Central-Banks
SNB & CHF: The Swiss National Bank and Swiss Franc Blog
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Swiss National Bank commits to FX Global Code and supports establishment of foreign exchange committee
The Swiss National Bank (SNB) has signed a Statement of Commitment to the FX Global Code (“Code”), thereby demonstrating that its internal processes are consistent with the principles of the Code. It also expects its regular counterparties to adhere to the Code and comply with the agreed rules of conduct. Published on 25 May 2017, the Code outlines principles of good practice developed by central banks and market participants from the main...
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Sovereign Money Referendum: A Swiss Awakening to Fractional-Reserve Banking?
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Nach Vollgeld-Schlacht: Wir Schweizer dürfen nie mehr zum Spielball ausländischer Ideologen werden
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SNB Statement on the outcome of the popular vote of 10 June 2018
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‘Much too early’ to lift interest rates, says SNB chairman
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Vollgeld – Eine umfassende Analyse
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Bricht die Italien-Krise der SNB das Genick?
FRED
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Paying interest on excess reserves : An additional policy tool for the Fed
[embedded content] Commercial banks must adhere to regulations, including so-called reserve requirements. That is, banks must hold a certain fraction of their deposits as cash in a Federal Reserve account; these are known as “required reserves.” Banks can choose to hold even more cash in those accounts than what the Federal Reserve requires; these are known as “excess reserves.” The graph above shows that required reserves are quite stable and...
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Intermediate input dynamics : Buying goods to make more goods
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The economics of oil sanctions : A look at Iran, the law of one price, and the global bathtub
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Has the Canadian trade balance permanently shifted?
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The pitfalls of mapping poverty : Definitions are important, but difficult to pin down
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Who holds mortgages?
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A plateau for manufacturing? : After steady growth, manufacturing productivity seems at a standstill
Bank Of Japan
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(Research Paper) Interaction between Business Cycles and Economic Growth
June 20, 2018 Sohei Kaihatsu*1 Maiko Koga*2 Tomoya Sakata*3 Naoko Hara*4 Full Text [PDF 471KB] Abstract In the aftermath of the recent global financial crisis, advanced economies have faced sluggish recoveries or long-lasting economic slowdowns. This experience has challenged the conventional dichotomy of business cycles and economic growth, which has long been central to macroeconomic analysis. Against this backdrop, we review the literature...
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Minutes of the Monetary Policy Meeting on April 26 and 27, 2018
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Average Interest Rates by Type of Deposit
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Semiannual Report on Currency and Monetary Control (Summary)
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Loan Disbursement under the Fund-Provisioning Measure to Stimulate Bank Lending (June 2018)
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(Research Paper) A structural credit risk model based on purchase order information
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Statement on Monetary Policy
Swiss National Bank News
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2018-06-21 – Speech – Fritz Zurbrügg, Vice Chairman of the Governing Board of the Swiss National Bank: Introductory remarks by Fritz Zurbrügg
Introductory remarks by Fritz Zurbrügg Fritz Zurbrügg, Vice Chairman of the Governing Board of the Swiss National Bank News conference of the Swiss National Bank, Berne, 21.06.2018 Complete text PDF (72 KB)
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2018-06-21 – Speech – Thomas Jordan, Chairman of the Governing Board of the Swiss National Bank: Introductory remarks by Thomas Jordan
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2018-06-21 – Speech – Andréa M. Maechler, Member of the Governing Board of the Swiss National Bank: Introductory remarks by Andréa M. Maechler
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2018-06-21 – Press release – Monetary policy assessment of 21 June 2018
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2018-06-21 – Publication – Financial Stability Report 2018
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2018-06-18 – Press release – Important monetary policy data for the week ending 15 June 2018
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2018-06-15 – Federal bond issues – Public bonds of the Swiss Confederation according to maturity (situation at 15.06.2018)
Atlanta Fed
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Part-Time Workers Are Less Likely to Get a Pay Raise
« Learning about an ML-Driven Economy | Main A recent FEDS Notes article summarized some interesting findings from the Board of Governors' 2017 Survey of Household Economics and Decisionmaking. One set of responses that caught my eye explored the connection between ...
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Learning about an ML-Driven Economy
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Hitting a Cyclical High: The Wage Growth Premium from Changing Jobs
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Site Maintenance
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Thoughts on a Long-Run Monetary Policy Framework, Part 4: Flexible Price-Level Targeting in the Big Picture
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Thoughts on a Long-Run Monetary Policy Framework, Part 3: An Example of Flexible Price-Level Targeting
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Thoughts on a Long-Run Monetary Policy Framework, Part 2: The Principle of Bounded Nominal Uncertainty
RBA
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Roundtable on Innovations in Small Business Finance
The Reserve Bank hosted a roundtable discussion on innovations in small business finance yesterday, along with the Australian Treasury and the Australian Finance Industry Association. The roundtable was chaired by Christopher Kent, Assistant Governor (Financial Markets) of the Reserve Bank. Small businesses are very important for the economy, but they face challenges accessing finance....
