National Bank of Belgium
Outgoing Belgian governor takes ECB role
Luc Coene named as one of four ECB representatives on the SSM supervisory board, a role he will start after stepping down as National Bank of Belgium governor next month
Belgian research examines policy response to oil price shocks
To curb the wealth-shifting effect of oil price shocks ‘optimal policy calls for a large but short-lived increase in the real interest rate’
Belgian paper examines impact of unit labour costs on exports
Working paper results imply a 10% increase in unit labour costs leads to drop in exports of between 2% and 4%, based on data from 1999 to 2010
Impact of ECB unconventional policies depends on bank capitalisation, finds Belgian paper
ECB crisis measures have greater impact on GDP growth in countries where banks are well capitalised, researchers find
Belgian review: Common debt will remain ‘taboo’ in Europe
Article published in National Bank of Belgium economic review describes the issuance of common debt as a ‘panacea’ for multiple problems in the eurozone
National Bank of Belgium to close half its remaining branches
Belgian central bank reveals plans to close its branches in Mons and Hasselt in 2016, which are predominantly involved in processing cash
Review finds Belgian CPI still ‘diverges’ from HICP
National Bank of Belgium’s latest economic review analyses the recent changes in the methodology underpinning CPI, and demonstrates why it remains different from HICP
Belgians call for ‘strong co-ordination’ to hold EU prudential regime together
Article in National Bank of Belgium's financial stability review evaluates the institutional structures that will influence macro-prudential policy in Europe
People: Dewatripont is new Belgian no.2; RBA appoints new economics research head
Mathias Dewatripont replaces Françoise Masai as vice-governor of the National Bank of Belgium; RBA promotes Alexandra Heath as Jonathan Kearns heads for the BIS; and more
Monetary and macro-prudential co-ordination works well when pulling in same direction
Monetary and macro-prudential policy co-ordination brings benefits when they are both aiming at the output gap, but not when the regulator emphasises financial stability
Belgian governor’s term extended, successor named
Luc Coene will serve another year as governor despite reaching retirement age this week; Council of Ministers says he will be succeeded by director Jan Smets in March 2015
Belgian paper presents new productivity indicators
Researchers from across Europe attempt to tackle the difficulty of comparing firm-level data across the continent by creating a new database of productivity indicators for Europe
National Bank of Belgium sells iconic Antwerp building
Belgium’s central bank has closed its Antwerp branch as part of its ongoing consolidation process, and will now sell the distinctive triangular building
National Bank of Belgium weighs reduction in one and two cent coins
Belgian central bank considers merits of allowing traders to round cash and electronic payments to the nearest five cents in a bid to render one and two cent coins ‘unnecessary’
Belgian paper posits method for robust optimal monetary policy
Working paper suggests way of supplementing optimal monetary policy with elements of a rules-based policy, punishing policy-makers for deviation but not preventing them from exercising discretion
Belgian paper warns central bank policies could worsen financial shocks
Working paper studies optimal monetary policy configurations for price and financial stability in Eastern Europe; finds central banks may worsen credit shocks by taking action against them
National Bank of Belgium urges care in use of credit conditions surveys
Analysis shows eurozone’s Bank Lending Survey and Belgium’s Survey on Credit Conditions contain useful information – but ‘crucially’ depend on model specification
Belgian supervisor warns against Basel III over-simplification
National Bank of Belgium’s Rudi Bonte calls for the Basel Committee to take a ‘moderate’ stance on the trade-off between simplicity and complexity in its risk and capital rules
Belgian paper finds Fed policy influenced by Taylor rule
Working paper presents evidence that Federal Reserve policy-makers are influenced by the Taylor rule when making monetary policy decisions
Belgian bank survey reports gloomier outlook
National Bank of Belgium survey finds improved financial market conditions are not feeding into the real economy, as respondents again revise down 2013 growth forecasts
Belgian research examines factors behind exchange rate pass-through
National Bank of Belgium working paper studies why some exporters pass on fluctuations in exchange rates through price adjustments while others do not
National Bank of Belgium paper studies effect of shocks on US trade balance
Working paper analyses link between shocks to the marginal efficiency of investment and the US trade balance; argues this constitutes a significant element in forecasting US trade fluctuations
NBB working paper pays tribute to 'architect of the euro'
National Bank of Belgium working paper highlights role of Tommaso Padoa Schioppa in the creation of the euro
Belgium central bank paper reviews effects of trade liberalisation in low-wage countries
National Bank of Belgium study shows low-wage countries experience less movement in labour and output to high-skill-intensity industries as a result of trade liberalisation policies