Central Banking Journal
The puzzle of monetary policy
The centrepiece of macroeconomic management, inflation targeting by central banks, remains virtually unchallenged despite the crisis of the past five years. This needs to change, argues John Gieve
Where the BIS falls short
Robert Pringle compares the analysis and policy recommendations offered by the BIS in its latest annual report with those in his new book, The Money Trap
The beginning of the end for renminbi internationalisation?
The People’s Bank of China has surprised market watchers by taking critical steps to liberalise the renminbi and interest rate policy in the country
Central bank's crucial role in Myanmar's new economic reform
The Central Bank of Myanmar is on the verge of securing operational independence and a budget that will enable it to double its headcount to help it oversee rapid economic reform
Keeping sight of the real inflation target
The appropriate construction of CPI indexes is vital to maintain public confidence in inflation targets. Jill Leyland points out issues in current index construction
Can Japan afford to grow?
Japan has managed to maintain living standards during its two ‘lost decades’, but its efforts to do so now represent obstacles to achieving sustainable growth. By Ryo Watabe.
Germany's concerns about the ECB’s bloated balance sheet
The ECB’s unconventional monetary policy actions have caused a stir in Germany. The Bundesbank's Joachim Nagel speaks with Klaus Engelen about the risks the ECB now faces
National Bank of Ukraine's Sergei Arbuzov on economic development
Sergei Arbuzov, governor of the National Bank of Ukraine, talks to Catherine Snowdon about past mistakes by the government and how the country is working to develop its economy
The flaws in the Fed's new macro stress test proposals
New macro stress test proposals by the Fed and ECB appear to conflict with rules put forward by the UK, and are raising concern in countries where financial institutions are relatively robust
Book notes: The Money Trap
Robert Pringle’s new book is driven by a sense of missionary zeal
Book notes: End This Depression Now!
One of the rock stars of economics has written another hit
Book notes: Lionel Robbins
A biography of a 20th century British economist
Book notes: Keynes Hayek: The Clash that Defined Modern Economics
Is it possible to reflect on modern economics, leaving rigorous academic analytical procedure aside? Nicolas Wapshott believes it is
McCafferty to replace Posen on BoE’s Monetary Policy Committee
UK Treasury names CBI economics adviser, Ian McCafferty, to replace Adam Posen on the Bank of England’s monetary policy board
Sveriges Riksbank’s Stefan Ingves on banking crises and regulation
Stefan Ingves talks to Christopher Jeffery about the benefits of national regulation, the need for swift action in dealing with troubled banks and why he is against a Tobin tax in Europe
Designing a new global financial architecture
Developing a financial architecture for the future requires substantial thought about international capital flows and the role of institutional investors. By Bernd Braasch
Robert Shiller on central banks and their role in a good society
Through co-ordinated action central banks have played a vital role in avoiding financial armageddon. But Robert Shiller tells Christopher Jeffery that more joined-up thinking is required
System risk lessons from FX loans in Central and Eastern Europe
The build-up of forex loans in the CEE presented a systemic challenge to the region's financial stability. Piotr J Szpunar argues this points to a need for macro-prudential rules in Europe
Germany’s political elite treads tightrope of public opinion on euro
Citizens of Europe’s most powerful economy have never had a real affection for the euro, making Germany’s role in resolving the continent’s debt crisis extremely tricky. By Norbert Walter
Berlin and the Bundesbank in spat over IMF
The Bundesbank has played a pivotal role in building Germany’s reputation as defender of monetary discipline at the IMF. But Berlin’s efforts to bail out Greece have damaged this reputation
Renminbi to shake up the reserves management status quo
China is unlikely to fully liberalise its currency controls during the next five years. But this does not look set to prevent the renminbi from achieving full reserve currency status. By Gary Smith
Reserve Bank of India threatened by government’s economic policies
The Reserve Bank of India had a ‘good crisis’ and has earned a strong reputation for integrity and pragmatism during the past 15 years. But its efforts are threatened by current economic policy
Collateral eligibility: the ultimate macro-prudential policy weapon?
The most potent policy weapon at the disposal of central banks when it comes to fulfilling macro-prudential supervision are asset eligibility rules, says William Allen
A sovereign wealth case study from Ghana
Ghana decided to join the ranks of countries with a sovereign wealth fund after the country discovered oil in 2010. Efi Chalamish and Steve Opata describe how the fund operates