Central-Banks
SNB & CHF: The Swiss National Bank and Swiss Franc Blog
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Monnaie pleine… ou monnaie vide?
(Crédits: Keystone) - Click to enlarge Dans cette contribution critique de l’initiative, l’auteure souligne l’insuffisance totale de gages ou richesses tangibles pour couvrir la production massive d’une «monnaie centrale». Qui doit créer notre argent: les banques privées ou la Banque nationale? Cette question, a priori simple, est en réalité abyssale. Soumise au vote le 10 juin, l’initiative «Monnaie pleine» est truffée de choses qui «vont de...
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Elektronisches Zentralbankengeld hat Vorteile
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Création monétaire: Entente illégale entre banques centrales et commerciales sur fond de silence politique
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Vers une décroissance inéluctable
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Trilogie des Fiatgeldes (II): Das fraktionelle Reservesystem, die Mutter aller Finanzkrisen und die Quelle der Ohnmacht der Notenbanken
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Swiss Balance of Payments and International Investment Position: Q4 2017 and review of the year 2017
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Swiss central bank records huge profits after franc slide
FRED
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Getting back to normal? : Normalization of the federal funds rate may not look so normal
[embedded content] This FRED graph shows the federal funds rate for approximately the past 10 years. This is the interest rate that the Federal Open Market Committee (FOMC) targets. It’s easy to see that this interest rate has been low for most of the period shown here. But lately it’s been soaring. Or so it seems. The FOMC is currently pursuing a policy of normalization: They’re getting the federal funds rate back to “normal.” Of course, in...
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The state of education…or, rather, the education of states
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Trends in capacity utilization around the world
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Money makes the world go round…and goes round the world : The impact of migration and remittances
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Despite the recovery, paying the mortgage can still be a hurdle : Comparing mortgage, credit card, and commercial real estate delinquency rates
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There’s electricity in the air! But it’s not for sale : The production of electricity is outpacing sales
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The cost of owing : How rising interest rates can affect the federal government’s debt payments
Bank Of Japan
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Average Interest Rates by Type of Deposit
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(Research Paper) Firm Performance and Macro Forecast Accuracy
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Concluding Remarks by Deputy Governor Amamiya at the IMF-JFSA-BOJ Conference on FinTech (Central Banking in the Digital Age)
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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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Regional Economic Report (Summary) (Apr. 2018)
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73rd Opinion Survey
Swiss National Bank News
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2018-04-16 – Press release – Important monetary policy data for the week ending 13 April 2018
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2018-04-13 – Statistics – IMF Special Data Dissemination Standard (SNB Data), 13 April 2018
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2018-04-09 – Press release – Important monetary policy data for the week ending 6 April 2018
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2018-04-06 – Statistics – IMF Special Data Dissemination Standard (SNB Data), 6 April 2018
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2018-04-05 – Speech – Andréa M. Maechler, Member of the Governing Board of the Swiss National Bank: The financial markets in changing times – Changes today and tomorrow: the digital future
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2018-04-05 – Speech – Dewet Moser, Alternate Member of the Governing Board of the Swiss National Bank: The financial markets in changing times – Changes yesterday and today: the money and foreign exchange markets
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2018-04-03 – Press release – Important monetary policy data for the week ending 30 March 2018
Atlanta Fed
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Hitting a Cyclical High: The Wage Growth Premium from Changing Jobs
« Thoughts on a Long-Run Monetary Policy Framework, Part 4: Flexible Price-Level Targeting in the Big Picture | Main The Atlanta Fed's Wage Growth Tracker rose 3.3 percent in March. While this increase is up from 2.9 percent in February, the ...
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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
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Thoughts on a Long-Run Monetary Policy Framework: Framing the Question
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What Are Businesses Saying about Tax Reform Now?
RBA
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Small Business Finance Roundtable
The Reserve Bank hosted a roundtable discussion on small business finance today, along with the Australian Banking Association and the Council of Small Business Australia. The roundtable was chaired by Philip Lowe, Governor of the Reserve Bank. Small businesses are very important for the economy. They generate significant employment growth, drive innovation and boost competition in markets....
