Articles by Central Banking Newsdesk
Norges Bank – Annual Report on Payments Systems (2009)
Norges Bank says Norway’s payment system is secure but has room for improvement in cost-effectiveness
St Louis Fed: FOMC largely ignored Phillips curve framework
A St Louis Federal Reserve study on Fed transcripts shows the FOMC was split on whether to use the Philips curve in monetary policy decisions
San Francisco Fed: jobs growth policies only temporarily effective
San Francisco Fed study shows recent government policies designed to stimulate employment failed to have any long-lasting effects
IMF: FDI undermined competitiveness in central and eastern Europe
An IMF study on real effective exchange rates reveals large volumes of foreign capital flows reduced competitiveness in central and eastern and European countries
Eurozone crisis won’t cripple Israel: Fischer
Bank of Israel governor Stanley Fischer says eurozone debt crisis and growth slowdown haven’t changed domestic outlook significantly; cites gains to be made from developing clean technology sector
Terms of credit in a competitive market: Philly Fed research
Paper from the Philadelphia Federal Reserve constructs a model to explain behaviour of lenders and borrowers
Expectations drive house prices
Bank of Spain research finds expectations on both monetary policy and future productivity influence house prices
ECB’s Tumpel-Gugerell: towards a safer financial system
European Central Bank executive board member discusses key elements of new approach to safeguarding stability
Klaus Regling to head euro bailout vehicle
German economist and former director general Klaus Regling to head European Financial Stability Facility set up to bail out troubled eurozone states
Big banks get better borrowing rates: Norges Bank
Research from the Norwegian central bank finds that systemically important lenders get more favourable terms on the interbank markets, partly due to lower perceived credit risk
Determinants of big banks’ credit default risk: IMF paper
Fund research finds factors that determine credit default risk for systemically important institutions are consistent with earlier literature on bank failures; business models, earning potential, economic uncertainty all play a part
United States vs the euro area
Bank of Spain research examines where monetary policy has the greater real impact
Fed’s Duke on fostering a healthy credit environment
Federal Reserve governor says central bank will do everything it can
Volcker unhappy with watered down rule: reports
Head of presidential economic advisory board Paul Volcker said to be dissatisfied with cap, rather than ban, on banks’ hedge fund investments; lawmakers forced to scrap $19 billion bank levy
Canada names Goldman banker as governor’s adviser
Goldman Sachs’ Canadian chief executive officer appointed special adviser to the governor
Boston Fed on expectations, output and inflation
Research from Boston Federal Reserve shows low marginal cost presses down on inflation even when central bank’s explicit inflation target is clearly communicated and understood
Bank’s Fisher on why inflation remains high
Bank of England’s executive director for markets says temporary shocks and lack of downward pressure from economic slack have left inflation above 2% target
National Bank of Slovakia – Annual Report (2009)
Slovakian central bank’s annual report details benefits of entering currency union and documents smooth transition into new monetary policy and payments systems
Monetary policy analysis and forecasting in the G20
Paper published by the IMF develops model featuring extensive linkages between real and financial sectors
Second UK FSA managing director quits
British regulator announces the second resignation of a top-level official within the month; head of banking supervision Jon Pain says no role for him in new supervisory structure
Canada’s Carney named CGFS chair
Bank of Canada governor Mark Carney to step into Federal Reserve vice-chairman Donald Kohn’s shoes and head Basel-based Committee on the Global Financial System; follows Kohn’s retirement
Fed’s Warsh: market panic a signpost, not source of global economic woes
Market volatility merely a signal of how far we are away from the new normal; warns against expecting monetary and fiscal policy to do too much
Czech rate-setter Tomšik promoted to vice governor
Czech National Bank chief executive director Vladimír Tomšik named second vice governor; economist Kamil Janáček gets Tomšik’s vacated director role, completing rate-setting board
IMF: reserve managers’ ‘procyclical’ strategies exacerbated crisis
IMF says behaviour of reserve managers compounded pressures on financial stability; highlights potential conflict between investment strategies and stability mandates