Fiscal policy
Iran appoints new governor amid protests and plummeting rial
Farzin becomes fourth head of central bank in less than two years
Sri Lanka cabinet approves draft of new central bank law
Measure will end CBSL role in buying government bonds
IMF backs $3.1 billion loan for Egypt
Conditions include locking in the floating exchange rate
Paraguayan ex-governor says central bank loans are illegal
Congress votes for interest-free advances amid dispute among ruling party’s factions
IMF approves long-term resilience loan for Rwanda
Fund urges “more decisive monetary tightening”
IMF and Ghana reach initial agreement on $3 billion loan
Stricken country preparing domestic debt restructuring
Brazil and Paraguay hold rates, while Curaçao opts for rise
Inflation has almost halved in Brazil in six months since April, but board says fiscal outlook uncertain
Dollarisation did not prevent monetary financing, paper finds
IMF researchers show how Ecuador created central bank money without its own currency
Book notes: A monetary and fiscal history of the United States, 1961–2021, by Alan Blinder
The book’s breakthrough is its infusion of the history of fiscal policy into a theoretical framework traditionally focused on monetary instruments. It is a splendid and thrilling read
The ECB’s collateral conundrum
A lack of high-quality collateral in the eurozone has resulted in money market rates lagging ECB policy rates, hampering monetary policy transmission
Ghana hikes rates again as inflation passes 40%
Governor says country faces “huge financing gap” as government uses central bank credit
BoE not briefed on disastrous ‘mini-budget’, Bailey says
Governor says absence of independent assessment of tax package made it very hard to assess
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
Carstens wins major Spanish economics prize
King of Spain award praises BIS president’s work in Mexico and globally
ECB warns array of risks threatens financial system
Luis de Guindos calls on governments to avoid fiscal policies running against tighter monetary policy
Canadian governor shrugs off attacks by opposition politicians
Official opposition leader has pledged to fire Macklem as trade union boss also criticises central bank
Nigerian governor says new banknotes will lessen cash hoarding
Governor says 85% of notes are outside banking system as finance minister criticises move
Book notes: Yellen, by Jon Hilsenrath
This book offers new insights into the tough decisions and tremendous efforts Yellen has made as a pre-eminent economic policy-maker
Egypt raises policy rate and floats currency
Central bank decisions come as IMF signs preliminary deal for further $3 billion loan
Bank of Canada makes smaller-than-expected rate rise
Macklem says central bank is “getting closer” to end of increases, “but we are not there yet”
Christopher Sims on modelling the inflation surge
Unprecedented series of shocks creates major challenges for central bank forecasters, the Nobel Prize-winning economist tells Daniel Hinge
Is the ECB taking the right policy path?
Facing an energy supply shock, analysts ponder whether sharp rate increases and QT alone will serve to bring inflation back to target while avoiding a major recession
Pandemic and Ukraine have altered Europe’s inflation dynamics – IMF
Fund stresses policy-makers face tough trade-offs from high inflation and recession risks
ADB gives crisis-hit Pakistan $1.5 billion loan
Asian Development Bank extends aid as extensive floods add to major economic problems