Broad money
Inflation: what went wrong, and why?
Three theories on the causes of high inflation and their implications for policy responses
Economy’s ‘first responders’ now in the line of fire
Forceful but late interventions to combat inflation raise the risk of central bank overreactions
Is money growth really the main inflation culprit?
A closer look at inflation in the eurozone and Switzerland
How central bank mistakes after 2019 led to inflation
There is a need to acknowledge errors and take concrete action to restore confidence in policy-making
Zimbabwe lifts lending freeze
President had announced total halt to lending in bid to defend local currency
Moldova hikes another 200bp as inflation spirals
Central bank has raised rates nearly 10 percentage points, but inflation is surging towards 20%
Digital money and central banks
Monetary policy, regulatory and financial stability focus needed to stay relevant
The IMF’s $650bn SDR allocation and a future ‘digital SDR’
Focus is needed on widening SDR use in payments, to support a large allocation of ‘official’ IMF SDRs
It’s time to smash Iran’s endemic inflation
As Iran goes to the polls, high inflation is still plaguing the economy. Steve Hanke looks at solutions
Lifetime achievement: Charles Goodhart
LSE and BoE veteran has influenced central banking policy practices and frameworks all around the world
Why Bulgaria needs to deepen its currency board
Bulgaria’s currency board rules should be extended to transaction deposits at commercial banks
Chinese lending hits all-time high in January
Total social financing reached roughly 240% of China’s GDP at end of month
Lifetime achievement: Zhou Xiaochuan
Former PBoC governor stands out for his high levels of integrity, intellectual rigour and bold reforms
Book notes: Democratizing Money?, by Beat Weber
This is a timely book about ‘how money really works’
Money matters for macro fluctuations – Fed paper
Working paper says previous research by Schularick and Taylor may have been flawed
SNB governor condemns 'sovereign money initiative'
Thomas Jordan calls on voters to reject proposal for new credit system
China's policy transmission increasingly similar to advanced economies – BIS paper
Authors say monetary policy surprises have “sizeable” effects on interest rates in China
Book notes: Money in the Great Recession, by Tim Congdon
A stimulating collection of papers on the monetarist theory that had central bankers in late 2008 focused on boosting the quantity of broad money “the Great Recession would not have happened”
The optimal size for central bank balance sheets
Charles Goodhart examines role of monetary and fiscal agents
Central Bank of Egypt battles to contain devaluation impact
Inflation has rocketed since Egypt aligned official and black market exchange rates
Norway’s Nicolaisen: central banks must guard against e-money takeover
Private electronic money can bring drawbacks, especially in a crisis, Norges Bank deputy governor warns
State money and bank money: lifting the fog around QE
Steve Hanke calls on economists to pay more attention to the money supply
Sovereign money a ‘risky experiment’ says SNB’s Jordan
Sovereign money initiative looking to strip banks of ability to create money
IMF pushes Belarus to adopt new policy framework
Staff clash with national authorities over exchange rate