CB Opinion
The interest rate dilemma in an uncertain world: a balancing act
Biagio Bossone makes the case for a holistic policy approach that includes extending IT tolerance bands, smart fiscal policies, supply-side reform and financial safeguards
Fifth review: done. How Ukraine set a record in passed IMF reviews
NBU governor Andriy Pyshnyy says unlocking funding has become a matter of survival for his country
The monetary base and seigniorage in a digital era
Rapid technological innovation in payment systems portends declining demand for money. Emerging markets and low-income countries may have to lower their expectations of seigniorage revenue
The Fed can afford to loosen policy
As (nearly) the world’s most hawkish central bank, the Federal Reserve is right to start monetary loosening, writes Steve Kamin
Central banks must reckon with the costs of quantitative easing
Asset purchase programmes have become a significant loss-maker for central banks. Jagjit Chadha says the losses raise questions about value for money, fiscal distortions and independence
Greedflation, if it ever existed, is correcting itself
Steve Kamin constructs a “wage gap” to assess inflationary pressures in the US
How to increase the impact of financial literacy initiatives
As surveys show financial literacy outcomes falling short, Pedro Duarte Neves distils key lessons
The unbearable lightness of the krone
Norway's weak currency reflects financial markets’ lack of confidence in the country's economic policy
Central bank balance sheets: is there an optimal structure?
Establishing guidelines is challenging, although there are many reasons why CBBSes are heterogeneous
Turkey’s economic odyssey: inflation, lira decline and strategic shifts
Marcello Minenna delves into the damage of 20 years of ‘Erdoganomics’
Can US policy choices explain economic divergence?
NIESR’s Ahmet Kaya finds US fiscal stimulus may have masked standard economic relationships, but economic gravity may soon reassert itself
Maximising the impact of banknote communications
Antti Heinonen highlights the ongoing evolution in how central banks talk about their banknotes
Taking stock of Bernanke: the original sin of forecasting
Jagjit Chadha says the Bernanke review of forecasting should be the start of a more profound discussion at the Bank of England
Fixing forecasting at the Bank of England
Ahead of the launch of the Bernanke review, NIESR’s Stephen Millard makes the case for three key changes to the BoE’s forecasting
Regulating data use: implications of data sitting in the middle
Regulators need to take action to ease tensions created by the growing use of data, says Manoj Singh
Sooner or later, Argentina should dollarise
Dollarisation would be straitjacket, says Steve Kamin, but still looks preferable to the other options
Defending the basis
Benefits of additional Treasury liquidity may outweigh potential intervention costs during a hypothetical panic, writes Joseph Wang
Data sharing as a policy intervention
Increasing access to data represents another policy lever regulators can pull to achieve their objectives, writes David Bholat
Yes, Argentina can replace the peso with the US dollar
Steve Hanke and Matt Sekerke explain how dollarisation can succeed despite the BCRA’s limited reserves
Central banks must brace for another energy shock
Conflict between Israel and Hamas adds to the risk of inflation and recession, says Paul Mortimer-Lee
FedNow – at last
The instant payment system might help fix the US’s rusty payment rails, but it also faces competition, says Dave Birch