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Bilateral Local Currency Swap Agreement with the People’s Bank of China
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Payments System Issues: Exchange Settlement Account Policy
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Statement by Philip Lowe, Governor: Monetary Policy Decision
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Payments System Board Update: February 2018 Meeting
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Next Generation of Banknotes: $50 Design Reveal
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Launch of the New Payments Platform
iMFdirect
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Bringing Down High Debt
By Vitor Gaspar and Laura Jaramillo April 18, 2018 Versions in 中文 (Chinese), Español (Spanish), 日本語 (Japanese), Português (Portuguese) High debt makes governments’ financing vulnerable to sudden changes in market sentiment (photo: NYSE-LUCAS JACKSON-REUTERS Newscom). Global debt hit a new record high of $164 trillion in 2016, the equivalent of 225 percent of global GDP. Both private and public debt have surged over the past decade....
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A Bumpy Road Ahead for the Global Financial System
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Global Economy: Good News for Now but Trade Tensions a Threat
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An Even-handed Approach to Crypto-Assets
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Fiscal Rules: Make them Easy to Love and Hard to Cheat
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The Digital Gamble: New Technology Transforms Fiscal Policy
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Risky Business: Reading Credit Flows for Crisis Signals
JP Koning: Moneyness
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Critiquing the Carney critique of central bank digital currency
Over on the message board we've been discussing the implications of central bank-issued digital currency, otherwise known as CBDC. One view is that a central bank digital currency would lead to increased financial instability, Bank of England governor Mark Carney being a vocal proponent of this idea. There are a lot of criticisms that can be leveled against central bank digital currency, but the Carney critique is the one that worries me the...
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Moneyness = 22?
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More fiatsplainin’: let’s play fiat-or-not
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Fiatsplainin’
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Indians’ “ill-informed notions” concerning the legitimacy of ₹10 coins
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The odd relationship between gangster and central banker
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Cash, cat, and mouse
Impact Evaluations
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The history of randomized control trials: scurvy, poets and beer
The other night I was reading Julian Jamison’s well written and intriguing recent paper: “The Entry of Randomized Assignment into the Social Sciences,” which plumbs history to understand where it is that RCTs come from. The ideas start with the title. Julian draws a distinction between random assignment and random allocation. Random assignment ...
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What are we learning about the impacts of public works programs on employment and violence? Early findings from ongoing evaluations in fragile states
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Weekly links April 13: militant randomistas, show them the germs, should your next paper not be a paper? and more…
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How long is the long run?
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IE Analytics: Introducing the Development Impact Evaluation Wiki
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Weekly links April 7: registration becomes compulsory, lessons from reality tv and the Black Panther, positively deviant schools, and more…
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Seeking nimble plumbers
Amol Agrawal: Mostly Economics
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How Copenhagen avoided the car culture and keep its citizen-focused design?
Superb article in Guardian newspaper written in 2016. There is an entire series on cities which should be worth reading. In this piece, how Copenhagen managed to keep its design of a pedestrian and bicycle friendly city. In 1960s, there was huge pressure on European cities to build this car culture as seen in American cities. How Copenhagen avoided this and today it is seen as one of the ideal cities all other cities are trying to aspire to...
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Superman at 80: How two high school friends concocted the original comic book hero
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Income Inequality in France, 1900-2014
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Meanwhile, a leadership change at the Rothschilds…
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Why are Karnataka’s religious mutts so powerful?
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RBI’s woes spreading from banking regulation to cash management..
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Cash crunch in parts of India?
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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The FOMC: Inflation Theory and Inflation Control
In this post, I'm going to attempt to answer 3 questions:1. What does the FOMC think it's doing? 2. Given what it thinks it's doing, is the FOMC consistent? 3. What should the FOMC be doing, given its stated goals?What does the FOMC think it's doing? The easy part here is what most of us know by heart. The FOMC has a statement, most recently amended in January, which says that the Fed is targeting headline PCE inflation at 2%, that it cares in...
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Panic Over Inflation?
