Coronavirus
Cook suggests US may need to change inflation models
Fed governor believes inflation on path to 2% but tight labour market remains upside risk
The strong dollar, global inflation and global recession
Steve Kamin asks whether the Fed’s tight policy is pushing the world towards recession
Rethinking the CCyB
As central banks rush to replenish bank capital reserves, the countercyclical buffer may need some fine-tuning
Eurozone citizens still use cash in majority of transactions
Cash use declines since 2019, but still makes up almost 60% of transactions
It is time to reorganise the Bank of England
Recent crises have shown the BoE’s management structure to be outdated, says William Allen
Proportionality in bank regulation: striking the right balance
The ‘final’ Basel III framework contains elements designed to make the rules fairer while reducing regulatory arbitrage. This means careful analysis is required when making any proportionality adjustments in the EU single rule book, writes Maurizio…
Book notes: A monetary and fiscal history of the United States, 1961–2021, by Alan Blinder
The book’s breakthrough is its infusion of the history of fiscal policy into a theoretical framework traditionally focused on monetary instruments. It is a splendid and thrilling read
Kenya central bank restores mobile money transfer fees
Move will reverse anti-Covid measure, but cut fees from 2020 rates
Armenia’s Galstyan calls for a new framework to tackle uncertainty and nonlinearities
Central Bank of Armenia governor says central banks can start to regain credibility by admitting their mistakes. This could include employing a risk-management approach to monetary policy aimed at avoiding nonlinear ‘dark corners’ and placing much less…
Rates round-up: Pakistan adds 100bp to main rate
Central banks raise rates in Kenya, Congo and Iceland
RBA governor apologises over forward guidance
Philip Lowe says he’s sorry that people took out mortgages on the basis of central bank guidance
Chile’s Costa on tackling inflation, forex interventions and nowcasting
The Central Bank of Chile governor speaks about stubbornly high prices, Fed policy spillovers, reserve buffers, retail CBDC and the need to address unconscious bias
Costa Rica receives first loan under IMF’s green programme
Country is “excellent candidate” for Resilience and Sustainability Facility, says IMF official
Chinese MPC member calls for 5% growth target in 2023
China faces "difficulty" in sustaining strong annual growth from now to 2035, Liu Shijin says
RBNZ review says monetary tightening could have started earlier
Review endorses RBNZ’s pandemic measures, and calls for more attention to supply shocks
HKMA raises interest rate after Fed’s hike
Eddie Yue says US rate rises will not affect Hong Kong’s stability
Chinese authorities: NPL levels are little changed
PBoC governor Yi Gang vows to resolve property sector risks as another developer defaults
Liquidity dependence may hamper QE exit
Expanding reserves may prove perilous for financial stability, with maximum danger during QT, writes Viral Acharya
Christopher Sims on modelling the inflation surge
Unprecedented series of shocks creates major challenges for central bank forecasters, the Nobel Prize-winning economist tells Daniel Hinge
Reshuffle heralds new era of Chinese central banking
Policy room for the next PBoC governor looks limited, as loyalists win out over technocrats for top economic posts
ADB gives crisis-hit Pakistan $1.5 billion loan
Asian Development Bank extends aid as extensive floods add to major economic problems
‘Shouting on the phone’: BoE officials shed light on gilt market intervention
Crisis sparked by UK government’s plans needed unprecedented action, officials tell parliament
Demand for cash in turbulent times
Antti Heinonen analyses trends in cash use as Covid fades, but new shocks take its place