Advanced economies
Bank of Ghana cuts rates as economy stabilises
Central bank lowers interest rates to 17% as inflation moderates to the middle of the target
Kganyago on central bank independence and future plans for the IMFC
The South African Reserve Bank governor spoke with Christopher Jeffery at the Central Banking Awards about the South Africa’s new president, the importance of operational independence and key targets for the IMFC
BoE to provide ‘tailored’ assistance to African counterparts
UK central bank to share expertise with counterparts in South Africa, Sierra Leone and Ghana, as part of wider initiative to support African economies
UK wage growth outstrips inflation
Lower unemployment and above-target inflation reinforce May hike probability
BIS report urges tighter global macro-pru co-ordination
Deputy general manager says global institutions could do more to promote co-ordination between advanced economies and “systemic middle-income countries”
Norwegian governor reflects on investment of oil revenues
A conservative approach allows the country to avoid “Dutch disease” – Olsen
Paper warns emerging markets of pitfalls of credit easing
While the effects of credit easing are benign for advanced economies, developing and emerging countries may experience macroeconomic repercussions
IMF paper looks at how inflation anchoring affects growth
Authors examine whether low inflation and anchoring inflation are positive for growth
Global uncertainty increases financial interconnections – paper
Researchers use a network approach to evaluate financial interconnectedness
Fed paper examines financial spillovers of US monetary policy
Authors find that conventional and unconventional policies create different spillover effects
Central banks ‘walking a thin line’, BIS economists warn
Luiz Awazu Pereira da Silva and Jochen Schanz note central banks have little room to respond aggressively to surprises
Better data needed amid rise of non-banks – BIS study
Survey of post-crisis banking structure finds sturdier core banking system, but risks shifting to periphery, raising the need for better surveillance
BIS paper: unconventional policies may have depressed natural rate
Economists find shifts in estimates of the natural rate co-move with unexpected changes in unconventional policy
BIS paper explores effects of global factors on inflation
Authors find impact of global factors is mainly temporary, but the effects appear more significant for countries without long-established inflation targets
Macroeconomics suffers from blind spot, says Borio
Misallocated resources can explain a large part of recent productivity slowdowns, but thinking in aggregate terms obscures this, says BIS economist
Demographic changes reduce US labour participation rate
As the baby boomer generation retires, the recovery cannot offset their absence
Riksbank plans comms drive to mark 350th anniversary
The world’s oldest central bank intends to engage the public, explaining its role in the economy
Low productivity might not be weighing on real rates – research
Long-run correlations imply there is little reason to believe low productivity is associated with low rates, Cleveland Fed economist finds
Korea suffering from ‘missing inflation’ – deputy governor
Core inflation is still in the mid-1% range despite economic improvement
Low inflation partly down to luck – CEPR report
David Miles and co-authors argue advanced economies’ luck on inflation could run out; recommend central banks prepare
IMF’s Lipton says global growth is not ‘strong enough’
Deputy director says some emerging markets risk getting left behind
Emerging market incomes continue to grow despite trade impacts – Lagarde
Trade has not impacted emerging markets as negatively as their advanced counterparts, Lagarde says, as incomes continue to grow
IMF: global recovery is broad but incomplete
Fund ups its growth forecasts but says many are missing out; Maurice Obstfeld urges policymakers to take action while “times are good”
EMs should work to avoid ‘macro-prudential war’ – BIS article
Use of macro-prudential policies should be co-ordinated internationally for maximum effect, say Luiz Pereira da Silva and Michael Chui