Central Banking Journal - Volume XXXI Number 1
Articles in this issue
Central Banking’s strategic changes for a new era
New institute, benchmarks, virtual training and online event weeks launched
Klaas Knot on ECB policy-making, the FSB and central bank ‘capture’
DNB president talks about the temporary nature of unconventional policies, the importance of inflation target ‘bands’, the role of central banks as ‘circuit-breakers’ and ECB decision-making under Christine Lagarde
The evolving role of central bank money in payments
The line between commercial and central bank money continues to blur, but the multiple-issuer/one-currency paradigm underpinning the current monetary system is set to remain in a CBDC world, write Ulrich Bindseil and Ignacio Terol
James Bullard on the Fed’s policy review, FSOC and forecasting jobs data
St Louis Fed president discusses his support for average inflation targeting, his concerns about US Treasuries market function, non-bank regulatory weakness and negative rates, as well as the unexpected success in using Homebase data to predict highly…
Official institutions lead the Covid‑19 recovery charge
Tested by the Covid-19 pandemic, market consensus is that official institutions have been instrumental in mitigating market disruption. As economies work out how to adapt to a post-lockdown world, major public bodies are likely to play a key role in the…
Covid-19 policy-making and the need for high-speed data
High-frequency data holds the promise of speed and adaptability, but the rush to find alternative economic indicators has the potential to create problems
Hélène Rey on macro-financial distortions and ‘phase 2’ of Covid-19
The LBS economics professor discusses monetary policy and financial exuberance, debt restructuring, and the use of machine learning to optimise ‘early-warning’ models to inform macro-prudential policy
The eurozone’s eastern conundrum
Bulgaria and Croatia expect a net positive effect as they take final steps to join the euro, while the Czech Republic, Hungary and Poland remain reluctant
Peter Praet on Europe’s Covid-19 responses
The former ECB chief economist talks about threats to financial stability, negative rates, common debt issuance and steps to improve the EMU
Coronavirus panic fuels a surge in cash demand
Covid-19 has led to banknote hoarding in Australia, Brazil, Canada, the eurozone, Russia and the US, fuelled by concerns about financial system stress, write Jonathan Ashworth and Charles Goodhart
Timothy Lane on CBDCs and why the private sector is no competition for central banks
The Bank of Canada deputy governor discusses the difference between a private-sector-motivated digital currency and a CBDC, and why finding a balance between privacy and regulation is such a challenge
How will Covid-19 hit central banks’ financial results?
The Covid-19 crisis has affected central bank incomes from seigniorage and other sources. But by how much, ask Zbigniew Polański and Mikołaj Szadkowski
Computing platforms for big data and AI
Implementing big-data and high-performance computing platforms is critical to support machine learning applications. Rafael Schmidt and Bruno Tissot offer insights on developing a comprehensive information strategy
Book notes: The menace of fiscal QE, by George Selgin
Much of this book is even more relevant, thought-provoking and important following Covid-19
Book notes: Radical uncertainty, by Mervyn King and John Kay
The one certainty we have faced is that we have to confront uncertainty, which is precisely the point of this wonderful book
Book notes: Stable banks in challenging times, by Andreas Dombret
Dombret’s stability and rule-based compass should be that for every aspiring central banker, worldwide
Book notes: The state of economics, the state of the world, edited by Basu, Rosenblatt and Sepúlveda
The 2016 contributions of Nobel Prize-winning economists and others remain relevant to today
