Spillovers
ECB paper examines largest currency areas’ policy spillovers
Researchers study how foreign monetary policy shocks affect US, eurozone and Japan
Spillovers more widespread than previously thought – Boston Fed
Many central banks cause spillovers besides the Federal Reserve, researcher says
IMF’s Adrian on the systemic threat posed by a ‘weak tail’ of financial institutions
IMF’s financial counsellor discusses the need for action on run rate assumptions, interest rate risk, deposit insurance and crypto regulation
FSB outlines crypto and defi risks to financial stability
Future work will map “oracles”, “bridges” and other links with traditional finance
Chile’s Costa on tackling inflation, forex interventions and nowcasting
Chilean governor discusses stubbornly high prices, Fed spillovers, reserve buffers, retail CBDC and unconscious bias
African governors face multiple financial ‘floods’
Kenyan governor says a “doubling, tripling” of access to IMF resources is needed
Economy’s ‘first responders’ now in the line of fire
Forceful but late interventions to combat inflation raise the risk of central bank overreactions
How to run a world-class economics department
Central banks have myriad ways of organising their economists
Labour supply key to understanding inflation, Shin tells G20
Understanding labour market is critical task for policy-makers, BIS head of research says
BoE’s Mann says UK needs to respond to higher rates abroad
Exposure to global spillovers likely making UK inflation worse, says MPC member
Tackling private-sector debt in the wake of the pandemic
Navigating Covid-19 debt is more of a challenge amid gathered storms of inflation and war, write Roong Mallikamas and Benjamin Weigert
The international effort to manage NBFI risks: where do we stand?
Maurizio Trapanese details progress made during the Italian G20 presidency as well as outstanding macro-pru issues
PBoC focusing on grain and energy to stem inflation
Price stability in grain production and energy supply key to growth, says governor
Reciprocity can curb macro-prudential ‘leakages’ – BIS paper
But gains can be small, which may explain limited use of reciprocity to date, authors say
Fed's monetary policy ‘spillbacks’ have significant effects – ECB paper
Researchers estimate how impact of Fed policy on foreign economies in turn affects US
China’s financial market at risk of ‘distress’, RBA report warns
Authorities may have to choose between market discipline and intervention to save Evergrande
Fixing market-based finance: duct tape or deep reform?
Deeper reforms may be needed to avoid stretching central banks’ balance sheets to breaking point
Rising spillover risks from macro-prudential policies
Tools used to rein in credit in specific sectors can increase the riskiness of credit in other areas
RBI faces dilemma from US policy spillovers – BIS paper
Authors highlight evidence of “contractionary devaluation” when US monetary policy tightens
Zhang Tao on the IMF’s fintech agenda, CBDCs and big tech oversight
IMF deputy MD speaks about the fund’s views on CBDC operating frameworks and macrofinancial surveillance
US spillovers might increase need for UK easing, says Hélène Rey
Andrew Bailey says policy will be “state contingent” but negative rates are possible