Central-Banks
SNB & CHF: The Swiss National Bank and Swiss Franc Blog
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Monetary Policy Assessment of 13 December 2018
Swiss National Bank leaves expansionary monetary policy unchanged The Swiss National Bank (SNB) is maintaining its expansio nary mo netary policy, thereby stabilising price developments and supporting economic activity. Interest on sight deposits at the SNB remains at –0.75% and the target range for the three-month Libor is unchanged at between –1.25% and –0.25%. The SNB will remain active in the foreign exchange market as necessary, while...
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The World’s Biggest Hedge Fund Is Getting Whacked, And Why “Moneyness” Matters
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GBP/CHF Forecast: Brexit Uncertainty Ahead Causing Movement for GBP/CHF
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Further falls for GBP/CHF exchange rate
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Pound to Swiss Franc: CHF Strengthens Due to Events around the Globe
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Swiss National Bank Unexpectedly Sold US Stocks In Q3, Dumping Over 1 Million Apple Shares
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Sterling hits highest buying level against Swiss Franc since August
FRED
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Immigration and the Brexit vote: A look at the data
[embedded content] On June 23, 2016, a majority in the United Kingdom voted to exit (or “Brexit”) the European Union, defying most forecasts. One of the reasons cited for this outcome was concern by British citizens about too much immigration from Central Europe and the Baltics.* Is (or was) this concern valid? Let’s see what FRED has to show us about the patterns of net immigration for the U.K. and for Central Europe and the Baltics. The...
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How much cash do banks keep in the vault?
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Gold: malleable, ductile, and volatile : Intraday movements in gold prices
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The Black Death in the Malthusian economy : A glimmer of wage growth in the Dark Ages
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North American divergence in the work week : U.S. manufacturing workers put in more hours than their Canadian counterparts
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Does oil drive inflation? : A look at oil’s influence over producer prices vs. consumer prices
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The lowdown on loan delinquencies : Rates are lower than pre-recession levels…except for mortgages
Bank Of Japan
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Semiannual Report on Currency and Monetary Control (Summary)
The full report is available only in Japanese. Bank of JapanEconomic Developments Looking back at the first half of fiscal 2018, Japan's economy was expanding moderately, with a virtuous cycle from income to spending operating. Exports followed an increasing trend on the back of overseas economies having continued to grow firmly on the whole. Turning to domestic demand, housing investment was more or less flat; public investment also was...
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Japanese Government Bonds Held by the Bank of Japan
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T-Bills Purchased by the Bank of Japan
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Basic Figures on Fails (Nov.)
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Speech by Board Member Masai in Fukuoka on Nov. 29, 2018 (Economic Activity, Prices, and Monetary Policy in Japan)
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Loan Disbursement under the Fund-Provisioning Measure to Stimulate Bank Lending (December 2018)
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Bank of Japan Accounts (December 10)
Swiss National Bank News
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2018-12-13 – Speech – Thomas Jordan, Chairman of the Governing Board: Introductory remarks, news conference
Complete text
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2018-12-13 – Speech – Fritz Zurbrügg, Vice Chairman of the Governing Board: Introductory remarks, news conference
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2018-12-13 – Speech – Andréa M. Maechler, Member of the Governing Board: Introductory remarks, news conference
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2018-12-13 – Press release – Monetary policy assessment of 13 December 2018
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2018-12-10 – Press release – Important monetary policy data for the week ending 7 December 2018
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2018-12-07 – Statistics – IMF Special Data Dissemination Standard (SNB Data), 7 December 2018
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2018-12-04 – Press release – Issuance calendar for Confederation bonds and money market debt register claims in 2019
Atlanta Fed
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Defining Job Switchers in the Wage Growth Tracker
« Cryptocurrency and Central Bank E-Money | Main Among the questions we receive about the Atlanta Fed's Wage Growth Tracker, one of the most frequent is about the construction of the job switcher and job stayer series. These series are derived ...
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Cryptocurrency and Central Bank E-Money
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Polarization through the Prism of the Wage Growth Tracker (Take Two)
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Polarization through the Prism of the Wage Growth Tracker
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On Maximizing Employment, a Case for Caution
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Demographically Adjusting the Wage Growth Tracker
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Demographically Adjusting the Wage Growth Tracker
RBA
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Statement by Philip Lowe, Governor: Monetary Policy Decision
At its meeting today, the Board decided to leave the cash rate unchanged at 1.50 per cent. The global economic expansion is continuing and unemployment rates in most advanced economies are low. There are, however, some signs of a slowdown in global trade, partly stemming from ongoing trade tensions. Growth in China has slowed a little, with the authorities easing policy while continuing to...
