GDP
Lifetime achievement: Stanley Fischer
Fischer has had a profound impact on monetary economics and central banking during his prolific career
Albania orders first rate hike in 11 years
Increase of 50 basis points returns policy rate to pre-Covid level
China holds loan prime rates
One-year remains at 3.7% and above five-years at 4.6%
Book notes: Shutdown, by Adam Tooze
A useful, wide-ranging overview, showing how health and economic policies are intimately intertwined with geopolitics
Hong Kong recovery expected to slow – IMF
Fund warns of risks including exposures to Chinese real estate and further supply disruption
Paraguay continues slower tightening as inflation rebounds
MPC orders second 25bp hike, after 450bp in increases in late 2021
Rwanda raises benchmark rate 50bp
MPC statement warns of expected spike in inflation in 2022
Dominican Republic raises rates 50bp
Central bank promises policy “normalisation” as inflation remains above target
Sarb raises rates 25 basis points as inflation rises
MPC votes by four to one for hike, as inflation nears top of target range
Costa Rica orders second consecutive rate hike
Inflation remains within target band but risks “lean to the upside”, board says
People’s Bank of China continues rate cuts
Cuts follow weaker growth figures as deputy governor promises stable credit growth
Uruguayan central bank speeds up monetary tightening
Central bank makes fourth consecutive hike and says it expects further rises at next two meetings
Dominican Republic ends 2021 with 100bp hike
Central bank returns rate to pre-pandemic level as economy and inflation steadily grow
Book notes: The cost of free money, by Paola Subacchi
A book worth reading, as it facilitates further discussion on substantial issues, but doesn’t fully address some of the problems it takes aim at
Russia orders seventh straight rate hike
Central bank continues protracted battle against high inflation
Colombia stays on trend with 50bp hike
Central bank board unanimous on raising rate, but splits 4–3 on size of increase
IMF mission to leave Brazil in June
Announcement follows criticism by finance minister of IMF forecasts
Hungary continues campaign of rate hikes
MNB ends asset purchase programme, as inflation rises above 7%
Pakistan confronts inflation with 100bp hike
Third consecutive increase may be last for a while, MPC says
Quarterly forecast updates predominate
Frequency of forecasts varies more widely in emerging markets
Alternative data fuels central bank research
Important research areas include monetary transmission, exchange rates, digitisation, SMEs and climate change, against the backdrop of Covid
Pandemic spurred use of alternative data
Advanced and emerging market economies prioritise different applications
Economist salaries outpace GDP per capita
Salaries were six times higher than GDP per capita, on average
How Turkey’s president created chaos in economic policy-making
Observers allege presidential domination of the central bank, unauthorised FX transactions and untrustworthy statistics