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Statement by Philip Lowe, Governor: Monetary Policy Decision
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ASIC and RBA Welcome the New BBSW Calculation Methodology
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Payments System Board Update: May 2018 Meeting
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Statement by Philip Lowe, Governor: Monetary Policy Decision
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Appointment of Chief Information Officer
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Small Business Finance Roundtable
iMFdirect
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From Shadows to Sunlight, Paraguay’s Road to Transparency
By IMFBlog June 15, 2018 Lea Giménez Duarte, Paraguay’s Finance Minister speaking at IMF World-Bank Spring meetings seminar Restoring Trust by Curbing Corruption (photo: IMF) Current Paraguayan Finance Minister Lea Giménez Duarte knows first-hand that transparency pays off. In this podcast, Duarte says the changes began after the government passed a transparency law in 2014. “We started to rethink about how we manage resources, and why...
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Chart of the Week: Japan’s Robots
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An Imbalance in Global Banks’ Dollar Funding
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5 Things You Need to Know About the IMF and Climate Change
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Chart of the Week: The Rise of Corporate Giants
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Chart of the Week: Distribution of Globalization’s Gains
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Our Digital Future
JP Koning: Moneyness
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Evading the next Iranian monetary blockade
Network view of cross-border banking, IMF, Minoiu and Reyes (2011) PDF I recently blogged at Bullionstar on the topic of the upcoming Iranian monetary blockade.Many years ago when I was taking a political science class at university, I remember the professor teaching us two criticisms of sanctions. The first is that they don't really work—people can always get around them. And secondly, even if they are so tight that they can't be evaded,...
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Ethereum is full of ponzis, is that a problem?
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A tax, not a ban, on high denomination banknotes
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A case for bitcoin
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There’s water everywhere, but John Taylor wants us all to be thirsty
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Critiquing the Carney critique of central bank digital currency
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Moneyness = 22?
Impact Evaluations
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Father’s day post: what does paternal death tell us about the importance of fathers?
This is a guest post by Joachim De Weerdt, Kathleen Beegle and Stefan Dercon. Last Sunday many (but not all) countries around the world celebrated father’s day, but what does the development literature say about the role of fathers? Our thinking on this issue is still very much influenced by earlier papers that used variation ...
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The latest research on firms in Africa: A round-up of the 2018 Annual Bank Conference on Africa
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Weekly links June 15: advice, humanitarian assistance RCTs, power calcs gone wrong, the CDD debate, and more…
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Is grammar holding back efficiency and growth?
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Writing a Papers and Proceedings Paper
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Weekly links June 8: are negative income taxes toxic, marshmallows and SES, psychometric credit, p-value hate, and more…
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Want to keep girls in school? Teach them to negotiate.
Amol Agrawal: Mostly Economics
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Why do the Governments appoint economic advisers who eventually leave citing personal reasons?
One was actually expecting it and wondering what took so long. The Finance Minister Arun Jaitley announced that the Chief Economic Adviser Arvind Subramanian will not continue. He will leave to US for personal reasons. Chief Economic Adviser Arvind Subramanian will go back to the US after serving nearly four years in the post, Union Minister Arun Jaitley said today. “He would like to go back to the United States on account of pressing family...
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Now is the time for banking culture reform
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How Broadcasters should handle the Prime Minister lying?
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Why do eminent bankers usually fall? Case of Chanda Kochar
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One of the planks of Communist Manifesto was to have central banks in most countries…
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Solving rising indebtedness: learning from debt jubilees of the past…
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War over country names: Like Greece and Macedonia now, India and Pakistan had a (brief) naming dispute in 1947..
David Andolfatto: Macro Mania
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Inflation and Unemployment (Part 2)
In my previous post (Inflation and Unemployment), I reviewed what I thought was a fair characterization of the way the Federal Reserve Board staff organize their thinking about inflation and unemployment, as well as how this view of the world was at least partly responsible for the "hawkish" overtone of current Fed policy. I also suggested that the inflation and unemployment dynamic might be better understood through the lens of an...
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Inflation and unemployment
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What anchors inflation?
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The recession of 2012-13 and the taper tantrum
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U.S. GDP Expenditure Components
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Fiscal theories of the price-level
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Blockchain: what it is, what it does, and why you probably don’t need one
Stephen Williamson: New Monetarist Economics
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What Does “Serious” Mean?
A week ago I wrote this in a tweet: I'm puzzled by the infatuation with NGDP targeting. We have good reasons to care about the path for the price level and the path for real GDP. Idea seems to be that if you smooth Py that you get optimal paths for P and y. That's hardly obvious, and doesn't fall out of any serious theory I'm aware of.The proximate cause of that outburst was this blog post by David Beckworth who, as you might know, is a...
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Sovereign Money, Narrow Banks, Digital Currency, etc.
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Inflation, Interest Rates, and Neo-Fisherism In Turkey
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Natural Rates
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Neo Fisherism: Look, it Works!
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The FOMC: Inflation Theory and Inflation Control
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Panic Over Inflation?
