International
People: San Fran Fed appoints head of research
Sylvain Leduc becomes head of research at San Fran Fed; Shonubi approved as deputy in Nigeria; two front-runners to lead FSB; Iceland appoints head of new IT division
Emerging market governors back targeted capital controls
Governors says capital flow measures can be important tools in some circumstances
Mexico’s Guzmán worried about protectionism
Difficult to understand why given the experience during the Great Depression, the governor said
Chinese governor stresses trade risks at IMF meeting
Yi Gang says protectionism has already damaged global business confidence
IMF calls for fiscal consolidation in anticipation of next crisis
As global financial conditions tighten, emerging economies record higher corporate and sovereign debt
IMF reports growing global financial risks
Supervisors must remain vigilant on risks developing in new areas, IMF says
FSB views crypto assets as minor threat to stability
Report highlights possible risks posed by rapidly changing sector; overall stability threat low, but regulators may need to act in other areas
IMF cuts global growth forecasts
Likelihood of further negative shocks has risen, warns Maurice Obstfeld
‘Amazon effects’ impact pricing across economy – paper
Alberto Cavallo says online competition has changed pricing dynamics on- and offline
Prudential regulation subject to ‘leakages’ – BIS paper
Net effect of tighter prudential regulation is positive for economic growth, paper finds
Nordhaus and Romer win economics Nobel
Economists specialising in long-run macroeconomic modelling win 2018 Nobel Prize
Central bank independence key to low and stable inflation – IMF
Domestic factors more important than global financial forces, researchers find
Output gaps are significant cause of inflation – BIS paper
Researchers find evidence of flatter Phillips curve in advanced economies
What is the future of banknotes?
Antti Heinonen searches for clues on the future of banknotes at central banks worldwide
Researchers explore impact of bank stress on the real economy
Large banks should be subject to more stringent requirements, authors say
Uncertainty over monetary policy is ‘recessionary’, researchers say
Forward guidance reduces uncertainty and supports the economy, paper finds
Gita Gopinath named IMF chief economist
The Harvard academic is a specialist in international finance and an adviser to central banks
Global output gap matters for inflation – BIS paper
Authors find domestic and global output gaps both important, but effects differ across economies
Zombie firms drag down productivity in economy – BIS paper
Lower interest rates create conditions for “zombie firms”, researchers find
‘Momentum building’ behind financial response to climate change
FSB welcomes progress on disclosures; BoE report finds many UK banks are facing up to the risks
Local factors have greater influence on global lenders – BIS paper
Researchers examine data on 53 largest commercial banks
G20 showing progress at tackling data gaps
Considerable progress” in third phase of implementing data gaps initiative, down from “substantial progress” in previous phase, FSB-IMF report says
BoE reveals details of nowcasting approach
Central bank explains approach to generating timely estimates of global GDP
Globalisation becomes more divisive as it advances – Dani Rodrik
Harvard economist says gains from trade may not outweigh redistributive problems