CB Opinion
Inflation, Fed policy and emerging markets: the good, the bad and the ugly
Steve Kamin explores the global implications of rising inflation and interest rates in the US
El Salvador’s bitcoin currency experiment
Move by first nation to approve bitcoin as legal tender raises important issues
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
Multiple expectations test communications
The Reserve Bank of New Zealand’s communications are being tested, and some recent exchanges have been combative, says Mike Hannah
Sizing the benefits and risks of our climate ambition
Fixing climate change is likely to entail substantial risks, new NGFS scenarios show. Firms and supervisors must seize this opportunity to adapt, write Sarah Breeden and Frank Elderson
A return of the inflation monster?
There are fears that a shift in intellectual approach towards running economies ‘hot’ could herald a return of the money-eating inflation era
Navigating the hazards of inequalities
Inequality poses a serious challenge for central bank communications, says Mike Hannah
ESG investment must grow to achieve zero carbon emissions
Action is needed to scale up green investment and tackle information issues, writes Sayuri Shirai
A latent rise in r* could upend monetary policy
A rising natural rate could create serious challenges for policy-makers, write Jorma Schäublin and Philip Turner
A bellwether moment for CBDC plans
The launch of the ‘sand dollar’ may herald a new era of CBDCs as the Fed and ECB step up their preparations
Future of cash: what we can learn from the history of money
Central banks must take a broad view of efficiency if they are to preserve the benefits of cash, says Antti Heinonen
The Bank of Japan must adjust its monetary policy
Sayuri Shirai says the central bank needs to make its policy more sustainable. The BoJ is running out of ways to generate further monetary stimulus
Measuring the exceptional speed and scope of Covid-19 monetary policy
Policy actions during the first wave of the pandemic were extraordinary for their intensity, scope and speed. Other patterns also emerge on closer inspection
A digital opportunity to transform financial reporting
The Covid-19 pandemic raises the urgency of digitising supervision, say David Hardoon and Viswanathan Namasivayam
Fed faces longer-term challenges under new policy strategy
Steve Kamin warns central bank may not have paid enough attention to why r* has fallen
Whither the age of ‘magic money’?
EME central banks are more exposed to changes in geopolitics, climate, demography, technology and inflation at a time when monetary theory is running well behind central bank practice
The dawn of average inflation targeting
The Fed has failed to explain how it will calculate the ‘average’ for its new AIT framework, raising new risks that central bankers would do well to reflect on
Public policy lines blur: implications for reserve managers
Crisis-fighting has pushed central banks into new forms of risk-taking, and this is now spilling into reserve management, says Jennifer Johnson-Calari
Global banknote developments before and after Covid-19
Antti Heinonen looks at how the pandemic triggered sharp changes in demand for cash
Estimating the cost of a pandemic grant for the world’s poorest economies
The cost of support measures for vulnerable economies is manageable, says Steve Kamin, but political leadership may be lacking
Central Banking’s strategic changes for a new era
New institute, benchmarks, virtual training and online event weeks launched
A new research agenda for the Bank of England
To manage the risks and opportunities of rapid financial innovation, policy-makers must look to cutting-edge research, writes Andrew Bailey
Japan’s economy needs bolder policies
PM Abe announces decision to step down with many goals still unachieved
Covid-19: a watershed moment for China’s BRI?
China faces a delicate balancing act when it comes to forgiving and restructuring Belt and Road Initiative debt while preserving the soundness of its financial institutions