Economics
SNB on how a taste for the home grown impacts trade
Swiss National Bank research examines how preference associated with “home market effects” impacts the aggregate volume of trade and welfare gains from liberalisation
Marcó Del Pont: Argentina averted a full blown crisis
Central Bank of Argentina governor Mercedes Marcó del Pont says country’s resilience during crisis owed much to good policies
OECD warns on global slowdown
G7 growth set to slow to 1.5% in the second half of the year; chief economist advocates more QE if slowdown does become entrenched
Beige Book points to gloomy outlook for US economy
Reports from twelve regional Federal Reserve districts add further weight to fears of double dip; say weakness in housing market tempering recovery
St Louis Fed on asset pricing and portfolio choice
Research points to significant advances in rationalising empirical features
Boston Fed: Massachusetts suburb receives housing boost from Boston
A Boston Federal Reserve study shows inner city growth impacts positively on housing recovery in suburban areas
The big divide over deflation and debt
In the fifth of a six-part series on the Japanese economy, Robert Pringle reports from Tokyo on how the crisis has impacted Japan’s global outlook
EXCLUSIVE: Don’t rely on near-zero rates, says Rajan
Former IMF chief economist Raghuram Rajan warns the Federal Reserve has no quick fixes to solve United States’ economic ills but says Bernanke right man for the job
IMF: Fiscal health helps weather negative externalities
Fund study shows that fiscal austerity can weaken effects of negative demand shocks on growth in low income countries
Banks upped exposure to troubled eurozone states in first quarter: BIS
Bank for International Settlements says first quarter figures show exposure to Portugal, Greece and Spain grew, in spite of default worries
Israel justifies rate hold
Bank of Israel minutes flag economic uncertainty as factor behind Governor Stanley Fischer opting to hold rates
IMF: policymakers benefit from data standards initiatives
Fund study says IMF data standards initiatives benefit quality of economic forecasts and subsequent policy decisions
Cleveland Fed: Foreclosure lowers home prices by 1.6%
Cleveland Federal Reserve paper finds effects of foreclosure on house prices larger than previously thought
NY Fed: Education promotes regional development
College-educated people spur economic growth, New York Fed research finds.
Trichet advocates debt reduction to avoid “lost decade”
European Central Bank president Jean-Claude Trichet warns of potential perils facing Europe
Fed cannot bear full burden of job creation: Fisher, Plosser
Regional Federal Reserve presidents Richard Fisher and Charles Plosser say loosening monetary stance further will not cure unemployment ills; monetary policy no panacea for macroeconomic problems
Moral hazard not contained prior to crisis: Norges Bank paper
Norges Bank paper co-authored by Bank for International Settlements' Claudio Borio points to lessons from the Nordic experience
Australia's Debelle on risk and uncertainty
Reserve Bank of Australia assistant governor Guy Debelle says investors did not understand difference between risk and uncertainty before the crisis
IMF’s Lipsky: five steps to systemic reform
First deputy managing director of the IMF John Lipsky summarises measures to safeguard stability
Governors from five continents meet in Jackson Hole
Roster of attendees shows 41 central bank heads travelled to the wilds of Wyoming for Jackson Hole meet; number of Fed officials in attendance falls by a third
BoJ expands fixed-rate fund supply on growth, yen fears
Bank of Japan unveils six-month term to existing fixed-rate funds operation; facility to expand by $238 billion on fears of weak US growth, yen strength
Banks’ role to be reduced in future financial system, IMF says
IMF position note says non-bank financial firms will see roles expand; IMF must refine its methods and broaden its view to keep up with changes
Unemployment caused by structural mismatch: Minneapolis Fed’s Kocherlakota
Minneapolis Federal Reserve president Narayana Kocherlakota analyses the breakdown between job openings and unemployment in the United States
Bernanke dismisses higher inflation targets, unconvinced on conditional commitment
Federal Reserve chairman Ben Bernanke rejects higher inflation targets; says conditional rate commitment too risky, despite success in Canada