8 December 2016 New possibility to use cash as collateral Pricing will be linked to the deposit facility rate Changes aim to enhance effectiveness of PSPP securities lending Maximum overall limit of €50 billion for the Eurosystem Today, the Governing Council decided that Eurosystem central banks will have the possibility to also accept cash as […]
Real gross domestic product increased at an annual rate of 3.2 percent in the third quarter of 2016 (table 1), according to the “second” estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 1.4 percent. The GDP estimate released today is based on more complete source data than were […]
IMF membership has committed US$340 billion in bilateral borrowed resources with maximum terms through end-2020 Access to bilateral borrowing will be governed by a new framework approved by the IMF’s Executive Board in August 2016 These resources will continue to serve as a third line of defense after quotas and the NAB Twenty-five members of […]
Modern economies are held together by innumerable contracts. The new theoretical tools created by Hart and Holmström are valuable to the understanding of real-life contracts and institutions, as well as potential pitfalls in contract design. Society’s many contractual relationships include those between shareholders and top executive management, an insurance company and car owners, or a […]
October 4, 2016 – Global growth subpar at 3.1 percent in 2016, with slight increase to 3.4 percent next year – Persistent stagnation in advanced economies could further fuel anti-trade sentiment, stifling growth – Countries need to rely on all policy levers—monetary, fiscal and structural—to lift growth prospects Global economic growth will remain subdued this […]
Good morning. Provost Lizner, Dean Blount, thank you for your generous introduction. And thank you students, faculty, and guests for coming here this morning. Some of you may not be aware that Chicago was my home for more than five years. And it is such a pleasure to be home again just before an enormously […]
The United Kingdom’s Department for International Development (DFID) today became the first development partner to participate in the new five-year phase (2017–22) of the International Monetary Fund’s (IMF) Regional Technical Assistance Center in the Caribbean (CARTAC), with a contribution of GBP 6 million (about US$7.8 million). Mr. Mark George, Deputy Head and Growth Team Leader […]
The European Commission has concluded that Ireland granted undue tax benefits of up to €13 billion to Apple. This is illegal under EU state aid rules, because it allowed Apple to pay substantially less tax than other businesses. Ireland must now recover the illegal aid. Commissioner Margrethe Vestager, in charge of competition policy, said: “Member […]
The Global Financial Crisis and Great Recession posed daunting new challenges for central banks around the world and spurred innovations in the design, implementation, and communication of monetary policy. With the U.S. economy now nearing the Federal Reserve’s statutory goals of maximum employment and price stability, this conference provides a timely opportunity to consider how […]
In response to a request from the Egyptian authorities, an International Monetary Fund (IMF) mission led by Mr. Chris Jarvis visited Cairo from July 30 to August 11, 2016 to discuss support for the authorities’ economic reform program through IMF financial assistance. At the end of the visit, Mr. Jarvis issued the following statement: “I […]
