Economics
People: South Korea’s Juyeol Lee nominated for new term
South Korean president nominates Lee for fresh four-year term; SNB’s Wiedmer steps down; State Bank of Vietnam appoints new banking supervisors
Economics profession needs women – San Fran Fed director
Economics facing crisis as policy continues to be made by men, says research director; young female economists should consider male counterparts as role models too
Measuring Venezuela’s hyperinflation
Steve Hanke discusses how economists can make use of high-frequency exchange rate data to track rapid price movements in Venezuela
ECB paper models impact of monetary policy announcements
Model tries to “disentangle” impact of two kinds of information
Global uncertainty increases financial interconnections – paper
Researchers use a network approach to evaluate financial interconnectedness
Bank of Korea unveils changes to its DSGE model
The existing model’s accuracy was reduced following structural changes in the economy
The winners of the 2018 Central Banking Awards
Bank of Canada wins Central Bank of the Year, Lesetja Kganyago picks up Governor of the Year and Perng Fai-nan receives Lifetime Achievement Award; 16 more awards unveiled
Ireland withdraws Lane’s nomination for ECB vice president
Spain’s de Guindos likely to take up role, but Irish may suggest Lane for the chief economist post
Saudi Arabia’s Alkholifey on economic restructuring, reserves and cyber security
The Saudi Arabian Monetary Authority’s governor talks to Christopher Jeffery about the restructuring of the Saudi economy, the impact of low oil prices on reserves and anti-money laundering efforts
Standard measures understate slack in European labour markets – ECB paper
Researchers use survey data from 24 countries to track effects of sovereign debt crisis
Ireland nominates Lane for ECB vice-presidency
Irish governor has a track record as academic economist and senior ESRB figure
Finnish paper examines 19th century Chinese lending
Loans to officials show how banks can enforce repayment despite hostile legal environment
Central bankers assess markets’ reactions to policy changes
Benoît Cœuré warns of complacency among investors as central banks move to normalise
Central Banking Awards: Bank of Canada is central bank of the year
Awards go to the Bank of Canada, PriceStats, Perago and De La Rue
Menon warns of Singapore's ‘demographic trilemma’
MAS chief says Singapore “must accept” slower growth of the labour force, but should also face up to the need for solutions
Central Banking Awards: Perng Fai-nan recognised for lifetime achievements
The first four 2018 Central Banking Awards are unveiled – banknote and currency management, consultancy, innovation in reserve management, and lifetime achievement
Spanish paper analyses determinants of private saving
Fiscal, demographic, financial and income effects are key, researchers find
Higher inflation in the US could accelerate Fed’s tightening
US Treasury yields rise as GDP growth accelerates and inflation expectations increase
EU ombudsman asks Draghi to relinquish G30 seat
Prolonging the president’s membership threatens independence and public’s trust in the ECB, O’Reilly declares
Central bank projections of target variables most influential - paper
Paper examines the impact of central bank forecasts and forward guidance on private sector projections, concluding most firms use them primarily as monetary policy indicators
ECB policymakers see a robust economic recovery – minutes
Rate setters satisfied with the impact of the QE extension decided in October
Cyclical price analysis needs major improvements – ECB paper
Researchers say DSGE models’ handling of housing prices is subject to errors
Fed could use rates to counter instability – Mester
2015 exercise showed major problems in use of macro-prudential tools, says Cleveland Fed chief
Book notes: The End of Theory, by Richard Bookstaber
Bookstaber provides an entertaining introduction to agent-based modelling – a potential new front for economics