Growth
Communication technology helps explain productivity puzzle – Fed paper
Properly accounting for ICT services produces “very large” boost to US labour productivity figures, authors say
Xi sees renminbi taking greater role in global monetary system
President Xi Jinping calls for quality and equality of growth rather than speed; flags plans to promote renminbi as global reserve currency
SBP notes caveats to decade-high growth
Expansion of Pakistan’s economy continued in fiscal 2017, although the central bank is concerned about a widening current account deficit
Higher rates contributed to recovery in Latin America – IDB economist
Less hawkish policies can fail to generate growth but push up inflation, research finds
OECD urges UK to maintain ‘close ties’ with EU
Latest assessment of UK economy warns of damaging impact of Brexit vote; Ángel Gurría says close future relationship “absolutely key”
Williams: weak productivity, population growth keep rates low
The “new normal” implies a federal funds rate at 2.5%, says San Francisco’s John Williams
Blanchard and Summers call for rethink of stabilisation policy
Both economists question consensus on fiscal prudence and advocate stricter financial regulation
Danish central bank critical of fiscal easing plans
As growth accelerates and inflation rises the economy risks overheating, the central bank says
IMF: global recovery is broad but incomplete
Fund ups its growth forecasts but says many are missing out; Maurice Obstfeld urges policymakers to take action while “times are good”
Low volatility challenges central banks – BSP deputy governor
BSP deputy governor examines the correlation between volatility and uncertainty, and the calibration of monetary policy and macro-prudential policy in the Asean region
Bank of Portugal expects stronger growth in 2017
Exports are expected to boost GDP growth to 2.5% in 2017, up from 1.5% in 2016
ECB targets NPLs with tougher prudential rules
The proposed regulation will only apply to new distressed assets from January 1, 2018
RBI eyes unwelcome turnaround in India’s economy
Central bank on hold as growth slows and inflation ticks up sharply; Urjit Patel notes heightened volatility and geopolitical tensions
Developing states can improve inflation targeting – IMF paper
The research finds a bias in favour of results in line with the academic consensus
Low wage rises may hamper inflation in Sweden – IMF
Higher housing prices and private debt call for stricter amortisation requirements
‘Substantial’ accommodation still needed in euro area – Liikanen
Bank of Finland's governor says improved growth and investment prospects have failed to affect inflation; underused capacity expected to be taken up “gradually”
Bank Indonesia under pressure from falling inflation
Bank Indonesia cuts rate for the second consecutive month; policymakers in Indonesia have been struggling to hit ambitious growth targets
John Williams on the neutral rate of interest and mandate change
The president of the Federal Reserve Bank of San Francisco speaks about the plunge in the natural rate of interest, and why it means central banks should work together to review their price stability targets
Danish central bank advises Faroese public spending cuts
Higher salmon prices and low unemployment may overheat the economy, the central bank says
Kuroda deflects criticism of 2% target
BoJ governor pushes back at those calling for a reduction in the target, as inflation in Japan remains off course
Riksbank welcomes higher inflation
Minutes of last monetary policy meeting caution krona has appreciated faster than previously forecast
BoE’s Vlieghe: financial sector may have pushed rates down
MPC member suggests end of the gold standard seems to have lent a negative skew to growth; gives hawkish signals on future policy
Falling Swiss franc boosts inflation but SNB policy is unchanged
SNB revises down GDP growth forecasts and warns franc “remains highly valued”
Denmark central bank issues warning as economy heats up
The National Bank of Denmark cautions the labour market is tight and the economy may be close to overheating