Economics
PBoC’s Zhou calls for labour market reforms in advanced economies
People’s Bank of China governor Zhou Xiaochuan says labour reforms will help developed countries return to balanced growth
PBoC proposes technological solution to address labour-driven inflation
People’s Bank of China monetary policy report says higher productivity will address rising labour costs
BIS: interbank markets are hierarchical
Bank for International Settlements study finds evidence of tiered interbank market in Germany
Diamond, Mortensen, Pissarides win Nobel Prize
Peter Diamond, Dale Mortensen and Christopher Pissarides share Nobel Prize in economic sciences for work on labour market search frictions
Take responsibility: ECB’s Bini-Smaghi to EMEs
European Central Bank executive board member Lorenzo Bini-Smaghi says emerging markets seeking bigger global role must take responsibility for imbalances
Estonia expects to undershoot growth
Bank of Estonia Economic Review forecasts decline in growth despite improvements in labour productivity
Riskbank explains wage statistic revisions
Riksbank commentary accounts for revisions to calculation of short-term wage statistics; shows preliminary data are good forecasting measure
Recovery has lost steam and risks remain high, IMF warns
IMF's latest financial stability report strikes a cautionary note about the stalled economic recovery
Philly Fed: school failure insurance reduces dropout rates
Philadelphia Federal Reserve study says introduction of insurance against college failure risk could increase retention rate
Riksbank: inefficient labour markets distort growth
Riksbank study shows inefficiencies in output are related to the inefficient allocation of labour in the United States
Chile’s De Gregorio praises economic recovery from earthquake
Central Bank of Chile governor José De Gregorio says economic recovery owes to permanent and temporary factors driving growth
IIF calls for accord to fix imbalances
Institute for International Finance (IIF) says major economies must broker agreements on critical macroeconomic and exchange-rate issues
Thailand relaxes FX controls
Moves follow baht’s appreciation
Mersch calls for clear government fiscal strategy
Central Bank of Luxembourg president Yves Mersch says sending clear message to restore fiscal sustainability is key to economic recovery
Bernanke stresses importance of financial education
Federal Reserve chairman Ben Bernanke says financial literacy is important part of school curriculum
Polish banking sector curbed growth in crisis
National Bank of Poland study shows banking sector played significant role in economic slowdown during financial crisis
RBNZ: carry trade reversed depreciation in NZD
Reserve Bank of New Zealand study shows high yielding currencies gradually offset declines in New Zealand dollar during crisis
CEPR advocates rule-based approach to central bank projections
Centre for Economic Policy Research study says central bank projections based on interest rate rule yield same results as one on market expectations
Bernanke charts new course for Fed economics
Federal Reserve chairman Ben Bernanke suggests research must veer away from assumptions based on classical paradigm; stresses models must better capture irregular behaviour
BoJ doing all it can to bolster growth, says Shirakawa
Bank of Japan governor Masaaki Shirakawa points to central bank’s multiple efforts to boost activity
Bank of Italy’s Visco calls for social programmes to address ageing population
Bank of Italy deputy director-general Ignazio Visco calls for social programmes to retrain new and old labour force entrants
Swiss National Bank upbeat about recovery
Swiss National Bank revises 2010 growth forecast upwards after revival in manufacturing; says recovery likely to slow in 2011
BoJ: consumption tax hike insufficient to balance budget
Bank of Japan study says consumption tax increase and moderate growth unlikely to return country to fiscal sustainability
BoE: consumption volatility explains global decline in real interest rate
Bank of England study shows lower global real interest rates caused by higher consumption volatility in traded goods