Getty ImagesTo sell, or not to sell – that is the question various governments have asked since Kiwibank was established in 2002. Now it’s the turn of the current National-led coalition to examine the bank’s state ownership.
Huw Pill has been reappointed to the Monetary Policy Committee (MPC), by the Governor, after consultation with the Chancellor.
Monetary Policy Summary and minutes of the Monetary Policy Committee meeting
In this paper, we propose a new framework to jointly calibrate cyclical and structural capital requirements. For this, we integrate a non-linear macroeconomic model and a stress test model. In the macroeconomic model, the severity of the scenarios depends on the level of cyclical risk. Risk-related scenarios are used as inputs for the stress test model. Banks’ capital losses derived from a scenario based on a reference level of risk are used to set the structural requirement. Additional losses associated with the current risk scenario are used to set the cyclical requirement.
What happened to the dream? Rob talks with David Smick about his new film and the inspiration for the project.
Statistical Notices update the definitions and guidance contained in the Banking Statistics Yellow Folder
This paper introduces ECB-(RE)BASE as the model-consistent, or rational expectation version of the ECB-BASE model. It brings new analytical capabilities to consider varying degrees of heterogeneity in expectation formation across the agents of the model. While the original version of ECB-BASE features VAR-based expectations, we examine two alternative versions either with full model-consistent expectations or with hybrid expectations. The paper provides a didactic exposition of the changes in the model properties brought by the various expectation settings.
This article measures the degree of potential de-anchoring of inflation expectations in the euro area vis-à-vis the inflation objective of the European Central Bank (ECB). A no-arbitrage term structure model that allows for a time-varying long-term mean of inflation expectations, π∗t , is applied to inflation-linked swap (ILS) rates, while taking into account survey-basedinflation forecasts. Estimates of π∗t have been close to 2% since the mid-2000s, indicating that long-term inflation expectations have overall remained well anchored to the ECB’s inflation objective.
Cybersecurity expert Muayyad Al-Chalabi assesses CrowdStrike’s update failure and its broader implications for cybersecurity in a discussion with Lynn Parramore.
July 19 dawned with despair as CrowdStrike's update sparked a seismic cybersecurity disaster.
In December 2023 the Bank’s Court of Directors commissioned its Independent Evaluation Office to conduct an evaluation of the Prudential Regulation Authority’s approach to its new objective.
