United Kingdom
Fed should have adopted BoE approach to mortgage lending – Tarullo
BoE’s approach to leveraged lending aimed to prevent “hard stop”, Cunliffe says; caps on mortgage lending were enforced by UK central bank in 2014
Research can help BoE keep pace with automation – Salmon
As algorithms continue to make markets faster, regulation will need to be adapted, says BoE director; academic research will aid central bank efforts
Cleland outlines uncertainty of future cash demand
BoE chief cashier says people will move away from cash, but the rate of change is uncertain
Central banks should take transparency further, economist argues
Dissenting MPC members can hide behind vagueness and “verbiage”, says Tony Yates
BoE asks banks to allocate $154 billion to new MREL requirements
UK central bank introduces new internal capital requirement for large banks with subsidiaries; banks have net shortfall of £4 billion to meet by 2022
Fixing the banks is not enough – Adair Turner
Robust banks can supply credit but the real damage from financial crisis is caused by lack of credit demand, former FSA chief says
Senior figures disagree over future of central bank mandates
Independence for central banks has been a success and is vital for carrying out mandate; Otmar Issing says ECB should not act as a substitute for politics
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
BoE issues consumer credit warning to banks
Preliminary stress-test results show UK banking system could incur £30bn loss over three years; UK central bank says financial system is “underestimating losses”
Don Kohn extols virtues of co-operation across policy domains
Good communication between policymakers in different spheres and complementary policy action can bring significant benefits, FPC member says
BoE economist discusses danger of ‘virtual’ bank run
Faster payments and rise of smartphone technology have made it possible for consumers to drain commercial banks without having to leave their homes, official says
Brexit brings inflationary risks, Carney says
“Continued erosion of slack” is putting pressure on MPC, governor says
BoE’s Vlieghe: financial sector may have pushed rates down
MPC member suggests end of the gold standard seems to have lent a negative skew to growth; gives hawkish signals on future policy
Hawkish signs appear in BoE’s latest communication
Committee still split 7–2 in favour of keeping policy on hold, but members flag possibility of a hike at the November meeting
DLT not ‘necessary’ for central bank digital currency – BoE economist
BoE economist says there are many technological requirements for successful digital currency, but ultimately there are serious economic questions to answer too
People: Fijian interim governor appointed permanently, Azerbaijan deputy leaves
Fiji’s Ariff Ali appointed on permanent basis; Azerbaijan deputy steps down; Bank of England retains PRC members; and more
BoE paper adds time-varying parameters to DSGE model
Method allows parameters to shift over time as the structure of the economy changes, yielding improvements to forecasting
Mark Carney takes over two BIS chairmanships
Bank of England governor adds two further chair positions to his several existing roles, taking over from Agustín Carstens
Bank of England strikes deal to end pay dispute
Deal follows three days of industrial action and heads off a threat of more to come; union will play larger role in future pay negotiations
BoE paper mulls tensions in PRA competition objective
Paul Fisher and Paul Grout argue a secondary competition objective can be made to work without clashing with primary objectives
BoE authors outline machine learning framework
Paper offers guide to machine learning in central bank analysis, and sets out a few examples relevant to policy
BoE’s Saunders says public is ready for rate hike
External MPC member denies hike would negatively impact household spending, noting inaction could leave the central bank behind the curve
Customer relationships affect severity of bank runs – research
Swiss experience of the global financial crisis offers natural experiment to test what can exacerbate or mitigate a bank run
Better information bolsters policy pass-through – BoE paper
Where agents lack access to perfect information, publishing forecasts influences potency of monetary policy, study finds