Growth
Productivity puzzles and the neutral rate of interest
Monetary policy frameworks should be subjected to internal and external reviews to ensure they remain fit for purpose
ECB article warns of possible effects of a Chinese slowdown
Looser Chinese monetary policy in response to problems could have significant effect
Accommodative policies can continue in Europe due to weak inflation, IMF says
Reduction of non-performing loans in weak banks remains a priority
Norwegian policy normalisation is feasible – analysts
Uncommon combination of higher oil prices and weak currency offsets subdued consumer prices
BIS paper studies how weak banks beget zombie firms
Weak banks have a tendency to misallocate capital, authors find, though the effect is only important in the long run, in contrast to earlier studies
RBA cuts forecasts as inflation disappoints
The Reserve Bank of Australia expects to undershoot its inflation target for another year
Doubts emerge over RBNZ mandate plans
Acting governor Spencer says a dual mandate would have little impact, but expresses concern over a committee structure; former RBNZ economists weigh in
German economic council urges ECB to tighten policy
Group of experts says stronger growth and loose policy could lead to higher financial risk
German central bank in Nazi era will be ‘special focus’ of independent study
Bundesbank funds research into twentieth century German central banks
AI adoption lag could explain productivity shortfall – research
Erik Brynjolfsson, Daniel Rock and Chad Syverson argue the productivity slowdown is not as surprising as it may seem, and there are reasons to be hopeful
Bank of Spain warns Catalan crisis may cut growth by 60%
Uncertainty could imperil Spain’s recovery and reduce growth by 2.5% of GDP until late 2019
BIS paper surveys financial shocks in Latin America
Authors study the most effective policy response to financial shocks in different countries
Tinkering with rates will not bolster New Zealand employment
The New Zealand government would do well to remember why a single price stability mandate was established in the first place
Bank of England pulls trigger on rate hike
Committee split 7-2, but Carney strikes hawkish note on need for further hikes
ECB may change composition of QE, researchers say
Lower levels of sovereign bond acquisitions may allow the central bank to extend stimulus into 2019
Market structure affects monetary neutrality – paper
Minneapolis Fed research finds oligopoly undermines the neutrality of money, amplifying the real impact of monetary shocks
MAS unveils plans to transform financial service sector
Authority hopes road map will boost financial services growth to nearly double that of the overall economy
BoJ lowers inflation forecast as policy stays on hold
BoJ downgrades inflation forecast again, leaving tightening unlikely anytime soon
Ukrainian governor raises rates and warns government over IMF funding
Rate rise prompted by increased risk of government not co-operating with IMF, Smolii says
Xi faces macroeconomic dilemma after China’s party congress
The Chinese premier will have to work hard to avoid a 'Minsky moment', says Hui Feng
Venezuela replaces governor after less than two months in office
Constituent assembly appoints MP as economy battles hyperinflation and economic collapse
RBA looking to handle uncertainty better, says Debelle
Reserve Bank of Australia to change way it presents forecasts in order to avoid false impression of precision
ECB likely to extend QE despite stronger growth, analysts say
Central bank expected to prolong programme by six months at reduced monthly rate of €30 billion
IMF’s Lipton says global growth is not ‘strong enough’
Deputy director says some emerging markets risk getting left behind