Bank of England (BoE)
People: Sam Woods reappointed; Fernanda Nechio returns to SF Fed
BoE deputy gets fresh term; Nechio to lead regional Fed’s sustainability research; and more
BoE completes transition to polymer
New £50 banknote featuring scientist Alan Turing enters circulation
Catherine Mann appointed to Bank of England MPC
Former Citibank and OECD chief economist to take Jan Vlieghe’s seat; Jonathan Haskel reappointed
Charles Goodhart on inflation targets, financial stability and the role of money
The LSE professor says inflation targets should have been 0%, the Fed’s move to AIT is a mistake, independence is under threat from inflation, big balance sheets support liquidity, AI can help supervisors and climate stress tests are unconvincing
BoE suspends dividend as capital falls below target
Growth of intangible assets due to RTGS project caused loss-absorbing capital to drop
CBDC: the case for ‘wait and see’
Despite growing interest, some central banks are staying out of the digital currency game
Covid-19 caused steep decline in SME turnover – BoE research
Government support stemmed collapse but younger firms suffered
The Central Banking Awards 2021 virtual ceremony
View the trophy presentations, acceptance comments and future predictions from the winners of the eighth annual Central Banking Awards
BoE’s Bailey says CBDCs could be ‘fundamental’
Innovation hub run by BoE and BIS hub likely to concentrate on CBDCs and payments, official says
BoE outlines climate stress tests
Tests planned as “learning exercise” and will not be used to set capital requirements
NGFS unveils second set of climate change scenarios
New scenarios use NiGEM macro model and take much more granular approach, officials say
Sizing the benefits and risks of our climate ambition
Fixing climate change is likely to entail substantial risks, new NGFS scenarios show. Firms and supervisors must seize this opportunity to adapt, write Sarah Breeden and Frank Elderson
BoE says stablecoins must be as trustworthy as commercial bank money
Stablecoins may require tailored regulation and access to emergency liquidity facilities, paper says
Firms and supervisors must ‘transform’ climate risk management – regulators
Complexity and uncertainty demand major rethink of risk, say ‘Green Swan’ event speakers
Mandatory climate disclosures needed now – senior central bankers
Greening monetary policy operations should also be a priority, policy-makers say
‘Run it hot’: the risks and rewards of a new policy era
Covid-19 has added impetus to an emerging intellectual shift in policy-making. But central banks face unresolved issues – on expectations, on fiscal policy, and on the capacity of the economy to ‘run hot’
People: Sarah Breeden becomes BoE’s executive director for financial stability
Senior official who has played key role in BoE’S climate initiatives will replace Alex Brazier
BoE unveils plan to ‘green’ its corporate bond-buying
Hauser says BoE will “tilt” bond purchases and might insist on full climate disclosure by issuers
BoE’s Hall proposes policies to tackle ‘dash-for-cash’ risks
Central banks could offer repos to “broad array” of counterparties, FPC member says
BoE’s Breeden urges financial firms to run climate scenarios before ‘time runs out’
Firms need to re-examine risk models to ensure all transmission channels are considered
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
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”
BoE paper explores liquidity traps with ‘Hank’ model
Precautionary savings can send economy into deflationary spiral, authors find
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