Central Banks
Tech-related mismeasurement not to blame for 2004 slowdown
Fast growth between 1995 and 2004 is the “anomaly”, the authors suggest; further productivity growth is expected when the potential of latest advancements is realised
Fed’s Mester says public should not hold policymakers to ‘unrealistic account’
Monetary policy cannot and should not be used to spur productivity growth, says FOMC member; unwinding of Fed’s mortgage portfolio may help guard it against calls to enter the realm of fiscal policy
Why the EU needs an asset management company
The European Banking Authority’s Piers Haben and Mario Quagliariello argue a well-designed asset management company should be a major part of efforts to clean up the European banking sector
FOMC sentiment effects tested with ‘computational linguistics’
Economists find sentiment conveyed by FOMC statements affects policy expectations, inflation, and industrial production
Kuroda flags need for better network of emergency forex liquidity
Bank of Japan governor warns network of swap lines among major central banks may not be enough as systemic banks reach into a broader set of regions
Seychelles to demonetise old 100- and 500-rupee notes
Improved security features need to be “put to best use”, says the central bank; the general public have until June 29 to spend or exchange the old banknotes
Norway’s Olsen warns of dangers of dipping too deeply into oil fund
Norges Bank governor says risk of a sharp decline in the fund’s value becomes much greater if the government increases its oil revenue spending
IMF praises BCEAO’s latest policy actions
Latest round of measures will result in stronger banking sector, mission chief says; rejuvenation of interbank market will help monetary policy effectiveness
New Australian $10 to feature works of native authors
RBA launches second banknote in new series, celebrating native authors; new note will feature similar security elements to new A$5 launched last year
Basel III has aided system stability, interbank models suggest
Model predicts future crashes will not be total wipeout
Fed’s Williams says labour market figures are accurate
Current unemployment rate “accurately” reflects the state of the labour market; San Francisco Fed researches a broader measure of the market
ECB profit for 2016 rises on asset purchase income
Supervisory charges on banks rise by €105 million
RBA’s Ellis: cross-country and micro-factors matter for housing
The assistant governor sees country-specific and micro-factors as important to understanding the diversity of outcomes in the housing market
Bank of Uganda cuts rate as inflation outlook improves
The near-term inflation outlook worsens, but latest forecasts shows recovery within the target band; the IMF’s Lagarde praises the central bank for its “prudent” approach
Rosengren warns Fed may have to increase pace of tightening
Data suggests that the US labour market is tightening, Eric Rosengren argues
IMF paper examines bank lending in Saudi Arabia
Despite low oil prices, credit to the private sector “remained robust”, but an overreliance on banks financing the deficit needs to stop, author says
Malaysian government opens case on historic forex losses
Task force to probe heavy losses of Bank Negara Malaysia in the early 1990s, which reportedly included costly bets against George Soros
ECB paper models causes of flash crashes
Informational asymmetry and thin participation can cause liquidity problems, paper argues
Central bank of the year: Bank of England
The BoE has undergone a major restructuring that has reshaped its organisational framework, research and public interaction – leaving it well positioned to meet the challenges ahead after a tough year
Risk manager of the year: Bank of Ghana
The central bank has built a dedicated risk function, instilling a strong risk management culture into business operations and protecting itself from emerging threats
Risk management services provider of the year: OpenLink
OpenLink has continued the evolution of its Findur product with the development of collateral management functionality, notably supporting the Bank of Canada in its move towards collateral posting
Website of the year: Central Bank of Kenya
The East African central bank has embraced responsive design to cater for an increasingly mobile audience, eclipsing the websites of many peers
Yellen calls for “sustainable” fiscal policy
Bank lending has grown since passage of Dodd-Frank Act, Fed chair tells Congress