Opinion/Monetary Policy
PBoC repo activity does not signify a major shift to open market operations
Substantial market intervention by the People’s Bank of China during the past few months does not signify a policy shift to open market operations – at least, not for now – says Hui Feng
Robert Pringle’s Viewpoint: Central bankers gamble for high stakes
The world’s major central banks have made high-stakes bets in a bid to stabilise economies. But their efforts may do little to promote confidence in the longer-term future of monetary management
The puzzle of monetary policy
The centrepiece of macroeconomic management, inflation targeting by central banks, remains virtually unchallenged despite the crisis of the past five years. This needs to change, argues John Gieve
Robert Pringle's Viewpoint: Fatal flaws in inflation targeting
Central bankers face a ‘lose-lose situation’ by accepting dual price and financial stability mandates when even their ability to achieve price stability via inflation targeting is in question
Robert Pringle’s Viewpoint: Under pressure from Hollande and Obama
François Hollande, the new president of France, takes up residence in the Elysée Palace at a time when significant economic adjustment is taking place in the eurozone, albeit at high cost. His victory looks set to add to pressure on central bankers – and…
Robert Pringle's Viewpoint: The Fed, the euro and the IMF
Caruana and Shirakawa offer timely warning on the limits and dangers of loose monetary policy; more reform required in Europe
Robert Pringle's Viewpoint: Strauss-Kahn on central banks, the euro and the dollar
Dominique Strauss-Kahn’s personal failings deprived the world of a leader with the expertise, vision and drive to push though vital monetary and economic reform. But his views still hold weight
The Fed’s flawed PCE inflation targeting regime
The Fed’s move to adopt inflation targeting (IT) was long expected. But economists Peter Warburton and Joanna Davies say the US central bank will be targeting inflation on its own terms
Robert Pringle's Viewpoint: Policy-makers in thrall to group thinking
Philipp Hildebrand’s resignation has renewed fears about market practitioners working in central banks. But FOMC minutes from 2006 reveal a deeper problem – placing too much reliance on economists
Could the Swiss start a trend?
Robert Pringle discusses the Swiss National Bank's action to limit the exchange rate between the franc and the euro, and asks if others should, and will, follow
Towards a global monetary policy
US monetary policy must change as the dollar’s dominance wanes, writes Allan H. Meltzer.
Frank’s FOMC attack offers further evidence of the politicisation of Fed policy
Attempts to rescind regional Fed presidents’ voting rights as members of the Federal Open Market Committee manifest an unfortunate trend in US monetary policy, Thomas F. Cargill believes.
Déjà vu and monetary policy: Lockhart’s recent comments
A lack of consideration for price pressures signals that Fed officials continue to misconstrue the nature of central bank independence, Thomas Cargill writes
Time for central bankers to reconsider the output gap
Policymakers in advanced economies must place more weight on imported inflation, while those in emerging markets must monitor domestic price pressures more closely, Stephen Lewis argues.
Central banks after the crisis: many questions, few answers
The turmoil has left our profession facing some uncomfortable truths, Mojmír Hampl notes.
What’s wrong with QE2?
Geoffrey Wood explains why he signed a letter arguing against the Federal Open Market Committee’s latest round of asset purchases
The Fed is being asked to do too much
Marcelle Arak and Sheila Tschinkel argue that more outright purchases of US Treasuries by the Federal Reserve will do little to stimulate US growth
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
Why monetary base control can offer stability
There is a way of replicating the big achievements of the gold standard without going back to gold, argue Brendan Brown and Robert Pringle.
Trenchant critique of inflation targeting
In the fourth of a six-part series on the Japanese economy, Robert Pringle reports from Tokyo on how the crisis has impacted Japan’s global outlook
Refining the BoJ’s operating model
In the third of a six-part series on the Japanese economy, Robert Pringle reports from Tokyo on how the crisis has impacted the nation’s global outlook
FROM THE ARCHIVES: new MPC member criticises Greenspan put
In this article, taken from the August 2003 edition of Central Banking, Martin Weale, on Monday named the Bank of England’s new rate-setter, argues against the Federal Reserve keeping rates at low levels following the bursting of the dotcom bubble
A welcome return to money
Central banks’ renewed in interest in the importance of money is to be applauded. But they must also consider the right money measure and how changes should impact policy, Gabriel Stein argues
Inflation targeting remains relevant
Inflation targeting can and should survive recent criticisms, argues Don Brash, a former governor of the Reserve Bank of New Zealand – the first central bank to introduce the framework