Spillovers
IMF team builds new multi-country semi-structural model
G3MOD designed for frequent analysis by central banks of trade and financial links
BIS’s Zhang Tao on why Asian central banks favour a broader policy mix
The BIS’s Asia chief speaks with Christopher Jeffery and Jimmy Choi about supporting liquidity, financial stability and innovation in the Asia-Pacific region
ECB paper examines largest currency areas’ policy spillovers
Researchers study how foreign monetary policy shocks affect US, eurozone and Japan
ECB paper attempts to measure spillovers from Fed policy
Authors use asset price data to estimate global effects of FOMC moves
ECB paper analyses impact of Chinese financial shocks
“China shocks” affect global commodities and equities, but less than US equivalents, researchers find
RBI’s Shaktikanta Das on financial sector reform, sticking to inflation targets and the e-rupee
The Reserve Bank of India governor speaks about developing credible self-insurance and sizeable FX reserves, inter-dependence with government, non-bank and bank regulatory reforms, demonetisation, rupee internationalisation and daily UPI payments hitting…
Spillovers more widespread than previously thought – Boston Fed
Many central banks cause spillovers besides the Federal Reserve, researcher says
IMF’s Adrian on the systemic threat posed by a ‘weak tail’ of financial institutions
The IMF’s financial counsellor speaks to Christopher Jeffery about bank runs and emergency interventions, market and oversight failings, and the need for action on run rate assumptions, interest rate risk, deposit insurance, crypto regulation and a ‘weak…
FSB outlines crypto and defi risks to financial stability
Future work will map “oracles”, “bridges” and other links with traditional finance
Chile’s Costa on tackling inflation, forex interventions and nowcasting
The Central Bank of Chile governor speaks about stubbornly high prices, Fed policy spillovers, reserve buffers, retail CBDC and the need to address unconscious bias
African governors face multiple financial ‘floods’
Kenyan governor says a “doubling, tripling” of access to IMF resources is needed
Economy’s ‘first responders’ now in the line of fire
Forceful but late interventions to combat inflation raise the risk of central bank overreactions
How to run a world-class economics department
Benchmarking data shows central banks have myriad ways of organising their economists. So how do some of the world’s top research organisations do it?
Labour supply key to understanding inflation, Shin tells G20
Understanding labour market is critical task for policy-makers, BIS head of research says
BoE’s Mann says UK needs to respond to higher rates abroad
Exposure to global spillovers likely making UK inflation worse, says MPC member
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
The international effort to manage NBFI risks: where do we stand?
The Covid-19 shock demonstrated more needs to be done to address stability risks posed by the NBFI sector. Maurizio Trapanese details progress made during the Italian G20 presidency as well as outstanding macro-prudential issues
PBoC focusing on grain and energy to stem inflation
Price stability in grain production and energy supply key to growth, says governor
Reciprocity can curb macro-prudential ‘leakages’ – BIS paper
But gains can be small, which may explain limited use of reciprocity to date, authors say
Fed's monetary policy ‘spillbacks’ have significant effects – ECB paper
Researchers estimate how impact of Fed policy on foreign economies in turn affects US
China’s financial market at risk of ‘distress’, RBA report warns
Authorities may have to choose between market discipline and intervention to save Evergrande