Opinion/Comment
Central banks must rethink how they speak
Communication is critical for effective policy and social media is not merely a channel of communication, it is a space for dialogue, a feedback loop and a reputational battleground, writes Biagio Bossone
Time to worry about Japanese debt?
The transition to positive rates means Japan may need to re-examine its huge public debt burden, argues Sayuri Shirai
Rewriting the monetary balance sheet
Biagio Bossone and Massimo Costa write that a new accounting approach is needed for central banks and commercial money in the digital age
The interest rate dilemma in an uncertain world: a balancing act
Biagio Bossone makes the case for a holistic policy approach that includes extending IT tolerance bands, smart fiscal policies, supply-side reform and financial safeguards
Key lessons from 15 years of macro-prudential policy
Pedro Duarte Neves reviews how macro-prudential tools can be used for maximum effect
Central banks need to step up their crisis management plans
Patrick Honohan argues that robust preparation can better protect reputations in the event of a crisis
Central banks’ words matter for climate
Line between EMEs speaking about greening finance and AEs being wary of climate risks are blurring, argues Emanuele Campiglio
Liquidity risk: finding the right balance amid growing challenges
2023 banking turmoil is leading to a rethink of liquidity requirements, writes Manoj Singh
The UK is not suffering another Truss shock
The increase in gilt yields is a long way from the turmoil of 2022, writes Jagjit Chadha. But it does highlight flaws in the use of fiscal rules
Fifth review: done. How Ukraine set a record in passed IMF reviews
NBU governor Andriy Pyshnyy says unlocking funding has become a matter of survival for his country
The monetary base and seigniorage in a digital era
Rapid technological innovation in payment systems portends declining demand for money. Emerging markets and low-income countries may have to lower their expectations of seigniorage revenue
Demand for cash: a global update
Antti Heinonen explores recent data on banknote demand and analyses its impact on cash infrastructure
M1 vs M0 in an instant payments world
Manmohan Singh explains how measurement of ‘narrow’ money is changing
The Fed can afford to loosen policy
As (nearly) the world’s most hawkish central bank, the Federal Reserve is right to start monetary loosening, writes Steve Kamin
Central banks must reckon with the costs of quantitative easing
Asset purchase programmes have become a significant loss-maker for central banks. Jagjit Chadha says the losses raise questions about value for money, fiscal distortions and independence
Greedflation, if it ever existed, is correcting itself
Steve Kamin constructs a “wage gap” to assess inflationary pressures in the US
How to increase the impact of financial literacy initiatives
As surveys show financial literacy outcomes falling short, Pedro Duarte Neves distils key lessons
The unbearable lightness of the krone
Norway's weak currency reflects financial markets’ lack of confidence in the country's economic policy
Central bank balance sheets: is there an optimal structure?
Establishing guidelines is challenging, although there are many reasons why CBBSes are heterogeneous
Turkey’s economic odyssey: inflation, lira decline and strategic shifts
Marcello Minenna delves into the damage of 20 years of ‘Erdoganomics’
How Argentina’s financial tango could become a dance of death
Central bank and government’s unholy alliance is storing up further trouble for economy