Central Banking Archives - Page 2 of 4

Andrew Bailey at Jackson Hole

Central bank balance sheet as a policy tool: past, present and future

Mr. Andrew Bailey, Governor, Bank of England, delivered the opening remarks on the second day of the Kansas City Fed’s annual Jackson Hole Symposium, on 28 August 2020. He spoke on “Central bank balance sheet as a policy tool: past, present and future”, based on a paper (see here) with the same title, prepared jointly with Jonathan Bridges, Richard Harrison, Josh Jones and Aakash Mankodi. Continue reading “Andrew Bailey at Jackson Hole”

Jerome Powell at Jackson Hole

Delivering the opening remarks at the Kansas City Fed’s annual Jackson Hole Symposium on 27 August 2020, Jerome Powell, Chair, Board of Governors, Federal Reserve System, discussed the first ever review of the FED’s monetary policy framework. Earlier in the day, the FED had released a revised Statement on Longer-Run Goals and Monetary Policy Strategy, which laid down its goals, framework for monetary policy, and would serve as the foundation for policy actions. Continue reading “Jerome Powell at Jackson Hole”

The Jackson Hole Symposium 2020

The annual Jackson Hole Symposium, organised by the Federal Reserve Bank of Kansas City, kicked off today, 27 August 2020, in what is perhaps the first instance that the Symposium is being held completely online, since its beginning in 1978. The event otherwise is held every year at Jackson Hole, Wyoming. It brings together economists, financial market participants, academics, U.S. government representatives and news media to discuss long-term policy issues of mutual concern. Continue reading “The Jackson Hole Symposium 2020”

IMF’s Central Bank Transparency Code

When increased independence was being given to central banks across the world, especially in their conduct of monetary policy, and in countries implementing an inflation targeting framework, a key element was greater accountability of central banks, in which transparency and appropriate disclosures had a very important role. Transparency refers to the flow and accessibility of information from the central bank to its stakeholders and the public. They rely on that information to inform their judgment of the performance of the central bank and compliance with the central bank’s mandate. Transparency is also a key plank in the central bank’s broader governance and accountability framework. Continue reading “IMF’s Central Bank Transparency Code”

“Pandemic depression”: The way ahead

In the October/November 2020 issue of Foreign Affairs, Carmen Reinhart of the World Bank and Vincent Reinhart, Chief Economist for BNY Mellon Asset Management, have this article on “The Pandemic Depression: The Global Economy Will Never Be the Same.” They cite various data to justify the expression. Bank of England had predicted the steepest decline for UK since 1706. The unemployment figures in the US are the worst since the Bureau of Labor Statistics has had data on it. The World Trade Organization estimated that global trade is poised to fall by between 13 and 32 percent in 2020. And the World Bank had predicted that the global economy would shrink by 5.2 per cent in 2020, and that 60 million people will be pushed into extreme poverty as a result of the pandemic. Continue reading ““Pandemic depression”: The way ahead”

Governor Brainard on Digital Currencies

Governor Lael Brainard of the US Federal Reserve, speaking at the Federal Reserve Bank of San Francisco’s Innovation Office Hours, on 13 August 2020, gave an update on the work on Central Bank Digital Currencies in the US. She is a former Assistant and Associate Professor at MIT, and an Under Secretary in the Department of Treasury under the Obama administration. Continue reading “Governor Brainard on Digital Currencies”

Apologies…

My apologies to the few who knew about and have been closely following this blog. In view of the lockdown, there should be no excuse for not updating the blog regularly. But, for the past two months, my priorities changed to doing numerous online courses, other writing, and researching for the same. As per my new schedule, starting from 1 August 2020, I will try and update with new posts at least twice a week, every Monday and Thursday, the other days being reserved for my other blogs.

© G Sreekumar 2021

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Global Financial Stability Report June 2020

A link to the June 2020 Global Financial Stability Report (GFSR) of the IMF can be found here. The salient points of the GFSR are as follows: Continue reading “Global Financial Stability Report June 2020”

The Wirecard Scandal

Germany is not particularly known for corporate scandals. Unlike the USA or UK. Or the rest of Europe. The last big one was Volkswagen. But, one involving Wirecard, the payment processing firm with a global footprint, has been unravelling over the last one week, since Ernst & Young (EY), the company’s auditors, announced that it could not find USD 2.1 billion (Euro 1.9 billion), roughly a quarter of the balance sheet size. This is a first for the DAX, a 30-member index trading on the Frankfurt Stock Exchange. Continue reading “The Wirecard Scandal”

Covid-19: An induced coma for the global economy

Speaking at the UBS High-level Discussion on the Economic and Monetary Policy Outlook, held in Zurich on 27 May 2020, Agustín Carstens, General Manager, Bank for International Settlements, discussed the economic impact of Covid-19, and policy response of advanced economies’ central banks. Continue reading “Covid-19: An induced coma for the global economy”