Central Banks
Strong anti-inflationary monetary policy helps mitigate uncertainty shocks, Italian paper says
Central bank has better chance of mitigating uncertainty-driven recessions by following Taylor rule with high weight on inflation, paper finds
Menon encourages Chinese companies to explore offshore
Managing director of MAS considers connectivity between China and South-east Asia; suggests corporates recycle capital through securitisation
Sri Lankan central bank defends governor expenses
Central bank incurs around $663,000 in travel expenses in 2015 as governor and central bank staff attend a number of international financial meetings
Searching for excellence in central bank communication
First-class performance of modern central banks requires first-class communication
Yellen upbeat but concerned by weak jobs data
Janet Yellen expects continued progress to Fed’s objectives; says latest labour market report is “concerning” but warns against reading too much into it
ECB paper considers impact of banking shocks on Portugal
Researchers examine impact of different types of credit supply shock on the Portuguese economy from 2005 to 2013; shocks to large banks may have had large impact on total investment
European Supervisory Authorities launch joint website
Joint committee of three European Supervisory Authorities launches website; European Commission proposes extending remit to three more countries from within the EEA
Hitting inflation targets may be harder now, thanks to lower bound – paper
Working paper warns of potential for lower bound episodes to affect expectations of when they will occur in future, something that can act as a drag on inflation in the present
Iceland expands policy framework with capital flow tool
Central bank embraces idea of monetary policy dilemma, not trilemma, imposing reserve requirements on certain types of capital flows into the economy
Cambodian central bank says $8 million grant will boost retail payments
National Bank of Cambodia announces grant from South Korean government to help develop payments infrastructure; hoping to discourage cash usage and support inclusion
State money and bank money: lifting the fog around QE
Steve Hanke says economists are missing important details by focusing on interest rates, rather than the money supply
US jobs report puts Fed hike expectations on ice
Small increase in non-farm payrolls leads market to all but write off prospect of a rate hike later this month; Lael Brainard and Eric Rosengren keen to see more data
Beware the bond price snapback, says BIS’s da Silva
Poor understanding of inflation drivers and possible disequilibrium from ultra-low rates mean emerging markets should not get too comfortable, says deputy general manager
Divergent monetary policies are top concern for reserve managers in 2016
Reserve managers view divergent monetary policies among the world’s top central banks as the most pressing challenge they face in 2016; asset and currency diversification continues
Nigerian central bank disburses $600m to power sector in 15 months
Nigeria central bank aid to the country’s electricity sector supplied in the form of loans and grants
ECB papers take detailed look at bond market data
Two papers from the European Central Bank take a detailed look at data on the development of credit spreads in eurozone corporate bonds
Debt levels in most advanced and emerging economies are too high, Dombret says
Belief in ‘more finance, more growth’ is ‘sexy’ but ‘a sham’, Bundesbank executive board member argues; debt levels in most economies are ‘too high’
Helicopter money still contentious as Borio enters debate
Article by Claudio Borio and others claims helicopter money means giving up on monetary policy for ever, but economists such as Adair Turner and John Muellbauer question the result
Algeria’s longest serving governor dismissed
President dismisses Laksaci after 15 years of service at central bank; head of state-run Banque Extérieure d'Algérie Mohamed Loukal to take helm
Norges Bank paper offers insights on when to ‘lean against the wind’
Norges Bank working paper investigates the extent monetary policies should actively aim at mitigating the build-up of financial imbalances; using rates to curb credit growth could lower output
Book notes: A few hares to chase, by Alan Bollard
The former Reserve Bank of New Zealand governor has produced a interesting account of the life of engineer-turned-economist Bill Phillips
Gaps in banking and AML laws need urgent attention, Philippine deputy says
In the wake of the Bangladesh hacking scandal, the Central Bank of the Philippines wants to improve the legal framework underpinning the banking sector
‘Urgent’ measures needed to counteract household debt – Riksbank report
Finansinspektionen needs powers to implement effective macro-prudential policies in order to combat household indebtedness, latest financial stability report says
Draghi policy announcement notable for its absences
ECB president announces slight upward revision in ECB's eurozone growth and inflation predictions, but does not unveil any new financing policies for Greece