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Samoa Commitment for the Pacific Islands
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Guilty Pleas made by Note Printing Australia and Securency in the Supreme Court of Victoria
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Payments System Board Update: November 2018 Meeting
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Statement by Philip Lowe, Governor: Monetary Policy Decision
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New Payments Platform: Consultation
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Next Generation of Banknotes: $50 Enters General Circulation
iMFdirect
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Chart of the Week: Sub-Saharan Africa’s Growth—A Tale of Different Experiences
By IMFBlog December 13, 2018 Villagers of Moruleng mining community in South Africa; Sub-Saharan Africa countries can see an increase in growth by relying less on commodities and more on non-resource intensive investments. (Photo: SIPHIWE SIBEKI/Reuters/Newscom) The story of Africa’s growth rate over recent years is a tale with several story lines. Key to the tale is the degree of dependence on commodities. Our Chart of the Week...
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Top 5 Blogs on Climate Change
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Quiz on the Global Economy: How Much Do You Know?
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The Uneven Path Ahead: The Effect of Brexit on Different Sectors in the UK Economy
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A Planet at Risk Requires Multilateral Action
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A New Social Contract
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Economic Gains from Gender Inclusion: Even Greater than You Thought
JP Koning: Moneyness
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Can lottery tickets become money?
Say that the local lottery system has decided to innovate. Lottery tickets can now be used as money. A ticket with a face value of $x can be used to buy $x worth of stuff at any checkout counter in the country. Or they can be held in digital form and transferred instantaneously across the lottery's new payments system to friends, the utility company, or the government tax department. With the payments infrastructure in place, will people...
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No, Ohio isn’t accepting bitcoin tax payments
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The demonetization gap
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The credit theory of money
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Gold regulators
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Bitcoin and the bubble theory of money
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Are Argentinians paying for Uber rides with bitcoins?
Impact Evaluations
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Do Sociable or Higher-Achieving Peers Matter? Guest post by Román Andrés Zárate
While sociable peers increase your social skills, higher-achieving peers do not improve your academic performance. That is the main conclusion of my job market paper. As the world bends closer towards automation, social skills take a lead role on individuals' well-being and labor market success. According to Deming (2017), between 1980 and 2012, jobs ...
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Out of Power? Political Capture of the Indian Electricity Sector — Guest post by Meera Mahadevan
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Good Fathers & Lemon Sons: Why Political Dynasties Cause “Reversals of Fortune” — Guest post by Siddharth George
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Land: Trap or Opportunity for the Rural Poor? Guest post by Juan Sebastián Galán
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Does It Matter Who Answers the Survey to Identify Families in Poverty? Guest post by Adan Silverio-Murillo
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FinTech Adoption and its Spillovers. Guest post by Sean Higgins
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The Perils of Being a Firstborn Child Amidst Forest Cover Loss in Indonesia: Guest post by Averi Chakrabarti
Amol Agrawal: Mostly Economics
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History of Bangladesh Currency (Taka) is really interesting and worth researching…
Came across this article on an exhibition on Bangladesh history organised by the Bangladesh Deputy High Commission, Karachi. The section comprising banknotes was also well-appreciated; Bangladesh Bank over the years has been changing the design of the banknotes in different denominations. Taka one first issued in 1973 had a typical Bengali woman pounding rice on one side of the note. Commemorative notes of 100 years of Bangladesh National...
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The role of transaction costs in Douglass North’s understanding of economic history
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We should have institutionalised RBI autonomy (with accountability) and not its frictions with government
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Slovak central bank Governor resigns early and its finance minister expresses interest in the job…
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Urjit Patel’s resignation: its implications, controversial tenure, return of IAS to RBI and much more
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RBI Governor Urjit Patel resigns..
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The importance of reading annual reports in company valuation
David Andolfatto: Macro Mania
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Working More for Less
I had an interested chat with a colleague of mine the other day about the labor market. In the course of conversation, he mentioned that he used to teach a class in labor economics. Naturally, an important lesson included the theory of labor supply. Pretty much the first question asked is how the supply of labor can be expected to change in response to a change in the return to labor (the real wage). My colleague said that for years he would...
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Does the Floor System Discourage Bank Lending?
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Smart Contracts and Asset Tokenization
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What is the yield curve forecasting?
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The Trust Machine: The Story of Bitcoin
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Inflation and Unemployment (Part 2)
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Inflation and unemployment
Stephen Williamson: New Monetarist Economics
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Fed’s Portfolio Manager Says Not to Worry
I ran across an interesting talk by Simon Potter, who is responsible for the System Open Market Account at the New York Fed. Potter is a powerful person in the Fed system, as he looks after the specifics of monetary policy implementation. His talk addresses issues that I discussed in this previous blog post.The first order of business in the talk is the phasing out of the Fed's reinvestment policy. Recall that, after the buildup in the Fed's...
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Should You Be As Excited About GDP Growth As Donald Trump Claims to Be?
