Financial crisis
Podcast: central banks’ data models going granular
Vizor Software’s CTO provides an update on changes to central banks’ regulatory data models
Book notes: Monetary policy in times of crisis, by Massimo Rostagno et al
Mass of intellectual effort gives rare insights into ECB’s inner working
BoE paper links inequality to credit crises
Central banks will redistribute resources whether they act or not, authors say
Financial crises can radicalise voters – BIS paper
German banking crisis in 1931 contributed to the rise of the Nazi party, researchers find
Fed warns of China debt risks
Financial Stability Report mainly optimistic about systemic health, including housing market
BoE surprises with rate hold as inflation forecasts reach 5%
Market-implied path for interest rates rises to 1% by end-2022
Time to stop handing out the pills: the great QE detox
We are facing a serious inflation threat that will test the resolve of central bankers, writes Jagjit Chadha
‘Say what?’ Trust in central bank communications
Central banks are changing how they communicate with different audiences, but judging the success of these communication efforts is difficult
Central bank communications ‘after’ Covid
Covid-19 forced central bank comms teams to innovate fast. How much of it will stick?
One in ten central banks opened new liquidity swap lines
Benchmarking participants expanded lines in dollars, euro and renminbi
BoE launches ‘exploratory’ CCP stress test
Central bank will test credit and liquidity exposures, and will also conduct “reverse stress tests”
James Bullard on Fed policy, action and governance
St Louis president calls for tapering, quantifies AIT and details Congress’s role in Fed ethics
Covid-19 has accelerated paradoxical developments in cash usage
Antti Heinonen explores the unusual patterns in banknote demand in 2020
Pandemic is top stability concern for benchmark respondents
House prices, cyber crime and crypto assets are also major worries for central banks
Emerging nations favour different macro-prudential tools
Respondents from richer countries use counter-cyclical buffers more than emerging market peers
Yellen warns of ‘catastrophic’ effects of not raising debt limit
Treasury secretary says failing to raise ceiling would be a “manufactured crisis”
Elizabeth Warren publicly rejects Powell reappointment
Senator calls Jerome Powell “a dangerous man to head up the Fed”
Many central banks are sole macro-pru agency
Two-thirds of respondents say central bank alone can impose macro-pru restrictions
Wide range of financial stability arrangements among central banks
Boards are prime financial stability decision-making body at many participants
Agustín Carstens on BIS strategic priorities, innovation and central bank policy
BIS chief speaks about policy trade-offs at a critical time, tech collaboration, tackling NBFIs and the dearth of ‘green’ assets
MMT and the challenge of fiscal monetary co-ordination
Sayuri Shirai contrasts modern monetary theory with regimes of monetary or fiscal dominance
Carolyn Rogers hits back at critics of Basel III
BCBS secretary-general dismisses “very tired” arguments against full implementation
Greening the central bank balance sheet, or not?
Paul Fisher, fellow at the Cambridge Institute for Sustainability Leadership and senior adviser for Oliver Wyman, discusses how central banks can act to contribute to mitigating and adapting to climate change, and identifies some worthwhile interventions.