Central Banks
Design flaws in Covid relief package cost millions of jobs – Fed paper
Delay to paycheck protection programme had “very substantial” impact, economists argue
New York Fed to establish ‘innovation centre’
Search begins for director, who will lead collaboration with BIS innovation hubs
Bank of Italy paper looks at economic impact of disasters
More frequent disasters make economic effects larger and non-linear, researcher finds
Bank of Israel announces major increase in FX interventions
Central bank announces FX spend in advance for first time and pledges 40% increase
Book notes: The currency cold war, by David Birch
Pleasant and interesting read on whether digital money will jeopardise the US dollar’s dominant role in global trade and finance
Promoting fintech might reduce inequality – BIS’s Pereira da Silva
Inequality harms policy transmission, but technology may help, deputy general manager says
Covid-19 data gaps threaten US recovery, researcher says
Minneapolis Fed economist urges statistical agencies to include diagnosis questions in surveys
Economics Benchmarks 2020 report – executive summary
Shedding light on economics governance, salaries, forecasting, research, publications and more
Early non-employment ‘scars’ workers – Bank of Italy paper
Effect is particularly severe for non-graduates and when conditions are good, research finds
IMF welcomes Rwandan central bank’s Covid response
National Bank of Rwanda funnelled liquidity to banks and cut policy rates
BoE must improve understanding of QE – report
Lack of understanding has prevented BoE’s ability to build public trust in new policy tool, report says
Chile’s central bank to boost reserves by over 30%
CBC will purchase $12 billion to bring reserves to 18% of GDP before IMF credit line ends
BIS research tracks changing consumption patterns
Pandemic has led to “catching-up” process in e-commerce, bulletin article says
Riksbank to increase risk buffer
Swedish central bank concerned about future effects of asset purchases on balance sheet
Banks must be able to explain AI models – Brainard
Fed governor says solving ‘black box’ problem is important first step in improving AI governance
BdF paper looks at French law on climate disclosures
Law led to sharp cut in French firms’ holdings of fossil fuel-related instruments, research finds
RBI tells banks to prepare for delayed impact of Covid-19
Banks have avoided worst of the pandemic, but they must now raise capital, central bank says
US Fed facility bought Libor bonds with ‘weak’ fallbacks
Industry figures express surprise over purchases linked to doomed benchmark
Inflation could ‘approach’ FOMC target quicker than expected – George
Kansas City Fed president says decline in inflation has been idiosyncratic
MAS urges Singaporeans to use digital ‘red envelopes’ during Lunar New Year
E-hong bao help reduce the carbon emissions of printing banknotes, MAS says
Bank of Lithuania paper explores spillovers of US policy uncertainty
Authors find “significant recessionary and deflationary effect” and synchronous response worldwide
Dutch cash deposit ATMs to close after explosive robbery
Banks and police are struggling to combat a spate of ATM bombings
PBoC eases cross-border yuan settlement policy
Central bank promotes use of yuan in cross-border settlement and financing