Advanced economies
Policy economists outnumber research economists
Central banks with their own pure research departments tend to employ more policy economists
Economists tend to perform both policy and research duties
Only around a quarter of economics departments have a pure research function
House prices rising at fastest rate since global crisis – BIS stats
Advanced economies see sharpest average increase, but India records largest cumulative rise
ESG reserves adoption challenged by reliance on sovereign bonds
Higher issuance of government-compliant bonds is insufficient to offer investable alternatives to central banks.
Emerging economies more likely to employ access-to-cash policies
Central banks split on access-to-cash policies
Time to stop handing out the pills: the great QE detox
We are facing a serious inflation threat that will test the resolve of central bankers, writes Jagjit Chadha. Central banks must reduce their reliance on QE. But how?
Transactional cash usage ebbs and flows in response to Covid-19
The proportion of payments made in cash ranged from 3% to 88%
Securities lending prevalent in European central banks
Monetary policy, market maturity and currency variation may limit adoption in other regions
National income not only determinant of reserve management staff numbers
Salaries ranged between $11,968–$138,768 among benchmark participants
Emerging nations turned to FX interventions during pandemic
Central banks in emerging nations were twice as likely to implement FX interventions than their peers in advanced economies
IMF: growth prospects dim as pandemic lingers
Fund revises down growth forecasts, warning of inflation, disruption and divergence
Covid-19, crypto and climate weigh on global economy – GFSR
Central banks face difficult “intertemporal trade-offs”; poorer nations unlikely to regain pre-Covid growth levels for “many, many years”, says IMF’s financial counsellor Tobias Adrian
Pandemic is top stability concern for benchmark respondents
House prices, cyber crime and crypto assets are also major worries for central banks
Emerging market central banks regulate more sectors
A higher proportion are the sole banking, non-bank and micro-finance sector regulators
Emerging nations favour different macro-prudential tools
Respondents from richer countries use counter-cyclical buffers more than emerging market peers
Goodhart, Gopinath and Lippi disagree on inflation
Central banks lack tools to deal with inflation, Goodhart warns, but IMF chief economist disagrees
Many central banks are sole macro-pru agency
Two-thirds of respondents say central bank alone can impose macro-prudential restrictions
Monetary Policy Benchmarks 2021 report – executive summary
Insights into the staff that work on monetary policy, decision-making, tools, transparency and market operations
MMT and the challenge of fiscal monetary co-ordination
Sayuri Shirai contrasts modern monetary theory with regimes of monetary or fiscal dominance
Central banks divided on publishing policy meeting minutes
Central banks in advanced economies more likely to publish minutes
Majority of central banks have power to issue debt for monetary purposes
Central banks pointed to draining liquidity as a reason for issuing debt
FX market intervention key tool for emerging market economies
Central bank markets departments perform a wide range of different roles
Asset purchase programmes prevalent among advanced economies
But just 17% of emerging market economies said they operate a purchase programme
Some philosophical questions about the future of central banking
Kenneth Rogoff weighs up the many challenges facing central banks in the years ahead, from debt and inflation to negative rates and the dangers of ‘mission creep’