Research
Expansionary policy commitment redundant: Norges Bank
Norges Bank study says low interest rate rhetoric at central banks ineffective under neo-classical Phillips curve model
CEPR: Central banks stuck in interest rate trap
Centre for Economic Policy Research study says central banks will inevitably end up in a low interest rate trap during a crisis
Goodhart: Anglo-Saxon model of banking is flawed
Bank of England former MPC member Charles Goodhart says Asian model of banking is better suited to staving off crises
ECB: Crisis amplified monetary policy channels
European Central Bank study on credit channels finds the financial crisis amplified the impact of monetary policy on the economy
BIS: Top-down approach to countercyclical capital buffers preferred
Bank for International Settlements paper on capital buffers says a bottom-up approach is more favourable to a top-down as bank specific factors neglect variable differences in capital structures of firms
BIS: Inflation targeting only one option
Bank for International Settlements study says inflation targeting is not necessarily the only prescription for price stability
IMF on Peru’s de-dollarisation experiment
IMF uses Peruvian experience in last decade to show benefits of de-dollarisation policies
ECB identifies dark side of wholesale funding
European Central Bank study finds that despite benefits of wholesale funding, liquidity scares can cause instability to banks that are uninformed of potential risks
Fed better prepared than us for financial crisis: ECB paper
European Central Bank study shows stronger emphasis towards output allowed the Fed to react faster than Frankfurt to financial crisis
EU’s Barnier: paradigm shift in regulating OTC derivatives
European Commission commissioner for internal market and services Michel Barnier says concept of light touch regulation is history
Wellink: OTC markets still need good risk management systems
Basel Committee chairman Nout Wellink warns central clearing house not a silver bullet for over-the-counter derivatives markets
Credit boom overlooked due to silo culture in credit markets
Financial Times journalist says informational barriers between credit specialists and regulators meant credit markets were poorly managed pre-crisis
NY Fed: new approach to government funding
NY Fed paper proposes measures to reduce government's reliance on cyclical revenue sources
RBI's Gopinath says regulation key in OTC reforms
Reserve Bank of India deputy governor Shyamala Gopinath discusses challenging process of calibrating India's over-the-counter derivatives markets
Banque de France: CDS mismanagement rather than naked shorting caused market downfall
Banque de France study says credit default swaps should not be abandoned; creation of centrally cleared market can reduce systemic risk
Central bank auctions reveal banks' liquidity risks
BIS study says aggressive bidding in central bank auctions good indication of liquidity risks at banks
Bank of Canada: Chinese shocks have global bearing
Bank of Canada study shows China’s monetary policy is less effective at weathering shocks and country must be incorporated in global models
IMF: Liberalisation of trade can curb Iraqi inflation
IMF study finds mounting inflation in Iraq arising from oil monopolists can be lessened through open market policies
SNB: Firms factor in effort when determining wages
Swiss National Bank study shows workers derive a psychological benefit from reciprocating a generous wage offer by the firm with harder work
NY Fed: Shadow banks should not be kept in the dark
New York Federal Reserve study says permanent access to funding facilities for shadow banks should be considered following credit market strains
Don’t trust the bloggers on economics: Fed economist
Richmond Federal Reserve’s Kartik Athreya says “extremely low likelihood” that writers who have not taken a year of PhD coursework in a decent economics department can advance the discussion on economics
Taking the credit in eastern Europe
Need for credit higher in eastern, than western, Europe, Swiss National Bank research finds
BIS: currency collapses benefit output growth
Bank for International Settlements study on currency collapses finds devaluation helps growth in the long run, rather than dampening it
RBA: standard Phillips curve better measure of inflation than New Keynesian version
Reserve Bank of Australia study finds traditional Phillips curve model outperforms New Keynesian version in measuring inflation