Unemployment
Reserve Bank of Australia joins 50bp club
Australian central bank continues post-pandemic tightening with second, larger hike
Book notes: A full-value ruble, by Kristy Ironside
Soviet experience shows MMT worked, only with far more challenges and downsides than promoters envisioned
RBNZ tightening policy ‘by more and sooner’
Central bank orders second 50bp hike, the fifth increase since last October
Bernanke says Fed acted too slowly on inflation
Former Fed chair argues forward guidance hampered Fed’s response to rising prices
Romania meets inflation spike with rate hike
Central bank adds 75bp to policy rate as inflation passes 10% mark and economy sputters
Bank of Israel makes first rate hike since 2018
Above-target inflation and tight labour market require a “gradual” tightening process
US’s Rouse optimistic on inflation outlook
Chief economic adviser says food production can do more to raise supply than in energy industry
Powell says he expects March rate hike
Fed chair says FOMC is discussing agreement on shrinking balance sheet
BIS paper estimates slack in Mexico’s informal labour market
Calculating Nairu is challenging given large unregulated sector, authors say
Fed signals time will be right for rate hike ‘soon’
QE set to end in March, with balance sheet to start shrinking after rates rise
Fed doubles pace of quantitative easing taper
FOMC says recent inflation figures and labour market strength drove the decision
Bank of Canada renews monetary policy framework
Central bank conducts first “systematic” study of other frameworks since it adopted inflation targeting
Labour market changes key to inflation – BIS’s Shin
Central banks may face “race against time” to prevent wage-price spiral, says Hyun Song Shin
Pandemic spurred use of alternative data
Advanced and emerging market economies prioritise different applications
Unemployment forecast by minority of emerging market economy nations
Data highlights differences based on local economic circumstances
Eurozone unemployment declines to 7.3%
Youth unemployment rate also falls but is much higher at 15.9%
How Turkey’s president created chaos in economic policy-making
Observers allege presidential domination of the central bank, unauthorised FX transactions and untrustworthy statistics
RBNZ continues tightening as inflation approaches 5%
Rising commodity and transport costs see central bank overshoot 2% inflation target
Low unemployment rate will be learning experience for RBA – Lowe
Central bank maintains it will not raise rates until 2024, unless forecasts turn out “very differently”
ESG reserves adoption challenged by reliance on sovereign bonds
Higher issuance of government-compliant bonds is insufficient to offer investable alternatives to central banks.
US adds more than half a million jobs in October
Unemployment falls to 4.6% as labour market perks up again
BoE surprises with rate hold as inflation forecasts reach 5%
Market-implied path for interest rates rises to 1% by end-2022
Fed pulls trigger on taper
Fed begins phasing out QE at initial rate of $15 billion per month
James Bullard on Fed policy, action and governance
St Louis president calls for tapering amid “exceptional” job market and risk of “more persistent” inflation, quantifies ‘big tent language’ for pioneering AIT move, and details Congress’s role in Fed ethics oversight