Analysis
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
ECB poised to clarify tapering of PEPP purchases
Analysts agree central bank views higher inflation as transitory and will maintain rate of purchases
Financial sector still a headache for central bank modellers
Macro-financial links are difficult to integrate into key models, with progress since the global financial crisis slow. But some central banks are making breakthroughs
ECB should adopt symmetric 2% target with AIT – US economist
Academics and former officials say ECB’s new policy framework needs to be nimble to react more quickly to inflation changes
Emerging markets pass capital flows test
BIS report concludes inflows are broadly positive, as improved EM institutions make them more resilient
The importance of diversity when selecting banknote icons
The former head of currency at the Reserve Bank of New Zealand, Brian Lang, explains why inclusion and diversity were such important factors for the country’s 1992–93 banknote redesign
Greening the central banks
What are members of the NGFS doing to ‘green’ their own operations? Officials from the central banks of Belgium, Canada and Morocco highlight some of their initiatives
Governors Nabiullina, Tabaković and Bezhoska on systemic risk and women in power
Russia, Serbia and North Macedonia governors discuss bank reforms, corruption and the Covid-19 crisis
Emerging-market central banks lead on women’s empowerment
EME central banks have more women at staff level and in senior positions, but there are deep disparities worldwide, with childcare availability appearing to be a major cause
Will Treasury yields keep on rising?
Falling price of US bonds may force reserve managers to change duration to preserve capital
How valuable is a PhD economist?
Heads of research from Canada, Israel and North Macedonia weigh the benefits of advanced economics education – and the challenge of retaining top staff
Central banks look to shockproof models in wake of Covid-19
The Covid-19 crisis caused many central bank models to break down. Economists at the St Louis Fed, Bank of Spain and ECB were quick to innovate and say they will continue testing new tools
Central bank social media usage continues to evolve
User growth among central banks has started to level off, but those that use social media platforms are seeing growing subscriber bases and an increase in engagement
2020: The year in review
The past 12 months have been marked by crisis-fighting and losses, but also innovation
What does 2021 hold for the ECB?
Former officials reflect on AIT, how the strategy review may affect normalisation, QE options and the need for new tools
A ‘love-hate’ relationship with ESG screens
ESG screens seen as a first step in adopting sustainable investment practices, so why do so few central banks use them?
The long-term impact of Covid-19 on banknote demand
The coronavirus pandemic has challenged cash usage assumptions at a time when central banks make only limited use of longer-term forecasts
Should the ECB follow the Fed in adopting a dual mandate?
Current and former officials argue an expanded mandate could prove ineffective and compromise ECB’s independence
Fed’s new framework splits opinion
Former Fed officials offer mixed reactions to average inflation targeting, with most calling for the US central bank to refine its communication
Beyond climate: addressing the ‘E’ in ESG
Environmental degradation raises fundamental questions about how central banks think about risk; efforts to expand focus beyond climate risks now under way
Is there a rift in the ECB governing council?
Mixed messages from Christine Lagarde were followed by sharp divergence among board members
Euro failing to challenge US dollar in global reserves – CBI Benchmarks data
Among non-European central banks euro sovereign debt accounts for just 4.1% of reserves; negative rates act as a major barrier, say reserve managers
Libra reinvents itself in bid to overcome ‘fatal’ flaw
Pivot to present more of a payment-network image could save libra from regulatory haranguing. But at what cost for innovation?
After social distancing: prepare for national distancing
If the Covid-19 pandemic triggers a desire to onshore production, international capital flows will come under a new spotlight