GDP
Book notes: Can We Avoid Another Financial Crisis?, by Steve Keen
Steve Keen challenges “mainstream” economic thinking in this concise book, hoping to shift the political debate on debt
GDP calculation needs double deflation, says IMF paper
Single deflation techniques introduce errors which can be significant, authors argue, concluding all nations should use double deflation
Dominican Central Bank reports growth of 6.6%
Provisional data from the bank shows it is the fastest growing within the region for the fourth year in a row; agriculture sector fuelling rapid growth
Economic growth on the horizon for Finland, says Liikanen
Improved productivity and higher employment are needed to boost economic growth, says Finnish governor; Bank of Finland’s forecasts show recovery will be slower than in previous cycles
IMF supports Chile move to form financial markets commission
Body will help with better co-ordination and information sharing between the financial sector and central bank; fund says central bank should be ready to cut rates if disinflation appears
Denmark’s economy set for a boom, says Rohde
Latest release of reports show Danish economy is resilient and set to grow in the next two years; governor Rohde still concerned about house prices
IMF lifts censure on Argentinian inflation
Inflation and GDP figures now in line with international standards, fund acknowledges; Lagarde praises Argentinian authority’s efforts to reform statistical agency
Bank of Namibia revises growth forecasts
Latest economic outlook warns lower production from the mining sector will have an impact on GDP levels for this year, but growth is expected to pick up in 2017
Bank of England MPC backtracks on planned rate cut
Latest inflation report forecasts larger overshoot of 2% target; there are “limits” to the extent to which above-target inflation can be tolerated, committee says
Eurozone employment-to-GDP-growth ratio has recovered strongly – ECB
Employment growth concentrated in Spain and Germany; productivity remains “stagnant at pre-crisis levels”
‘Absolutely urgent’ for Mexico to strengthen fiscal stance – Sánchez
Bank of Mexico deputy governor stresses need for fiscal revamp to bolster the Mexican economy as monetary policy can only carry so much weight
Book notes: The power of a single number, by Philipp Lepenies
Lepenies offers a brief but very readable treatment of GDP's political history, drawing out some important lessons in the process
Irish central bank warns of ‘negative and material’ impact from Brexit
Quarterly bulletin discusses channels through which UK vote to leave EU will affect Ireland; economy expected to grow by 4.9% this year and 3.7% next
IMF paper examines impact of debt restructurings on growth
Growth usually declines after debt restructurings, but it can boost performance if the country exits a default spell, the authors find
BoE agents see firms aiming for ‘business as usual’ in wake of Brexit
Agents’ post-Brexit review shows housing market resilience while there are reports of some firms look to relocate back to the UK in wake of sterling depreciation; IMF updates forecasts
Yellen says July hike ‘not impossible’ as Fed holds
Fed keeps policy unchanged as widely anticipated; expected path of interest rate hikes becomes more gradual while the long-run level is revised down again
Dombret flags demographic concerns in Tokyo speech
Bundesbank board member draws parallel between Germany and Japan as he notes risks to potential growth rate; stresses need for “growth-enhancing measures”
Oil price falls may have negative effects on global economy, ECB warns
Falling oil prices may negatively affect global GDP growth and could threaten financial stability across emerging markets, ECB bulletin says; demand not supply now main pressure on prices
The growing role of China in an interconnected world
With global economic health ever more reliant on Chinese growth, Wang Yan, deputy director of the IFF Institute, looks at how structural reforms can help China take a leading role in the future
Exports decline ‘worrying’ as Bank of Israel holds
Monetary committee cites "intensifying decline" in exports as it holds the policy rate at 0.1%; inflation dips to –0.9%, as growth figures disappoint
Central bankers may talk too much, economist warns
The public's limited attention span might distort the intended message, publication warns; central bankers might consider talking less and delivering a more succinct message when they do
Rajan’s salary makes him a bargain among G20 governors
Indian governor takes home an unusually small sum each year compared with some other G20 governors, and comes out favourably on other metrics too
Poloz upbeat on US and Canadian productivity prospects
Bank of Canada governor explores evolution of international trade; it may have fallen, but there are still opportunities for productivity growth, Poloz says
Canada holds rate but raises growth forecast in light of fiscal boost
Stephen Poloz highlights “more favourable policy mix” in press conference; central bank notes emergence of “positive forces” in decision