Opinion/Central Banks
Banknote themes in motion
Antti Heinonen asks whether the world is about to witness a revolution in banknote images
Stability under the 2% inflation standard is a chimera
An inflexible standard of value that lets the market decide how much money to produce would be superior, write Brendan Brown and Robert Pringle.
It is time to rethink the balance of monetary and fiscal policy
Jagjit Chadha says the current moment calls for subtle policy engineering
The always imminent demise of the global dollar
Creating effective alternatives will remain long and arduous despite China’s development of Cips, the mCBDC bridge and any oil-price redenomination, writes Barry Eichengreen
The strong dollar, global inflation and global recession
Steve Kamin asks whether the Fed’s tight policy is pushing the world towards recession
It is time to reorganise the Bank of England
Recent crises have shown the BoE’s management structure to be outdated, says William Allen
The rise of non-SDR currency reserves
New Cofer data release may show an overall fall in FX reserves, writes Gary Smith
Capturing moral hazard: the Scarlet Pimpernel of finance
Moral hazard exists in many contexts, but can be ‘damned elusive’ to capture, writes Jesper Berg
The canary in the goldmine
Gold accumulation may herald broader concerns about dollar holdings, writes Jennifer Johnson-Calari
Gilts debacle exposes financial stability risks
Lurking leverage in liability-driven UK pension investments raises important questions for central bankers
Liquidity dependence may hamper QE exit
Expanding reserves may prove perilous for financial stability, with maximum danger during QT, writes Viral Acharya
Should a CBDC really be like cash?
Electronic and physical cash are fundamentally different and must be treated as such
Reshuffle heralds new era of Chinese central banking
Policy room for next PBoC governor looks limited, as loyalists win out over technocrats for top economic posts
Demand for cash in turbulent times
Antti Heinonen analyses trends in cash use as Covid fades, but new shocks take its place
Quantitative tightening: missed opportunities
Treasuries and central banks must think harder about balance sheet policies, says Philip Turner
Some new monetary frictions
Negative net interest set to hit Fed earnings with monetary and fiscal policy implications
Inflation: what went wrong, and why?
Three theories on the causes of high inflation and their implications for policy responses
Is there a case for a retail CBDC in Japan?
A BoJ-managed, account-ledger ‘digital yen’ tied to the new Kotora payments may offer some potential
Economy’s ‘first responders’ now in the line of fire
Forceful but late interventions to combat inflation raise the risk of central bank overreactions
Is money growth really the main inflation culprit?
A closer look at inflation in the eurozone and Switzerland