Central Banks
ECB paper offers model of interbank contagion
Researchers say policymakers can use their work to prevent and manage financial crises
Iran governor registers for presidential run
Hemmati is one of nearly 600 candidates for the June vote who now face screening from the Guardian Council
Book notes: Quantitative easing, by Jonathan Ashworth
Well-documented and fairly comprehensive book for anyone, including central bankers, wanting an overview of how monetary policy has evolved in recent decades
Governors at four in five central banks left before their term ended
Countries with highest governor turnover were experiencing political instability
German court dismisses challenge to ECB bond-buying
Constitutional court ends long-running challenge to asset purchase programme
Emerging markets pass capital flows test
BIS report concludes inflows are broadly positive, as improved EM institutions make them more resilient
Policymakers should consider adjusting ECB’s target – BdF paper
Lower eurozone r* points to adjustment of monetary policy strategy, researchers find
US imposes sanctions on Myanmar central bank governor
Treasury targets new slate of senior officials in military regime
Don’t dismiss inflation risks but don’t overreact, say central bankers
Sbordone, Smets and Vlieghe weigh up challenges for central banks in the “return towards normal”
Most central banks accountable to legislature
Chains of accountability vary and there does not appear to be one ‘gold standard’
Cash infrastructure as public good – implications for the cash cycle
Efforts are under way in the Eurosystem to safeguard cash infrastructure as a ‘public good’ even as transaction volumes have fallen significantly. How can policy-makers strike the right balance?
Fed’s Harker warns US higher education ‘is in peril’
Philadelphia Fed president calls for reforms, as colleges face up to $115 billion in deficits
EU banks that were stress-tested reduced credit risk – ECB paper
Banks that were subject to 2016 stress tests reduced risk compared with control group, researchers find
Brainard questions Fed approval of bank merger
Fed approves PNC purchase of BBVA USA, while Brainard warns of “weakened” safeguards
Green bonds remain a challenge for reserve managers
Duration and issuance model curb investing in green market, Finland’s asset management head says
BoE paper explores liquidity traps with ‘Hank’ model
Precautionary savings can send economy into deflationary spiral, authors find
The new era of money supply and its impact on policy
The empirical relationship between money and inflation has changed, writes Manmohan Singh, with Apoorv Bhargava and Peter Stella. To understand current policy challenges, we must first understand money creation
Four in 10 central banks have legal right to be consulted on mandate changes
Most have legal restrictions on their ability to use monetary financing to fund the government
BoE recognises Ukrainian bail-in at centre of dispute
Decision likely to be seen as important endorsement of NBU’s action over scandal-hit lender
NY Fed updates Treasuries purchasing programme
New York Fed changes maturity ranges and sector weights of bond purchases
ECB rate-setters ‘broadly agree’ with loose policy
Governing council members warned financing conditions were still tighter than in December 2020
Bank of Mexico holds rates despite above-target inflation
Central bank keeps policy rate at 4% as inflation rose year on year by 6.1% in April