Central Banking Journal
Productivity puzzles and the neutral rate of interest
Monetary policy frameworks should be subjected to internal and external reviews to ensure they remain fit for purpose
Book notes: The Right Balance for Banks, by William Cline
An interesting analysis of optimal capital requirements for G-Sibs, examining whether Basel III requirements will be enough to stem another financial crisis
Book notes: Hole in the Wall, by James Shepherd-Barron
Cash machines have changed the way cash is managed, but is there a future for such machines in a world looking to go cashless?
Big data in central banks focus report 2017
The second Central Banking Journal focus report on big data expands on the original study from 2016, assessing how challenges have evolved in the past year.
The rapid evolution of data
As big data enters the mainstream, it is critical to understand how it can transform our thinking, but also to be realistic about its shortcomings and biases
Making the most of big data
Per Nymand-Andersen, adviser to senior management at the European Central Bank, discusses how central banks can benefit from embracing big data and what this could mean for the industry in the near future.
Big data in central banks: 2017 survey
As an active area for new projects, big data is becoming a fixture in policymaking, with an increasing number of central banks carving out a budget for data handling, writes Emma Glass.
Collaboration is key to central banks making the most of data
As data becomes increasingly significant for central banks, working with the right people and employing the right approaches is central to meeting objectives, says Maciej Piechocki of BearingPoint.
Tapping into big data’s potential
Central Banking convened a panel of experts to discuss how central banks can harness big data for their needs, hopefully without falling foul of some of the many pitfalls that await.
Sponsored forum: Tapping into big data's potential
Central Banking convened a panel of experts to discuss how central banks can harness big data for their needs, hopefully without falling foul of some of the many pitfalls that await.
A new era for the BIS
As Basel III inches towards closure and a new BIS general manager prepares to move into his post, Jaime Caruana talks to Daniel Hinge about his eight years at the helm
Teaching machines to do monetary policy
Machine learning may not yet be at the stage where central bankers are being replaced with robots, but the field is bringing powerful tools to bear on big economic questions
The optimal size for central bank balance sheets
As the Fed seeks to reduce the assets on its balance sheets, Charles Goodhart examines the role between monetary and fiscal policy, central bank and debt office, and the optimal size of a central bank’s balance sheet
Interview: Edward Prescott
The Nobel Prize-winner speaks to Daniel Hinge about time inconsistency and real business cycle theory, and explains why there is no ‘productivity puzzle’
Kenya’s digital transformation
The use of innovative digital financial services has transformed financial inclusion in Kenya, writes the chairman of the Central Bank of Kenya
Japan’s ineffective efforts at monetary easing
A study of the natural rate of interest indicates the Bank of Japan’s QQE may not have been as accommodative as claimed, Sayuri Shirai argues. The failings appear to be related to effectiveness, rather than scale
Book notes: Econometrics as a Con Art, by Imad Moosa
Every central bank should have a copy of this interesting study, which holds common econometric practice under the microscope, writes Graham Bannock
Perng Fai-nan on how Taiwan has eluded crisis for 20 years
Taiwan’s governor explains how pragmatic interventions have engendered two decades of financial stability, despite the island’s status as a small, open economy
John Williams on the neutral rate of interest and mandate change
The president of the Federal Reserve Bank of San Francisco speaks about the plunge in the natural rate of interest, and why it means central banks should work together to review their price stability targets
Financial regulation, the PBoC and Zhou’s legacy
Zhou Xiaochuan failed to secure a new ‘super-regulator’ under the PBoC, but has ensured the central bank has a strong voice on China’s new apex stability committee at a time of increased regulatory scrutiny
Book notes: Advice & Dissent: My Life in Public Service, by YV Reddy
An engaging look into the private life and career of a former governor of the Reserve Bank of India, and arguably one of the best central bankers of the twentieth century, YV Reddy
Book notes: The Myth of Independence, by Sarah Binder and Mark Spindel
Politicians would do well to heed the authors’ lessons, but their economic analysis could be stronger, writes Niels Bünemann
Archive – EMU: a sceptical US view
Allan Meltzer of the American Economic Association explains why he is worried about a union by the back door; first published in November 1997
Archive – Interview: Allan Meltzer
Robert Pringle talks to Allan Meltzer, Carnegie Mellon professor and chair of the US Congress’s International Financial Institution Advisory Commission (the “Meltzer Commission”); first published in February 2003