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Janet Yellen: Performance Review
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Is Bitcoin a Waste of Resources?
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Bank of Canada meeting
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Canadian Monetary Policy
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The Corporate Tax Rate, Part 2
ECB Press Releases
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Statement by the staff of the European Commission and the European Central Bank following the ninth post-programme surveillance visit to Spain
Staff from the European Commission, in liaison with staff from the European Central Bank (ECB), carried out the ninth post-programme surveillance visit to Spain on 9-10 April 2018. The European Stability Mechanism (ESM) participated in the meetings on aspects relating to its Early Warning System. Amid continued strong economic growth, the Spanish banking sector enjoys overall comfortable liquidity, and several banks increased their issuance of...
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Peter Praet: Improving the functioning of Economic and Monetary Union: lessons and challenges for economic policies
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Account of the monetary policy meeting
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ECB publishes results of second staff survey
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Benoît Cœuré: Scars that never were? Potential output and slack after the crisis
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Mario Draghi: Generation €uro Students’ Award 2018 event
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Benoît Cœuré: Entretien avec France Info
Tony Yates: Long and Variable
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A neo-Fisherian experiment that hedges its New Keynesian bets
The experience of a country like Japan, where interest rates have been at their floor for 2 decades now, and inflation is still undershooting the BoJ target of 2 per cent, is enough to test the faith of a New Keynesian and make one wonder whether the neo-Fisherians have a point. They maintain that inflation undershoots the target because of very low interest rates, not despite them. New Keynesians deduce from their version of the model that...
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Phillips Curve bashing and immaculate inflation
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Konig-Krugman fiat fundamentalism and Bitcoin
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Bloomberg View column on BoE fan charts
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1p/2p/…/£50 = a/b/…/c as a nominal anchor that does not require measuring the price level
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1p
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Alphaville post on the Venezuelan Petro
Bank of Canada
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Monetary Policy Report Press Conference Opening Statement
Opening Statement Available as: PDF Good morning. Senior Deputy Governor Wilkins and I are happy to be with you to answer your questions about today’s interest rate announcement and our Monetary Policy Report (MPR). Before taking your questions, let me briefly offer a few insights into Governing Council’s...
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Bank of Canada maintains overnight rate target at 1 ¼ per cent
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Monetary Policy Report – April 2018
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Business Outlook Survey – Spring 2018
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Senior Loan Officer Survey – First Quarter of 2018
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Annual Report 2017
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The Bank of Canada releases its Annual Report for 2017
New York Fed
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Just Released: Is Housing a Good Investment? Where You Stand Depends on Where You Sit
Andreas Fuster, Andrew Haughwout, Nima Dahir, and Michael Neubauer Home price growth expectations remained stable relative to last year, according to the Federal Reserve Bank of New York’s 2018 SCE Housing Survey. Respondents expect mortgage rates to rise over the next year, and perhaps as a result, the share of owners who expect to refinance their mortgages over the next year declined slightly. In addition, homeowners view...
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Is Stigma Attached to the European Central Bank’s Marginal Lending Facility?
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How Will the New Tax Law Affect Homeowners in High Tax States? It Depends
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Vulnerable Growth
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Do the Employed Get Better Job Offers?
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Quantities and Prices during the Housing Bust
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Do Expansions in Health Insurance Affect Student Loan Outcomes?
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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A time series model of interest rates with the effective lower bound
BIS Working Papers | No 715 | 17 April 2018 by Benjamin K Johannsen and Elmar Mertens PDF full text (1,668kb) | 55 pages Summary Focus Over the last decade, nominal interest rates have fallen to very low levels in many countries. Thus, central banks have seen their choices for the...
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Financial spillovers, spillbacks, and the scope for international macroprudential policy coordination
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Framework for supervisory stress testing of central counterparties (CCPs)
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The identification and measurement of non-performing assets: a cross-country comparison
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Harmonisation of critical OTC derivatives data elements (other than UTI and UPI) – Technical guidance
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Do interest rates play a major role in monetary policy transmission in China?
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Inflation and professional forecast dynamics: an evaluation of stickiness, persistence, and volatility
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