Norway
Norges Bank says it is still capable of managing wealth fund
Central Bank Law Commission recommends creating a new entity to manage the Government Pension Fund Global
Good data management key to extracting value from big data – panellists
Big data proves most useful when backed by a well-designed production chain – but it comes at a cost, central bank data experts say
Norway’s oil fund recommends bond portfolio shake-up
NBIM managers recommend cutting riskier investments from bond benchmark index to improve flexibility and alignment with its goals
Norway’s pension fund grows on rising equities
The world’s largest sovereign wealth fund grows, thanks to European equities, but low rates and oil prices remain long-term challenges
Norwegian commission calls for reform of Norges Bank
Mandate, board and legislation should all be changed, says former governor Svein Gjedrem
Norges Bank study: regional network is supplying useful information
Central bank’s network of contacts is able to deliver better information on growth than other sources, report finds
Norges Bank sees room for improvement when forecasting wages
Evaluation of forecast performance shows both the central bank and other forecasters struggled to produce accurate estimates of wage growth and unemployment
Riksbank paper finds ‘significant’ gains from faster trading
Faster trading systems have eliminated arbitrage opportunities, improving market efficiency and quality, authors say
Norges Bank hooks viewers with fishy banknote video
“The cod is coming” music video proves a hit, helping to advertise the central bank’s new banknote series
Norges Bank reserves swell, thanks to equity returns
Fixed-income portfolio returns were essentially zero in Q1, but the central bank is able to achieve returns on equity holdings
Olsen highlights the importance of responsible investment
New ethics rules saw numerous companies excluded from the GPFG last year
Norway’s Nicolaisen: central banks must guard against e-money takeover
Private electronic money can bring drawbacks, especially in a crisis, Norges Bank deputy governor warns; central banks need to come up with better options
Type of uncertainty matters for modelling – Norges Bank paper
Author develops method to “disentangle” various forms of uncertainty, finding they can have good and bad effects
Norges Bank’s Nicolaisen: covered bonds can create distortions
Covered bonds are widely seen as a safe asset, but they face risks and could have unintended consequences for markets
Norges Bank paper offers method of stress testing with fire sales
Model recognises possibility of indirect exposures, which could affect outcome of bank stress tests
MAS considers revising limits on coin payments
Singapore central bank mulls blanket restriction of 10 coins per denomination in a single transaction; new arrangement would align the country with Norway and Switzerland
Norges Bank increases staffing in 2016
Annual report shows 8% increase in staff levels, as well as changes to the governance structure; central bank makes a slight loss due to exchange rate movements
Norges Bank defends policy framework amid government review
The government is assessing the central bank’s governance and monetary policy; Norges Bank says it needs a “long and flexible horizon” to be able to properly conduct its policy framework
People: vice-governor appointed at PBoC; Bank of Canada creates new comms role
China’s State Council appoints Harvard graduate to replace Guo Qingping; Jill Vardy becomes adviser to Stephen Poloz; and more
News cycle can give estimate of business cycle – Norges Bank paper
Index derived from business newspaper is both more timely and more accurate than traditional business cycle indicators, author says
Norges Bank paper presents new evidence on immigration impact
Authors seek to disentangle immigration shock from broader macroeconomic effects, using unique Norwegian data series
Norway unveils final banknote designs
Banknote designs eschew traditional inclusion of portraits, opting instead for geometric patterns and coastal images
Book notes: On central banking, by Jan Qvigstad
Qvigstad’s collection of lectures captures not just the culture of Norwegian central banking, but also an intellectual history of which the country can be proud
Olsen says Norges Bank must tread carefully as it nears the zero lower bound
Governor says effects of monetary policy may become less certain; review of monetary policy framework about to begin