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Argentinian central bank takes drastic action over currency crisis
BCRA hikes key rate by 500 basis points and pledges major forex and debt changes
Podcast: David Hendry and John Muellbauer on empirical macro
The econometricians cast a sceptical eye over DSGE models and weigh up some alternatives
Central bank of Cyprus suspends subsidiaries of two Russian banks
CBC says decision was influenced by Russian central bank’s decisions but uncertainty remains
Quotes
The political spotlight is far harder on central banks now. It is not particularly to do with monetary policy, but to do with whenever you have to take a step in terms of resolving a bank. There will be losers.
Philip Lane, governor, Central Bank of Ireland
Having a reliable institutional mechanism that supports fiscal responsibility will allow attention to focus on whether the central bank is delivering on its mandate, which I welcome.
Brian Wynter, governor, Bank of Jamaica
The countercyclical policies used in the past to accumulate reserves – which rose to one of the highest levels in the world – were to ensure a gradual transition and an effective absorption of any shock.
Ahmed Abdulkarim Alkholifey, governor, Saudi Arabian Monetary Authority
Equilibrium’s a great concept, but the dynamic side has suffered because there aren’t really very good theories on how quickly ideas or events will unfold.
Hal Varian, chief economist, Google
We had to make a decision quickly when we became convinced that the minimum exchange rate was no longer sustainable… We would have been faced with enormous capital inflows and a self-reinforcing speculative attack.
Thomas Jordan, governor, Swiss National Bank
I think [transparency is] a two-way street. If you are more open, you can receive more feedback.
Agustín Carstens, BIS general manager
Editor's choice
Switzerland’s Jordan on extraordinary monetary policy and sovereign money
SNB governor speaks about currency intervention, negative rates and reserves diversification
Trendlines
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Trump and Erdoğan: cut from the same populist cloth
A mere tweak or a step toward normalisation?
Italy’s trial
Our Take
New Jamaican law could end Caribbean’s ‘colonial era’
Argentina falters at ‘historic’ moment for BCRA
Time for Central Bank of Argentina independence
Spanish banks strongly influenced by knowledge of firms, paper finds
Uganda keeps rates on hold despite rising core inflation
Older population increases financial fraud risks – Atlanta Fed
US expansion set to continue in H2 2018 – Dallas Fed
West Bank weakness drives economic slowdown in Palestine
Non-linear mortgage features can impact policymaking – BoE paper