Articles by Central Banking Newsdesk
BoE revamps market intelligence approach
New approach to include greater transparency and a new executive committee to oversee market intelligence, following concerns flagged by Grabiner Report
Czech paper finds mixed evidence of spillovers from ECB unconventional policies
Impact of spillovers depends on whether the policy is conventional or unconventional, and has a larger impact on inflation than on growth, working paper finds
Greek governor calls for reform and coherent growth plan
Yannis Stournaras urges government to honour Greece’s commitments and reach a prompt agreement with its European partners, then focus on creating sustainable growth
BIS’s Caruana calls for ‘humble’ risk management
General manager says both risk managers and regulators must show an awareness of the limits of our understanding as the financial system and real economy grow ever more complex and intertwined
Draghi defends Greek waiver decision in heated parliament session
ECB president defends bond-waiver decision and dismisses ‘popular mistakes’ over the disbursement of profits, having to raise his voice over heckling from MEPs
Climate change on BoE research agenda
Bank of England says research could examine how central banking can ‘play a role’ in addressing systemic environmental risks; conference panellists consider issue
Paper tackles US inflation puzzle with new Phillips curve
Authors of research published by IMF find core inflation movements can be explained by anchored expectations and short-term unemployment “stories”
BoE panellists: Central banks need better understanding of policy interactions
Policy-makers are already having to cope in practice with a ‘tripartite’ mandate while research struggles to catch up, raising the possibility of dangerous blind spots
Spanish paper finds relationship between number of lawyers and litigation rates
Working paper published by Bank of Spain warns not to read too much into results, but finds they are useful in conducting a ‘preliminary’ evaluation of recent reforms
BoE unveils wide-ranging research agenda
‘One Bank’ research agenda seeks to shake up the status quo and help theory catch up with the practice of new central bank mandates and looming challenges
Haldane wants to turn economic methodology on its head
BoE chief economist turns away from deductive methods and towards mining big data in search of correlations, but former ECB research director warns him to temper his enthusiasm
Yellen defends relationship with White House
Fed chair tells congressional committee she did not discuss monetary policy with Treasury secretary or executive branch of government, when quizzed on ‘near-weekly’ meetings
State Bank of Pakistan mulls new target rate
New proposals aim to establish a new ‘target rate’ within the existing interest rate corridor; advisory committee on monetary policy will decide whether to adopt them next month
Barbadian governor in rallying cry on productivity
DeLisle Worrell calls on workers to “contribute more” to the production of goods and services in the Caribbean country; sees lack of engagement as a key challenge
Riksbank board uncertain about negative rate limits
Minutes from executive board meeting that led to negative rates and quantitative easing reveal uncertainty about where floor for repo rate might be
Lagarde raises doubts over Greek reform package
Troika institutions give Greek bailout package the go-ahead, but IMF managing director says current reform framework ‘is not conveying clear assurances’ in many areas
Forbes asks if BoE’s ‘Midas touch’ has been tarnished
MPC member says low interest rates carry various risks, including falling productivity and rising inequality, but argues the evidence is mixed and such factors are outside the BoE’s mandate
Israel and Turkey cut rates, hinting at further easing
Bank of Israel eases with one eye on the appreciating shekel; Turkey stands by its ‘cautious’ stance on interest rate cuts with 25bp reduction
Carney defends eurozone comments
Parliamentary committee questions appropriateness of BoE governor calling for fiscal union in Europe; Carney admits authorities outside eurozone were keen for him to make the comments
Research promotes regional approach to financial stability in Asean
IMF working paper says it is ‘equally important’ as regulatory harmonisation; sees potential for vulnerabilities as countries with lower credit-to-GDP ratios catch up with their neighbours
Italian paper: Reforms could lead to earlier exit from ZLB
Working paper examines the impact of competition-friendly reforms in the service sector across the eurozone, finding it could help boost inflation providing investment responds
UK regulators flesh out proposed punishments for bankers
Consultation papers set out details of how presumption of responsibility will work in practice, including narrowed scope, and seek to extend greater protections to whistleblowers
Greek debt deal marks start of rough road
Negotiations on Friday ended in a compromise stacked in Germany’s favour; although disaster has been temporarily averted there are more battles to come, and Greece’s funding remains tight
Azerbaijan devalues currency by a third
Central bank follows up last week’s decision to abandon its peg in favour of a currency basket by devaluing the manat by 34% against the US dollar