GDP
BoE unanimously backed rate hold
The Bank keeps rates steady as the MPC remains cautious over the road to recovery
US, UK on the road to a downgrade: Moody’s
If the US and Britain cannot repair their balance sheets, the burden of servicing debt could cause them to lose AAA ratings, agency says
Household consumption falls in China: RBA
Despite household consumption expenditure in China continuing to rise, the share of household consumption in total expenditure has declined
Stimulus is not the bulk of debt: Fund’s Lipsky
International Money Fund first deputy John Lipsky says underlying increases in spending and lower taxes from financial sector underpin the debt burden, rather than stimulus
MPC’s Miles leaps to the defence of QE
Rate-setting committee’s external member David Miles says the Bank’s asset purchase programme has shored up the private sector despite focus on gilt purchases
Real-time activity index shows depth of recession
Philadelphia Fed paper constructs index of real-time macroeconomic information, showing that the recent recession was defined by its severity relative to its length
Monetary misperceptions in a New Keynesian model
Centre for Economic Policy Research paper finds that the difference between primary and revised monetary figures captures misperceptions, which are key
Jordan cuts to boost growth
Jordanian central bank shears half a percentage point off its key overnight deposit rate to stimulate the flagging domestic economy
Real-estate poses threat to recovery: Minneapolis Fed’s Kocherlakota
Minneapolis Fed president Narayana Kocherlakota echoes recent comments from other regional Fed leaders in his first speech, says recovery will be slow
Banks not withholding credit: Richmond Fed’s Lacker
Richmond Fed president Jeffrey Lacker says the banking system as a whole was supplying a reasonable amount of credit, adds that despite improvements economy remained weak in the real estate sector and employment
Fed is best in crisis, says British think-tank
The Federal Reserve’s credit easing operations have fostered a quicker recovery than in the UK and eurozone, research finds
Former T&T governor blasts successor
Former governor of the Trinidad and Tobago central bank Winston Dookeran criticises current head Ewart Williams, saying his economic forecasts are out of touch
Africa mostly sheltered from remittances drop
International Monetary Fund looks at the impact of the global economic crisis on African GDP via the remittance channel
Bank of Italy – Economic Bulletin January 2010
Bank of Italy – Economic Bulletin January 2010 Bank of Italy says recovery will be sluggish in 2010 and 2011
PNG’s kina is a commodity currency
Bank of Papua New Guinea looks at determinants of kina’s exchange rate
A century of financial crises in New Zealand
Recent analysis from the Reserve Bank of New Zealand suggests that improvements in policy will reduce the risk of a currency crisis going forward
Bundesbank – Monthly report (Nov 2009)
German central bank’s monthly report documents the manufacturing-led recovery in global trade and stresses the need for fiscal consolidation in 2010
Massive debts will stunt growth: Reinhart and Rogoff
Carmen Reinhart and Kenneth Rogoff say on current debt trends, growth rates are set to fall substantially in four years’ time
China to maintain “moderately loose” policy
People’s Bank of China indicates rates will be kept low for some time to support growth and stability; statement echoes the pledges of central economic conference
Australia benefiting from Asian strength: Battellino
Reserve Bank of Australia deputy governor Ric Battellino says strong domestic demand in Asia has driven growth, and allowed the region to forge ahead of the North Atlantic in recovery
Turkey gets sovereign debt, currency upgrades
Fitch Ratings raises Turkey’s long-term sovereign debt and currency ratings to BB+, taking them just outside investment grade
Fed behaviour matches optimal target rule
A discussion paper on the Fed and monetary policy rules argues that an optimal target rule, rather than the Taylor rule, best explains the central bank’s policy behaviour
Cyprus governor says 2009 GDP will shrink
Prognosis contradicts European Commission's optimism about growth
Finance and real economy closer since 1980s
European Central Bank looks at the role of financial markets in anticipating business cycle developments