Economics
ECB paper on firm price adjustment behaviour
European Central Bank study examines firms’ price adjustment behaviour to demand and cost shocks
Central Bank of Chile paper on non-copper export growth
Central Bank of Chile study examines performance of Chilean non-copper exports in last two decades
Bank of Israel on success of tax reforms
Excerpt from Bank of Israel 2010 Annual Report says recent government tax policy reduced direct taxes on labour
Time for central bankers to reconsider the output gap
Policymakers in advanced economies must place more weight on imported inflation, while those in emerging markets must monitor domestic price pressures more closely, Stephen Lewis argues.
Investors watch Saudi protests with interest
Sentiment in the bond markets has not been unduly affected by MENA tensions, but Saudi unrest could change that.
Underlying inflation, unemployment should ground mandate: Riksbank’s Svensson
Riksbank deputy governor Lars Svensson calls for refined monetary policy framework focusing on underlying, rather than headline, inflation and unemployment over resource utilisation
Firms’ choice in price-reviewing strategies explained: ECB paper
European Central Bank working paper analyses why and how firms pick their price-reviewing strategies
Korea’s Kim outlines obstacles to financial surveillance
Bank of Korea governor Kim Choong-soo articulates difficulties in financial sector surveillance, global policy coordination
Subprime market victim of housing bubble: Philly Fed paper
Philadelphia Federal Reserve study says bubble conditions in the housing market spurred subprime lending
ECB’s Bini Smaghi on economics’ interpretation of globalisation
European Central Bank executive board member Lorenzo Bini Smaghi calls for further studies to global growth implications of emerging market economies
ECB rejects temporary price pressures argument; signals tightening
European Central Bank’s hawkish Thursday announcement shows a different interpretation of commodity price pressures, second-round effects, to Bank of England and Fed
ECB paper on credit card users under binding constraints
European Central Bank shows credit card users are insensitive to interest rate rises on transactions
Central Bank of Chile paper on copper price models
Central Bank of Chile study says switching regime in models explains volatility of copper prices in research
Korean recovery shows signs of buoyancy: Bank of Korea Economic Bulletin
Bank of Korea weekly Economic Bulletin says recovery continued upward trend in February on back of strong production and consumption reports
Austerity measures provide long-term benefits: Bank of Portugal paper
Bank of Portugal says fiscal consolidation is welfare improving in the long term, but not the short term
Employment the missing component of US recovery: NY Fed’s Dudley
New York Federal Reserve president William Dudley says employment growth only missing piece in puzzle
Efficient markets’ failure hamstrung central banks: CentralBanking.com panel
Reliance on efficient markets hypothesis to develop policy frameworks must be reversed, LSE’s Brandon Davies and Fathom director Danny Gabay argue
Commentators split on Bank justification for high inflation
CentralBanking.com web panellists divided on whether Bank of England is acting within remit in accommodating persistently above target price pressures
Bailout renegotiation looms following Irish election
Ireland’s new prime minister-elect expected to press for renegotiation of EU-IMF bailout deal; scheduled to meet European Commission head José Manuel Barroso on Friday
Trichet on common fallacies of competitiveness
European Central Bank president Jean-Claude Trichet describes common misconceptions on attributes of a competitive economy
China’s financial system, not renminbi, source of imbalances: St Louis Fed paper
St Louis Federal Reserve study says revaluation of renminbi will not address source of trade imbalances and may prove counterproductive
Japan’s Yamaguchi: recovery reignited by exports
Bank of Japan deputy governor Hirohide Yamaguchi says country is beginning to exit a temporary slump in exports
Look to global output gap: St. Louis Fed’s Bullard
St. Louis Federal Reserve president James Bullard says policymakers should look to global output gap for true measure of domestic inflation
Bank’s chief economist joins dissenters on rate hike
Bank of England chief economist Spencer Dale votes for rate hike; analysts say outlook remains unclear given persisting weakness in data