International
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
Stronger macro-prudential intervention may be needed – Minneapolis Fed paper
Shadow banking sector takes greater risks in times of stringent macro-prudential policy for banks, researcher finds
Central banks accelerate gold purchases in 2018
This has been the strongest period of gold buying since 2015, WGC says
BIS paper finds sound economy may not prevent capital outflows
Emerging markets could use pre-emptive macro-prudential policies to safeguard against capital outflows, researchers say
Booming US economy set against ‘fragile’ markets – BIS review
Fiscal stimulus on top of loose financial conditions in the US continues to pile pressure on emerging markets, the BIS warns in its latest quarterly review
Reserve management practices are splintering
Traditional approaches to reserves management are breaking down, writes Jennifer Johnson-Calari
BIS paper defends credit gap measure
Use of Hodrick-Prescott filter is controversial but the gap still outperforms others, authors find
Central banks adapting to high-speed markets, BIS report finds
“Major developments” in markets are affecting the way central banks operate, Markets Committee says
Market power can explain financial market anomalies – BIS paper
Market power of intermediaries can explain behaviour of risk premiums, authors find
Market power, intangibles and risk premia behind low risk-free rates – paper
Brookings paper questions savings glut and technological slowdown hypotheses
IMF warns low-income countries about higher debt risks
Increased exposure to non-traditional lenders could increase rates and shorten maturities
Economists call for IMF to become like ‘modern central bank’
Growing demands on the fund require a governance revamp, ‘Geneva report’ argues
Book notes: The other half of macroeconomics, by Richard Koo
Richard Koo questions whether central bank policy can work during a balance sheet recession, writes Graham Bannock
World is ‘sleepwalking into next crisis’, says UK’s Gordon Brown
World is ‘sleepwalking into next crisis’, says UK’s Gordon Brown
Bernanke: household borrowing not the main factor in 2008 crash
Panic in financial markets and not household borrowing created deep crisis, former Fed chair says; economists should emphasise credit when modelling
People: Lagarde rules out transition to top EU jobs
IMF chief dismisses rumours linking her to upcoming changes in EU leadership positions; Bundesbank appoints executive board members; Thailand picks board member
Long-termism is necessary for a stable future – RBNZ’s Orr
Contemporary societies face challenges demanding focus on sustainable development, says governor
Automation of financial services poses problem for labour market
Central bankers fear the labour market may not recover as quickly as during previous technological revolutions
Central bankers admit they are not yet prepared for crypto assets
Uncertainty around the assets’ use and regulation calls for further research, debate finds
Central banks could do more to tackle climate change – paper
Central banks may be mispricing assets due to climate change risk, paper argues
US and UK central banks take similar policy stances, researchers find
Richmond Fed examines responses to major monetary policy shocks
Focus shifts to plumbing as crypto markets mature
Panellists at the 14th annual FX Week Asia conference say the institutionalisation of crypto markets is gaining momentum
Fed paper presents method to better estimate systemic risk
Authors find their approach outperforms several commonly used systemic risk indicators