Opinion/Comment
Key lessons from 15 years of macro-prudential policy
Pedro Duarte Neves reviews how macro-prudential tools can be used for maximum effect
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
Can US policy choices explain economic divergence?
NIESR’s Ahmet Kaya finds US fiscal stimulus may have masked standard economic relationships, but economic gravity may soon reassert itself
Profit inflation and monetary policy: weighing the evidence
Biagio Bossone says profit inflation needs monetary ‘fuel’ to rise – but fiscal policy is the best fix, should governments have the ‘guts’
Maximising the impact of banknote communications
Antti Heinonen highlights the ongoing evolution in how central banks talk about their banknotes
Taking stock of Bernanke: the original sin of forecasting
Jagjit Chadha says the Bernanke review of forecasting should be the start of a more profound discussion at the Bank of England
Fixing forecasting at the Bank of England
Ahead of the launch of the Bernanke review, NIESR’s Stephen Millard makes the case for three key changes to the BoE’s forecasting
The BoJ’s possible path to positive rates
Are market expectations about a spring shift from negative Japanese rates credible, asks Sayuri Shirai
CBDC is inevitable
Central bank digital currency should be thought of as a platform rather than a product, writes Dave Birch