Inflation
Kenyan president nominates ally as governor despite scandal
Former IMF official Thugge likely to succeed Njoroge, despite 2019 arrest over dam allegations
EME central banks must keep policies tight, says IMF deputy
Gita Gopinath says “markets are probably too optimistic” about cost of lowering inflation
IMF approves $3 billion for Ghana
Governor welcomes conditions, including cutting inflation and ending monetary financing
Dollar’s commodities link is creating risks, BIS paper warns
Simultaneous rises in dollar and commodities prices could harm stability, researchers say
Bolivian governor says country faces ‘liquidity crisis’
Authorities’ response to bank failure could worsen financial stress, analysts say
Book notes: The Federal Reserve: a new history, by Robert L Hetzel
This book should become the standard reference for scholars
Inflation impact of ECB tightening will peak in 2024, says research
Effect on economic activity is faster and will reach highest intensity in 2023
Argentina raises rates again
Economic stability grows more distant as elections loom
Lula’s risky challenge to the Brazilian central bank
President can nominate board members and increase inflation target as he pushes for lower rates
Steeper Phillips curve cannot fully explain inflation surge – IMF paper
Structural factors have led to some steepening but it is not the full story, authors say
Peru holds rate at 7.75%
Central bank maintains policy unchanged since January, although inflation remains over target
PBoC asks banks to lower maximum deposit rates
Recent data suggest consumption demand remains weak despite lifting of Covid-19 restrictions
Norges Bank maintains counter-cyclical buffer at 2.5%
Norwegian central bank warns of banking and household risk
BoE raises rates 25bp and ditches UK recession forecast
Central bank predicts inflation will stay higher for longer after MPC splits 7–2 on policy hike
Eurozone consumer inflation expectations rose significantly, ECB says
Rise in expectations may bolster arguments for tighter monetary policy
IMF’s Adrian on the systemic threat posed by a ‘weak tail’ of financial institutions
The IMF’s financial counsellor speaks to Christopher Jeffery about bank runs and emergency interventions, market and oversight failings, and the need for action on run rate assumptions, interest rate risk, deposit insurance, crypto regulation and a ‘weak…
Advanced economies face slowdown and stubborn inflation
Jagjit Chadha analyses the shifting outlook for the world economy, with more hard work ahead for central banks
Eurozone interest rates should increase further, says Nagel
Bundesbank president stresses ECB will start reducing balance sheet at a faster pace from July
Brazil’s president selects ally for central bank board
Lula has repeatedly attacked central bank independence as well as the governor
Another financial crisis hiding in plain sight
Steve Kamin analyses how the risks that sank SVB were plain enough to those who looked for them
Norges Bank increases rates by 25bp
Norwegian central bank says weaker exchange rate may require higher rates than expected
NBER paper proposes ‘resurrecting’ non-linear Phillips curve
Original version of the curve is “strongly non-linear” and helps explain current inflation, authors say
Brazilian MPC holds key rate again
Central bank warns of “lingering uncertainty” over future fiscal policy
Book notes: The rise of central banks, by Leon Wansleben
The books is at its best when the author focusses on sociological angles related to central bank economics