Economics
Philip Turner urges RBNZ to focus analysis on ‘new normal’
Former BIS official gives positive review of RBNZ’s monetary policymaking process, but recommends the central bank focus its efforts on understanding changing economic structure
IMF gloom on US and UK balanced by brighter spots elsewhere
IMF raises projections for China, Japan and eurozone as the UK and US falter; maintains global growth forecasts at 3.5% in 2017
Bank of Canada broadening intelligence gathering with new survey
Systemic risk survey will be launched next year, says deputy governor, emphasising market intelligence can never provide a “perfectly complete picture”
New Keynesian DGSE models need financial spillover channels – ECB paper
Models without powerful financial spillover channels will be “misleading”- researchers
Model looks at outbreak of ‘fire sales’
Higher capital ratios may aggravate financial contagion, the authors say
Silvana Tenreyro picked for BoE MPC
LSE academic to take over from Kristin Forbes as external member of the monetary policy committee at the end of June
Liability duration has impact on illiquid asset decisions, researchers find
Liability duration has impact on illiquid asset decisions, researchers find
People: Pakistan and Uzbekistan appoint deputies; Bangladesh Bank names new chief economist
Jameel Ahmad promoted to deputy role at Pakistan central bank; former IMF mission chief appointed as chief economist at Bangladeshi central bank
Paper examines how sticky investment prices affect DGSE model
Findings bring the model in line with growth accounting exercises, the researcher says
Successful bank nationalisations need trust in government, paper argues
DNB paper looks at effects of government intervention on bank customers’ behaviour
Encouraging creation of ‘quasi-safe assets’ may be destabilising, paper argues
Investors have distinct “safety demand”, researchers argue
Bank of Spain paper calculates implicit public debt thresholds
Researchers build on earlier work and apply models to Spanish data
Economic shocks more likely to spread within EU – new research
Researchers use new model to measure propagation of regional shocks in Europe
Broad sectors of Irish economy are ‘very connected’ – study
Irish research uses network analysis to look at sectoral linkages
Ballerina gives BoE a lesson in transformation
English National Ballet’s artistic director draws lessons from a controversial process of modernisation at her institution, in conversation with Andy Haldane
ZLB magnifies impacts of uncertainty shocks, paper says
Differences caused by zero lower bound are “economically important”, researchers say
Banque de France paper models ‘pandemic’ impact of shocks
Researchers build on other recent models of financial markets
Poloz considers the future of economic modelling
Theoretical and empirical two-pronged approach likely to stay, governor says, though economists are still on the hunt for the “holy grail” single model
CLS signs MoU with Chinese think-tank
The forex utility will work with the National Institution for Financial Development to support the renminbi’s internationalisation
Dutch paper looks at effects of public capital on advanced country growth
Researchers present data on 20 OECD countries
Farms, germs and loans: central banking in 19th century France
Researchers study Banque de France’s lender-of-last-resort operations
Review urges BIS to curb dominance of ‘house view’ in research
Panel including UK’s Charlie Bean finds BIS research has at times been “genuinely path-breaking” but should give economists more room to differ from the house view
Italian paper looks at securitisation of SME loans
Asymmetric information can be overcome by the use of observable data
J Dewey Daane, 1918–2016
Former Fed governor and adviser to the International Monetary Fund played key role in founding of the Central Bank of Paraguay