Fiscal policy
Chile unexpectedly halts forex interventions
In December, interventions helped peso appreciate, but it has resumed downward trend
Trump’s criticism undermining confidence in Fed – Yellen
Political pressures could hurt central bank independence, says former Fed chair
Trump’s tax cuts boosted growth and jobs – Dallas Fed paper
Researcher uses state-level data on tax cuts to estimate national impact
Argentinian president appoints new governor
Miguel Angel Pesce rejects high interest rates as means of reducing inflation and backs price controls
Chile’s forex intervention likely to stabilise peso – experts
Much depends on the reform programme the government chooses to adopt, however
IMF chief calls for climate-related stress tests
Fund will work more closely with central banks to tackle climate risks, Kristalina Georgieva says
Government cannot ‘grab’ central bank’s resources – Njoroge
CBK governor reiterates central bank-funded bailouts “never work”, as state agencies are forced to surrender excess securities and Treasury bills
IMF approves new credit line for Mexico as fiscal outlook darkens
Central bank’s success in reducing inflation may be compromised by fiscal weakness
Canada’s fiscal stimulus worth 100bp of rate cuts – Poloz
Infrastructure investment has also helped to reduce financial vulnerabilities
Sri Lanka’s Coomaraswamy to step down
Governor to leave in December, over two years ahead of term end
Canada’s Poloz on monetary policy limits, transparency and cyber recovery
Bank of Canada governor Stephen Poloz speaks about stagflation risks from trade wars, the importance of market signals, Canada’s CBDC plans and why he is not a fan of minutes
Lagarde says eurozone must end export dependence
Call to boost demand is likely to be seen as aimed at German policy-makers
Bank of Zambia cuts rates as food crisis mounts
Zambian central bank calls for better government policy as drought causes a sharp rise in food prices
The challenges facing Christine Lagarde
The new ECB president will need to focus on a successful review of the ECB’s monetary and communications policy, while encouraging fiscal stimulus and structural reform
People: Riksbank appoints new executive board member
Swedish central bank promotes Cecilia Skingsley to first deputy governor; FCA appoints three new board members; Nigerian president appoints former deputy governor as special adviser
Uncertainty is lessening monetary policy effectiveness, Fed president says
Policy-makers at risk of not getting same “bang for the buck”, Tom Barkin says
Bank of Thailand cuts interest rate to record low
Bank of Thailand cuts rate to all-time low and relaxes forex rules
Germany’s tight fiscal policy may hamper ECB normalisation – IMF research
Sustained budget surpluses have reduced debt issuance and contributed to ever-lower yields
SBP looks back on tough year for Pakistan
Lack of fiscal consolidation hampered central bank’s crisis response, annual report says
Global economic problems beyond scope of central banks – Hubbard
Economist calls for government-led structural reforms in Chicago Fed discussion
IMF draws links between transparency and debt accumulation
Fund praises efforts taken by Tunisia and Uzbekistan, and urges others in the region to improve accountability of fiscal institutions
Eurozone fiscal policy needs to change – DNB governor
Klaas Knot says evidence points to need for aligning monetary and fiscal policy
King calls for radical shake-up to escape ‘low-growth trap’
Central bank models fail to appreciate demand-side secular stagnation; IMF could help to drive country-specific policies to reallocate resources
IMF chief sends strong warning on trade in first speech
US-China trade war could cost global economy the GDP equivalent of Switzerland, Kristalina Georgieva warns