International
The risks of a simultaneous and rapid global tightening
Economists call for a more co-ordinated and gradual increase in interest rates
Rate rises reveal defi weaknesses – Powell
Regulating algorithms highlighted as key crypto challenge at Banque de France conference
Markets starting to reflect ‘tenacious’ inflation, says BIS
Swings in markets highlight investors’ struggle to understand outlook, quarterly review says
Economy’s ‘first responders’ now in the line of fire
Forceful but late interventions to combat inflation raise the risk of central bank overreactions
IMF paper explores second-round effects of oil shocks
Authors find oil shocks have greater impact where inflation is already high
IMF paper offers ‘fear-based theory’ of economy
Central banks risk distorting the economy if they don’t move interest rates to offset “fear cycle”
Morocco’s Jouahri on inflation, forex reform, digitalisation and sustainability
The Central Bank of Morocco governor speaks with Christopher Jeffery about Covid-19 policies, Fed tightening, BIS membership, regional co-operation and financial inclusion
Central banks will be ‘tested’ by long-term inflation – BIS’s Borio
Persistent inflationary forces could bring central banks into conflict with government, official says
People: July to September 2022
A round-up of central bankers in the news and on the move during the past three months
Banknotes: July to September 2022
A round-up of news and salient issues that have affected central bankers in the past three months
Will the dollar remain the world’s reserve currency?
Bank of Russia sanctions are unlikely to undermine the US dollar’s central role in reserve portfolios. But a relative decline in US economic weight and technological innovation are benefiting other currencies
Big tech firms may suffer from ‘too much information’ – BIS paper
Firms that pry too much into customers’ affairs may find themselves with no business, authors say
Bank of Mexico’s battle to restore price stability
Despite presidential attacks, former officials say a solid institutional framework preserves central bank autonomy – likely a key asset in the battle against inflation
Swift aims to cut cross-border frictions with predictive tool
Use of anonymised data can help spot errors in cross-border payments, Swift says
Supply-side pressures likely to persist – Carstens
Policy-makers “need to be realistic” about the feasibility of demand management, BIS chief says
How to run a world-class economics department
Benchmarking data shows central banks have myriad ways of organising their economists. So how do some of the world’s top research organisations do it?
Gontareva on Ukraine’s funding, NBU policy and reconstruction
Former NBU governor Valeria Gontareva speaks about donor funding shortfalls, NBU policy and financial stability challenges, Nabuillina and the seizing of Russian assets, and post-conflict rebuilding and modernisation
Geostrategic risks now a major factor – CNB reserves head
Ondrej Strádal supports use of CBR reserves for reparations, is reassessing renminbi allocations and has US recession as a ‘base case’ scenario
Taking a cue from the top: governor turnover and independence
Central bank governors tend to have long tenures, but what that means can vary. High turnover remains a worrisome signal
Long-term data can shed light on current inflation – NBER paper
Authors suggest first half of 20th century has clearer parallel to current inflation than 1970s
Central banks should ‘overestimate’ inflation persistence, says economist
Academic argues central banks should act as if exogenous shocks are likely to be persistent
The PBoC, real estate debt and financial stability in China
Central bank policy-makers are restricted in terms of capacity and space by their efforts to manage the nation’s property bubble amid declining growth
Firms use supply chains to predict inflation – IMF paper
Authors find expectation formation diverges from rational expectations hypothesis
Ukraine’s wartime economy faces possible crisis
Foreign donors must increase financing of Ukrainian government, NBU ex-governor and current government adviser argue