Central Banks
RBA holds rates at Lowe’s final meeting
Outgoing governor has not ruled out need for further tightening
BIS paper highlights powerful information effects during SVB run
Hearing about SVB made people more likely to run, but good communications helped stem the tide
FSB chair says world faces ‘pivotal’ moment
Tight policy and slowing growth signal financial stability problems ahead, warns Klaas Knot
Eurozone inflation expectations remain stagnant
Consumers’ 12-month expectations remain unchanged at 3.4%
Israel holds rate, but signals more hikes still possible
Yaron denies report he will not seek new term
Macau establishes digital currency as legal tender
New legal regime also introduces a penalty system for refusing notes and coins
Menon to step down as MAS head
Chia Der Jiun will become Singapore’s central bank boss in January
Kazakhstan central bank governor replaced with presidential staffer
Move comes amid flurry of new appointments made this year
IMF paper offers ‘complete set of tools’ to model reserves demand
Authors say theirs is the first complete modelling framework for reserves demand
Deep learning models are ‘fragile’, BoE paper finds
Models suffering from “Rashomon effect” need better supervision, authors say
People: Paraguay confirms governor appointment
Nicaragua gives governor five more years; Malaysia appoints deputy; and more
Jackson Hole in the wake of policy rules
Symposium heralds a shift to relying on incoming data and judgement, rather than rules or even formal models, to hit inflation targets, writes Barry Eichengreen
China to ease mortgage rules and cut banks’ FX reserve ratio
Moves come on top of authorities’ recent support measures for property sector and stock market
Surprising the market can reverse standard effects of policy, paper finds
Part of the impact of Fed decisions comes from revealing economic thinking, authors say
Eurozone soft landing depends on Phillips curve – Schnabel
Executive board member says evidence is hard to read, calling for “robust” policy-making
Policy transmission weak in Caucasus and central Asia – IMF
Recommendations include improved communications, and intraday and overdraft credit facilities
A ‘unified ledger’ and the future of money
Blueprint set out by the BIS staff raises plenty of questions about the 'singleness of money'
Supply shocks drive greater dissent on FOMC – BIS paper
Tougher trade-offs appear to reveal differences in policy-maker preferences, authors say
SDR allocation boosted global economy – IMF report
Review finds allocation met its main objectives, but some countries are failing to deliver on pledges
PBoC pledges more financial support for private firms
Governor Pan Gongsheng says authorities need to unblock funding channels for private firms
Banknotes: July to September 2023
A round-up of news and salient issues that have affected central bankers in the past three months