Articles by Central Banking Newsdesk
People: ECB names HR director-general; BoE gets new MPC member
ECB appoints new head of human resources; Citigroup economist joins Bank of England’s Monetary Policy Committee; New York Fed’s chief lawyer to step down after twenty-one years in the role
RBNZ signs up SIA to deliver RTGS replacement
Its subsidiary, Perago, will deliver payments infrastructure for New Zealand via “off-the-shelf” system used by Riksbank and Norges Bank
Paper finds Norwegian housing market is ‘micro efficient’
Research published by Norges Bank exploits dataset comprising 472,378 housing transactions; finds little persistence but a lot of reversion in sale prices
IMF will consider macro-prudential policies in capital flow ‘stock-take’
Lagarde sheds light on stocktaking exercise that will use Article IVs over past three years to assess how IMF’s guidance on “capital flow management” has worked in practice
Italian deputy governor calls for fiscal expansion in eurozone
Some eurozone countries should follow fiscally expansionary policies, Bank of Italy deputy governor argues; policy so far has been “less expansionary” than other major economies
Prudential measures may create risks for developers – RBA
Tighter regulations designed to tackle housing risks may cause problems for large building projects started before the tougher rules came in
Fed should stay the course with gradual rate rises – Lacker
The Federal Open Market Committee should continue raising rates, suggests Richmond Fed president; oil price falls and financial markets volatility both stabilising, Lacker argues
Riksbank lays out ideas for macro-prudential overhaul
Executive board accepts many – but not all – recommendations of King and Goodfriend review, and offers some radical ideas of its own
Kuroda: Negative rates having ‘visible’ impact on JGB yields
Bank of Japan governor Haruhiko Kuroda says rates are falling across the yield curve, falling negative up to a maturity of “around” 10 years; sees effects spreading in future
Bank of England to react ‘more cautiously’ to data in light of EU referendum
Uncertainty over referendum to affect macroeconomic data over next few months; inflation rising but still well below BoE target
Embargoed lock-ups scrapped after RBNZ confirms leak
Report says a journalist leaked the March 10 cut to colleagues; Reserve Bank of New Zealand ends practice of allowing media and analysts advance access to rate decisions and major reports
People: Turkey nominates new governor; McDermott to step down from FCA
Turkish government picks deputy to replace Erdem Başçı, but he must still be confirmed by the president; UK’s interim FCA chief says she will leave when her successor takes office; and more
Canada holds rate but raises growth forecast in light of fiscal boost
Stephen Poloz highlights “more favourable policy mix” in press conference; central bank notes emergence of “positive forces” in decision
BoE assumes control of interest rate benchmark
Central bank to take responsibility for overnight benchmark, planning to broaden the transactions underpinning its calculation; WMBA to retain role in calculating and publishing figures
BoJ paper attempts to ditch Friedman rule with new model
Paper outlines model where mild inflation is welfare-optimising, in contrast to Milton Friedman’s rule implying mild deflation, which underpins many monetary models
Norges Bank deputy pits Keynes against Hayek
Jon Nicolaisen says European countries may have invoked the lessons of Keynes without paying heed to the warnings of Hayek – both views are needed to avoid problems
Competition in treasury auctions reduces bidder surplus, working paper finds
Data from before and after Austria’s entry into the European Union shows increased competition in bond auctions substantially reduces bidder surplus, researchers say
Data dependence catching on, says San Fran Fed president
Market participants have become more responsive to economic news since 2015 in both the US and UK, research by Benjamin Pyle and John Williams finds
IMF working paper assess fiscal councils
Research considers the efficacy of independent fiscal institutions in “taming the deficit bias” that emerged in the 1970s, as well as assessing their performance more recently
IMF urges action to prevent global economy ‘stalling’ and ease central bank burden
Maurice Obstfeld highlights risk of “widespread secular stagnation” as IMF publishes latest WEO; details fiscal and structural support needed to ease burden on monetary policy
Senior IMF figures support nominal negative rates
Negative nominal interest rates can help deliver additional monetary stimulus, senior figures at the IMF "tentatively" conclude
World needs ‘less and better’ finance, Bundesbank board member says
Regulators must resist political pressure to water down implementation of reforms; Basel III must increase capital requirements for high-risk portfolios, Bundesbank executive board member says
IMF working paper sees regulation as key driver of decline in foreign lending
Research contends regulatory tightening is behind much of the ‘sluggishness’ in international banking since the crisis; exploits survey data compiled in preparation for GFSR
Central Bank of Kenya creates lending facility in wake of banking troubles
Emergency liquidity offered to any bank under pressure “from no fault of its own”, as fears mount over the resilience of Kenya's banking sector