ECB Press Releases
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ECB publishes Consolidated Banking Data for end-December 2017
PRESS RELEASE19 June 2018The European Central Bank (ECB) has published the Consolidated Banking Data (CBD) with reference to end-December 2017, a data set of the European Union (EU) banking system compiled on a group consolidated basis.The annual CBD statistics cover relevant information required for the analysis of the EU banking sector, covering a broader set of data than the quarterly release. The end-December 2017 data refer to 377 banking...
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Mario Draghi: Monetary policy in the euro area
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Benoît Cœuré: The euro area economic outlook and completion of EMU
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ECB appoints Petra Senkovic as Director General Secretariat to the Supervisory Board
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Benoît Cœuré: Entretien avec Europe 1
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Statement by European Commission and ECB staff following the conclusion of the eighth post-programme surveillance mission to Portugal
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Benoît Cœuré: Interview with Europe 1
Tony Yates: Long and Variable
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Social care funding, inheritance tax and hypothecation
Social care funding is as pressing now as when the issue blew up Theresa May’s 2017 attempt to decimate the Labour Party and assert control over the Brexit process. A consensus of sorts seemed to emerge from that discussion that it was right to expect those who would otherwise pass on large estates to pay for their social care either partly or wholly through taxes on those estates, levied after death or not. I blogged at the time that I...
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Interest rate forecasts, again
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MPC’s discussions on publishing forward interest rates
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Democracy’s vortex
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Eurozone monetary and fiscal policy
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What did Monty Python metaphors ever do for us?
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A neo-Fisherian experiment that hedges its New Keynesian bets
Bank of Canada
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Rebooting Reference Rates
Remarks Investment Industry Association of Canada and Institute of International Finance Available as: PDF Introduction Thank you and good afternoon. My topic today is interest-rate benchmarks or reference rates and the work under way here...
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Bank of Canada partners with Creative Destruction Lab to deepen knowledge of new technologies
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Deputy Governor Sylvain Leduc to leave the Bank of Canada
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Release of the Financial System Review
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Canada’s financial system remains resilient as vulnerabilities show further signs of easing
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Financial System Review – June 2018
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A Progress Report on the Economy
New York Fed
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At the New York Fed: Conference on the Effects of Post-Crisis Banking Reforms
Richard Crump and João Santos The financial crisis of 2007-08 and the ensuing recession, the most severe since the 1930s, prompted a wave of regulatory reforms: tighter bank capital and liquidity rules, new failed bank resolution procedures, a stand-alone consumer protection agency, greater transparency in money market funds, central clearing of derivatives, and others as well. As these reforms have gradually taken effect, a healthy debate...
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Hey, Economist! Outgoing New York Fed President Bill Dudley on FOMC Preparation and Thinking Like an Economist
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Good News, Leverage, and Sudden Stops
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Mixed Impacts of the Federal Tax Reform on Consumer Expectations
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Economic Predictions with Big Data: The Illusion of Sparsity
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Just Released: New York Fed Press Briefing Highlights Changes in Home Equity and How It’s Used
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Recycling Oil Revenue
RBNZ
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Bank of China registered as a bank
Release date 29 March 2018 The Reserve Bank today registered Bank of China to provide banking services in New Zealand. Bank of China Limited is incorporated in the People’s Republic of China and will operate in New Zealand as a branch. A New Zealand subsidiary of the Bank of China, Bank of China (New Zealand) Limited, has been registered to provide banking services in New Zealand since November 2014. There are now 26 registered...
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New PTA requires Reserve Bank to consider employment alongside price stability mandate
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An interview with Atif Mian of Princeton University
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Official Cash Rate unchanged at 1.75 percent
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RBNZ Governor supports macro-prudential policy
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New appointment to Reserve Bank board
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CBL Insurance Limited interim liquidation
Bank of International Settlement
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US monetary policy and fluctuations of international bank lending
BIS Working Papers | No 730 | 21 June 2018 by Stefan Avdjiev and Galina Hale PDF full text (704kb) | 43 pages Summary Focus What is the impact of U.S. monetary policy on cross-border bank lending? There is no consensus in the empirical literature. Some papers have found that the impact...
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Has inflation targeting become less credible?
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Accumulation of foreign currency reserves and risk-taking
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Recent RMB policy and currency co-movements
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Residential investment and economic activity: evidence from the past five decades
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BIS Quarterly Review, June 2018
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Identifying oil price shocks and their consequences: the role of expectations in the crude oil market
FT Money Supply
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Money Supply 2014-07-29 13:41:38
This blog will no longer be updated. Our thoughts on all things central banking, along with the more wonkish elements of economic policy, will appear on Alphaville and The World blog. Thank you for reading. You can keep in touch using our author alerts and twitter.
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ECB caught up in economists’ spat
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TLTRO: how well has the ECB targeted its loans?
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Live blog: Mario Draghi’s monthly ECB press conference
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Japan’s inflation expectations: glass half empty?
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Carney’s (old) new normal
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ECB’s Cœuré backs student calls to overhaul economics curriculum