Data
Big data could cut regulatory costs, say panellists
Big data could lead to a reduction in costly regulatory reporting, but three experts say there is still a long way to go before the figures are up to scratch
BoJ paper harnesses census data to improve industry surveys
Researchers aim to make the Bank of Japan’s Tankan survey more accurate from a smaller sample, based on Japan’s economic census
ECB paper examines use of eurozone bank lending survey
Changes in credit standards in the ECB’s bank lending survey serve as leading indicators for GDP and bank loan growth, researchers say
Book notes: The power of a single number, by Philipp Lepenies
Lepenies offers a brief but very readable treatment of GDP's political history, drawing out some important lessons in the process
US inflation target within ‘hailing distance’, says Fischer
The Fed is “close” to its targets says vice-chair; despite recent weak GDP figures, Fischer expects investment to recover in coming months
UK inflation climbs in first post-Brexit data
Prices rose 0.6% in the year to July, the highest inflation number for nearly two years, with signs the effect of the UK’s Brexit vote may be starting to feed through
Icelandic paper finds ‘striking’ ties between financial cycle and real economy
Authors identify strong financial cycle linked to global factors, which impacts macro variables including consumption and government spending; paper suggests range of policy responses
Croatian National Bank sees inflation recovering this year and next
Annual CPI inflation fell to –1.8% in May, but the central bank expects it to pick up in the coming months, eventually rising to 1.2% in 2017
BoE agents see firms aiming for ‘business as usual’ in wake of Brexit
Agents’ post-Brexit review shows housing market resilience while there are reports of some firms look to relocate back to the UK in wake of sterling depreciation; IMF updates forecasts
Network analysis sheds light on systemic risk – BoE paper
Pilot study of derivatives markets makes use of CDS data to map network of interlinkages, finding more than just immediate counterparty ties matter for systemic risk
Nouy sees need for rethink of reporting systems
Danièle Nouy says new thinking is needed to help banks and supervisors deal with a ‘paradigm shift’ in data collection; European reporting framework for all banks should be considered
Granular data aids policy transmission understanding, Draghi says
ECB president highlights “very rich information set” launched this week; involves reporting data on up to 35,000 daily transactions in the money market
Policy-makers should base analysis on broad set of monetary aggregates, paper argues
Analysis of the stability of demand for components of monetary aggregates in the eurozone argues against reliance on a single measure, researcher says
News impacts stock prices through more than transient sentiment, paper finds
Working paper uses textual processing to examine more than 900,000 news stories; negative stories have a longer and more delayed reaction, authors find
Central Bank of Ireland to form analytical teams to improve ‘data architecture’
Governor Philip Lane encourages regulators to “embrace” technological advances, while stressing the balance between innovation and consumer protection
BoJ economists shed light on quality-price dynamics
Study of large database of prices shows how firms take advantage of new product launches to raise prices partly due to higher quality and partly to maintain profits
ECB paper considers impact of loss in collateral value
Research examines how a loss in value will impact the wider economy by studying the effects of a legal reform in Sweden in 2004; sees potential for ‘negative consequences’
BIS’s Tissot says micro data can plug macro gaps
Data is abundant in many areas, but making micro data work with macro is still proving tricky for statisticians, says BIS head of statistics
Mester favours ‘error band’ around FOMC projections
Cleveland Fed president Loretta Mester would like to some kind of “error band” introduced around FOMC projections, to reflect the uncertainty the committee is grappling with
German supervisors need more granular data – IMF staff
Staff say concerns about a housing bubble “look premature” but better data would help the authorities be prepared for imbalances; urge faster progress on structural reforms
US data can help nowcast Canadian growth, paper finds
Working paper published by Fed board introduces US data into dynamic factor model used for nowcasting the quarterly real GDP growth rate
Aussie dollar drops as RBA cuts inflation outlook
Reserve Bank of Australia cuts forecasts for headline and underlying inflation; lowered its key rate by 25bp to 1.75% earlier this week
Bean welcomes bid to increase ONS access to public data
Reforming the legal framework will improve ONS access to administrative data, former BoE deputy says, adding the ONS must be more proactive in acquiring and producing data
Cross-border banking contraction broadens – BIS statistics
Latest cross-border banking statistics show drop in cross-border claims spread in Q4 2015 from emerging markets to broader regions; China sees particularly large drops in lending