Author: Philip Lane

The new bulletin is out, with the following special articles:

• 09/05/2013 – Publication: Article, Monthly Bulletin, May 2013, pp 71-83, An assessment of Eurosystem staff macroeconomic projections, 423 kb, en
• 09/05/2013 – Publication: Article, Monthly Bulletin, May 2013, pp 85-101, Country adjustment in the euro area: where do we stand?, 326 kb, en
• 09/05/2013 – Publication: Article, Monthly Bulletin, May 2013, pp 103-114, Target balances and monetary policy operations, 631 kb, en

The NYT Magazine has a long piece on the US economy, featuring Summers and Hubbard here.

The European Commission also sponsored a set of papers on economic growth: the overview by Karl Pichelmann is here and the individual papers are below

Ben Broadbent gave a speech on the topic last night – it is here.

There is a new BIS paper on the implications of a central bank’s balance sheet.

Abstract:

This paper looks at the relevance of a central bank’s own finances for its policy work. Some central banks are exposed to significant financial risks, partly due to the environment in which they operate, and partly due to the nature of policy actions. While financial exposures and losses do not hamper central banks’ operational capabilities, they may weaken the effectiveness of central bank policy transmission. Against this backdrop, the paper analyses the determinants of a central bank’s financial position and the possible implications of insufficient financial resources for policymaking. It also provides a conceptual framework for considering the question of whether central banks have sufficient financial resources.