Economics
Norges Bank deputy pits Keynes against Hayek
Both thinkers have important lessons to offer for crisis management
Competition in treasury auctions reduces bidder surplus, working paper finds
Paper uses data from Austrian entry into European Union
IMF working paper assess fiscal councils
Research considers the efficacy of independent fiscal institutions in “taming the deficit bias” that emerged in the 1970s
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
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
BoE searches for better data on macro-financial links
Central bank hopes better data will help crack the productivity puzzle
Perceived long-term eurozone deflation risk unaffected by oil – paper
Short-term deflation risks “significantly” affected by oil prices between 2010 and 2012
Lower real interest rates may harm productivity growth, researchers say
Spain and Italy have suffered low or negative productivity growth since at least 1999, paper says
Norges Bank researchers grapple with nonlinear exchange rate pass-through
Authors find empirical results are hard to pin down
Policy-makers could use fraud patterns as economic indicator – paper
Positive relationship exists between bank fraud and the macroeconomy, Chicago Fed risk specialist finds
BoJ’s Funo calls for efforts to revive potential growth
Board member highlights steps that could tackle bottlenecks in economy
Philadelphia Fed president warns of ‘mismatch’ between education and business
Patrick Harker says this probably contributed to slow recovery following crisis
Villeroy de Galhau calls for eurozone finance minister
Villeroy de Galhau calls for eurozone finance minister
Sweden’s Riksbank has mixed forecasting performance, report finds
Riksbank “relatively good” at projecting growth and unemployment, but less so when it comes to the policy rate
Government approves final stage of Thai development plan
Bank of Thailand will promote electronic payments in latest phase of financial sector master plan
Capital flow measures needed before offshore krona auction, says Guðmundsson
Central bank needs tools to maintain autonomy of monetary policy, governor says
BoE’s Forbes outlines new thinking on current account imbalances
Focus on financial components allows for more detailed analysis
Inflation expectations well-anchored, Richmond Fed president says
Villeroy de Galhau notes drop in market-based measures in eurozone
Inflation and unemployment affect wage rigidity, Icelandic authors find
Research challenges New Keynesian assumption that timings of wage changes are exogenous
Research sheds light on RBNZ concerns over inflation expectations
John McDermott argues the risk of inflation expectations losing their anchor has increased
Paper uses machine learning to nowcast GDP in Lebanon
Analysis is a ‘distinct challenge’ in the country on account of data lags
Charlie Bean calls for ‘culture changes’ at ONS in final statistics report
ONS should set up two centres to better measure economic activity, Bean says
RBNZ tweaks forecasting models and cuts key rate
Reserve Bank of New Zealand cuts rates by 25bp to 2.25% in attempt to prevent inflation expectations from falling further
Paper finds evidence in favour of ‘exchange-rate-anchored inflation targeting’
IMF working paper considers optimal policy mix in ‘less developed countries’