Bank of England (BoE)
NGFS suggests central bank climate policies
Green network advises measures to reduce financial risk and promote decarbonisation
BoE looks to fix flaws in funds’ use of swing pricing
Central bank finds some funds overestimate the liquidity of their assets
Wholesale CBDCs may not fix cross-border frictions – panellists
Policy-makers question whether CBDCs will make international payments faster and cheaper
BoE holds interest rates as MPC members differ over risks
MPC points to signs of stronger recovery but also uncertainties around household spending
Lifetime achievement: Charles Goodhart
The LSE and BoE veteran economist has his own ‘law’, and played a key role in the establishment of monetary policy in the UK, Hong Kong’s peg and the ‘New Zealand model’, which influenced a generation of central bankers
BoE’s Woods says PRA needs more rulemaking powers
PRA chief dismisses “caricature” of the “rampant regulator intent on crushing the industry”
Green initiative: Bank of England
UK central bank breaks path for others by disclosing climate-related risk across all operations
Climate initiative: HSBC
The UK bank is working closely with central banks and other official institutions to support the transition towards a greener global system
Expectations play key role in policy transmission – BoE paper
Authors use high-frequency data to assess importance of term premia and expectations
BoE paper outlines new theory of automation and inequality
Authors highlight “new theoretical mechanism” linking automation to higher wealth inequality
US spillovers might increase need for UK easing, says Hélène Rey
Andrew Bailey says policy will be “state contingent” but negative rates are possible
BoE to consult on Sonia clearing mandate
Long-dated Sonia swaps set to lose clearing exemption as liquidity shifts from Libor
Link between poor culture and higher bank risk ‘substantial’ – BoE paper
Regulators should ‘interrogate’ firm data to improve bank risk models, economists argue
UK regulators fix end date for Libor
Most Libor settings will cease at the end of 2021 as Bailey tells firms to finish their transitions
BoE given green remit for monetary policy
Central bank to provide details on reforming corporate bond buying “in the coming months”
The untapped potential of transaction data
Covid-19 has highlighted the need for central banks to have more timely information, questioning whether high-frequency indicators are being used to their full potential.
BoE’s Haldane warns against ‘complacency’ on inflation
Chief economist says uncertainty is high but risks are “skewed to the upside”
Fed’s ‘operational error’ disrupts key payment services
Fedwire, ACH and other transfer systems suspended for several hours
BoE unveils plan to ‘transform’ data collection
Decade-long effort to overhaul data standards and methods of reporting
Covid-19 highlighted machine learning model limits – BoE research
Economic downturn could not have been forecast on the basis of data alone, BoE says
Adding QE can fix New Keynesian models – BoE paper
“Mild adjustments” to balance sheet are enough to avoid paradoxical results, authors find
Carney takes job on Stripe board
Former BoE governor adds role at fintech firm to growing portfolio of positions
Book notes: Asset management at central banks and monetary authorities, edited by Jacob Bjorheim
This excellent book fills a critical gap existing since IMF guidelines on asset management were revised
Green finance: new initiatives in China, Europe and Americas
Eurosystem adopts common investment principles; China pushes climate modelling; and more