Central Banks
Central banks starting to unlock potential in big data
Some central banks are making tentative inroads into the study of big data, and many more want to, a study by the BIS’s Irving Fisher Committee finds
Iosco, Asifma officials urge early global co-operation on future rules
Joining forces early on would improve regulatory cohesion between countries, but post-crisis pressure on national rule-makers to legislate poses problems, it is suggested at Hong Kong conference
ECB paper explores fiscal adjustment in stressed countries
Fiscal corrections have been ‘more costly’ in contractionary times in Greece, Ireland, Portugal and Spain over the past 50 years, paper suggests
Jamaican governor defends update of central bank act
Amendments would give central bank new responsibility for financial system stability; Brian Wynter argues it is not designed to turn the institution into a ‘super-regulator’
Heterogeneous beliefs may weaken effect of forward guidance, paper argues
Fixed-date and state-contingent guidance by the Federal Reserve led some market expectations to converge, but heterogeneous beliefs about inflation and consumption persisted
BoE unveils final plans for ring-fencing banks
Consultation sets out how bank holding companies should structure themselves to comply with legislation on ring-fencing, but a decision on extra capital buffers is yet to come
Polish governor criticises five presidents’ report
Marek Belka says proposals contain ‘some good ideas’ but are ’timid and vague’ about what should be done in the longer-term; speaks alongside Ewald Nowotny at Warsaw conference
RBI economists attempt to pin down India’s natural rate
Researchers lend support to monetary policy by estimating natural interest rate; results imply the policy rate is now set more appropriately for tackling inflation
Eurosystem to consider Target2 and T2S merger
Yves Mersch says officials will look into the potential for consolidating some components of the payments and securities settlement services; potential for one unified platform
Blanchard and others look to reconcile theory of capital flows with practice
Revamp of Mundell-Fleming model helps explain apparently contradictory results, with important implications for policy-makers looking to respond to capital flows
ECB appoints Michael Diemer as first chief services officer
The European Central Bank has created a new post of chief services officer to co-ordinate all administrative, IT and human resources issues
Kenyan and Ugandan central banks act over troubled bank
Central Bank of Kenya places Imperial Bank under new management after being notified of ‘unsafe and unsound’ conditions; Bank of Uganda moves on local subsidiary
MAS eases policy in first move since January
Singapore's central bank cuts rate at which currency is allowed to strengthen amid Asia slowdown; keeps width and centre of policy band unchanged
Turkish paper explores productivity differentials
Countries caught in middle-income trap suffered lower productivity gains than others that had ‘graduated’ from it, finds research focused on period from 1950-2005
RBNZ governor reiterates further easing ‘seems likely’
Graeme Wheeler says the central bank is ‘conscious’ of the impact low rates can have on housing demand; RBNZ has cut OCR by 75bp since June
Eurozone policy-makers and researchers puzzled by trends in long-term inflation expectations
Eurozone inflation more strongly influenced by inflation expectations, the ECB notes; two central bank working papers say data shows unexpected changes
Ex-Albanian governor acquitted of ‘abuse of office’
Former Albanian central bank governor Ardian Fullani found innocent of ‘abuse of office’; left role in 2014 after parliamentary vote
BoE’s new MPC member grilled on financial assets
Treasury Committee questions Gertjan Vlieghe on real or perceived conflict of interest; Ian McCafferty justifies view on rate hike in reappointment hearing
Macro-prudential tools can influence inflation, Menon says
MAS managing director outlines interaction of prudential tools and monetary policy, saying Singapore deliberately used macro-prudential tools to help lower inflation