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Don’t Fear the Inversion – It’s the Short Rate That Kills You
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Fed Balance Sheet Policy, and Treasury Debt Management
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Fed Balance Sheet News
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Jawboning Makes a Comeback
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What Does “Serious” Mean?
ECB Press Releases
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ECB decides on technical parameters for the reinvestment of its asset purchase programme
PRESS RELEASE13 December 2018ECB details technical parameters for APP reinvestmentsECB capital key, as amended over time, to continue guiding public sector purchase programme during reinvestment The Governing Council of the European Central Bank (ECB) today decided on the technical parameters for the reinvestment of the principal payments from maturing securities purchased under its asset purchase programme (APP) after net asset purchases...
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Mario Draghi, Luis de Guindos: Introductory statement to the press conference (with Q&A)
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Monetary policy decisions
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Benoît Cœuré: Euro Cyber Resilience Board for pan-European Financial Infrastructures
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ECB adopts new capital key
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ECB publishes the cyber resilience oversight expectations
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ECB goes live with pan-European instant payments
Tony Yates: Long and Variable
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An optimistic forecast concerning the inconsistent ambitions of Lexiters and Brexiters
David Chivers, [AP in macro at Durham University], wrote today: We can debate just where the electorate agree on post Brexit plans. But they surely do not agree with all of them. Not least because they are not consistent with each other. This leads us to the natural observation that an additional barrier for Lexiters and Brexiters is each other. Lexiters seek a trajectory to socialism. Right wing Brexiters – as well as former centrist...
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Why Brexit is so much more problematic than the financial crisis of 2008
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If you can’t beat them, join them: Remainers try their hand at attacks on the civil service.
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Next time do QE with a Treasury twist, not central bank money-printing?
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Guest post by Will Bott: on the democratic legitimacy of a second referendum
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Brexit was not really a neoliberal project, whatever that is
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Will Ireland back down over the border?
Bank of Canada
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Year-End Economic Progress Report: Financial Vulnerabilities in Focus
Remarks CFA Toronto Available as: PDF Introduction Today we are combining two traditions—one old, one new. The older tradition, which...
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Governor Poloz Speaks on Financial Vulnerabilities and Risks to the Economy
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Bank of Canada maintains overnight rate target at 1 ¾ per cent
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Bank of Canada Announces Deputy Governor Appointment
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New exhibition on Viola Desmond opens at Bank of Canada Museum
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Bank of Canada announces finalists for the fourth annual Governor’s Challenge
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Balancing Act: the Link between Monetary Policy and Financial Stability
New York Fed
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Cryptocurrencies, Tariffs, “Too Big to Fail,” and Other Top LSE Posts of 2018
Trevor Delaney “Cryptocurrency” hit the cultural mainstream in 2018. In March, Merriam-Webster added “cryptocurrency” to the dictionary, and in what was perhaps a greater litmus test of pop culture recognition, “bitcoin” was added to the official Scrabble dictionary in September. With such a surge in interest, it’s not too surprising that the most viewed post on Liberty Street Economics this past year focused on an issue surrounding...
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Price Impact of Trades and Limit Orders in the U.S. Treasury Securities Market
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Just Released: Interactive R-star Charts
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Just Released: Labor Markets in the Region Are Exceptionally Tight
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Just Released: A Closer Look at Recent Tightening in Consumer Credit
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Breaking Down TRACE Volumes Further
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Is the United States Relying on Foreign Investors to Fund Its Larger Budget Deficit?
RBNZ
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Reserve Bank publishes climate change strategy and joins global network
Release date 13 December 2018 The Reserve Bank today published a strategy focusing on how the Bank can contribute to efforts to mitigate the effects of climate change. The Bank has also been welcomed as member of the Network of Central Banks and Supervisors for Greening the Financial System (NGFS). The Network was set up in December 2017 at the Paris ‘One Planet Summit’ to strengthen the global response required to meet the...
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RBNZ Senior Leadership Team appointment
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CBL Insurance information disclosures
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Higher bank capital better for banking system and NZ
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Joint statement from the South Pacific Governors' Meeting
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Updated weights for Trade-Weighted Index
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Reserve Bank to ease loan-to-value ratio restrictions
Bank of International Settlement
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Revisions to leverage ratio disclosure requirements
Summary of document history Previous version Previousconsultation This version Subsequentconsultation Subsequentversion Pillar 3 disclosure requirements - updated framework 11 Dec 2018 Type: Standards Status: Forthcoming...
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Pillar 3 disclosure requirements – updated framework
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Proportionality in the application of insurance solvency requirements
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Regulating and supervising the clouds: emerging prudential approaches for insurance companies
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Non-monetary news in central bank communication
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Cyber-resilience: range of practices
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Gross capital flows by banks, corporates and sovereigns
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