International
ECB is caught in a ‘communications trap’ – Issing
Monetary policy architect says ‘close to’ 2% inflation target was never part of original plan; urges ECB to reject Fed-like average inflation targeting
Central banks play key role in sourcing and sharing data
Institutions gather data from many sources and most share it with external researchers
Could AI ever replace human bank supervisors?
Data collection and processing remains key in leveraging artificial intelligence
BIS warns of gap between cautious banks and buoyant markets
Report says exuberant market conditions may belie underlying risks
Agent-based models remain rare among economics departments
Economics Benchmarks 2020 highlights the varied applications of different model types at central banks
Centralisation key to digitising central banks – ECB conference
Bank of Italy studies use of machine learning to boost supervisory capabilities
BIS paper explores reasons for large gold reserves
Researcher says large holdings can be justified, but only for some purposes
Central banks tend to mix research with policy functions
Institutions deploy a wide range of different governance frameworks when it comes to research
Semi-structural models are the forecast weapon of choice
Flexible modelling approach comes out on top; around half of central banks include a financial sector
Olli Rehn on AIT, market neutrality and EU fiscal policies
The Bank of Finland governor talks about the ECB’s strategy review, market failure on climate change, lessons from the sovereign debt crisis, and the Draghi legacy effect on Covid-19 responses
Stablecoins could allow for ‘embedded supervision’ – BIS paper
But authors say CBDCs may be a more effective means of achieving the same goal
MAS unveils yuan funding for banks in Singapore
New funding scheme of up to 25 billion yuan replaces overnight funding facility
FSB warns of ‘breadth and magnitude’ of climate risks
Report warns climate risk could be more challenging to address than other economic risks
IMF misses gender targets as number of senior women falls
Number of women in senior IMF roles “can and should” increase – report
G20 agrees ‘common framework’ on debt relief
Leaders welcome decision, but criticise private sector for failure to act
CBDC could improve banking stability – Haldane
BoE chief economist envisages banking sector split between payments and credit provision
Currency Benchmarks 2020 – presentation
Central Banking’s currency subject specialist Rachael King speaks with Christopher Jeffery about the future of cash, the relationship between substrates and counterfeits, and how central banks are making their cash operations more sustainable through…
Bailey urges co-operation on cyber risk
BoE governor says cyber risks can “go the distance”
Public policy lines blur: implications for reserve managers
Crisis-fighting has pushed central banks into new forms of risk-taking, and this is now spilling into reserve management, says Jennifer Johnson-Calari
FSB to tackle systemic risk in non-bank sector
Regulation likely but policy-makers want to avoid damaging an important funding source
How can central banks secure the future of money?
Central banks should start tackling the accounting, legal and policy challenges related to CBDC. This work will shape the future of money, as could be witnessed in Albania
Pandemic has impacted post-crisis reform work – FSB
“Substantial work” still outstanding in important areas, Financial Stability Board says
Book notes: The great demographic reversal, by Charles Goodhart and Manoj Pradhan
An important book, predicting that powerful demographic forces will upend conventional thinking on macroeconomics and policy
Powell, Lagarde and Bailey express caution on CBDCs
Jay Powell says Fed must get any future CBDC right, rather than “being the first”