate; staff report discourages government and structural development financing
Australian governor Stevens sees more viable options than helicopter money
Reserve Bank of Australia governor identifies a host of practical issues to helicopter money, and says there is more governments can be doing before then
Norges Bank deputy pits Keynes against Hayek
Jon Nicolaisen says European countries may have invoked the lessons of Keynes without paying heed to the warnings of Hayek – both views are needed to avoid problems
BoE searches for better data on macro-financial links
As part of efforts to crack the UK’s productivity puzzle, the BoE plans improved data-gathering, seeking insight into the impact of capital accumulation and access to finance
IMF staff raise concerns over Nigeria’s FX regime
Report voices worries about unintended consequences of FX restrictions, calling for more flexibility in exchange rate; Nigeria's authorities insist measures are temporary
Israel must close productivity gap, Flug says
Bank of Israel governor calls on government to work on closing gap with advanced economies, which could boost living standards by a third, she says
Canadian economy may find ‘new balance’ at lower potential growth, Patterson says
Hit to the commodities sector likely to have knock-on effects, lowering broader investment and harming potential growth, deputy governor warns
BoJ’s Funo calls for efforts to revive potential growth
Board member uses first speech to back continued expansionary policy, highlighting steps that could help raise Japan’s potential growth from current depressed levels
IMF staff praise Colombian policy mix as central bank hikes by another 25bp
Co-ordinated policy action is supporting “orderly adjustment” in Colombia’s economy, IMF staff say, including good pass-through of rate hikes; central bank continues to tighten
IMF’s Viñals announces ‘long and testing to-do list’ for policy-makers
Viñals says the plan for ‘great normalisation’ is more urgent than ever; calls for policy action beyond monetary and financial measures
RBA’s Lowe says productivity still a problem
Australia has proven resilient through an uncomfortable rebalancing phase, but the economy is still plagued by disappointing productivity growth, deputy governor says
External conditions move Bank of Mexico to lower growth forecasts
Central bank cuts growth forecasts for 2016/2017 by half a percentage point; global slowdown starting to have larger impact
UK will not ‘heal’ if pay and productivity remain ‘stuck’ – BoE deputy
Cunliffe optimistic inflation will return to target as disinflationary pressures fade, also keeping close eye on productivity
IMF urges ‘comprehensive approach’ to growth that reduces reliance on monetary policy
International Monetary Fund calls for coordinated policy response ahead of G20 meetings; policy-makers ‘must act now’ to implement strategies
Is China really the cause of sluggish global growth?
China's policy-makers blame structural problem in the West for global malaise, despite unprecedented monetary stimulus by central banks
Christchurch recovering after quake, RBNZ paper finds
Economy proves ‘resilient’ to earthquake as rebuild continues; uncertainty around the timeline puts off businesses from investing in the region
Global growth has ‘flat-lined’, says OECD chief economist
Global economy expected to expand no faster than in 2015; current monetary policy stance ‘insufficient’ to spur growth
RBA board agrees China has ‘scope to respond’ if outlook worsens
Minutes from February meeting reveal board is wary a ‘sharp slowing’ in economic activity could spill over to other economies in region, though Chinese authorities could respond
BoJ’s Nakaso sees analytical challenge in gauging reforms
Policy board member says the design of standard models may be one reason why it is hard to tell whether Japan needs demand- or supply-side reform