Monetary Policy
Central banks should take transparency further, economist argues
Dissenting MPC members can hide behind vagueness and “verbiage”, says Tony Yates
Don’t underestimate the Fed’s balance sheet unwind – Fischer
Stanley Fischer offers advice to colleagues in his final scheduled speech before leaving in October: “never say never”
Senior figures disagree over future of central bank mandates
Independence for central banks has been a success and is vital for carrying out mandate; Otmar Issing says ECB should not act as a substitute for politics
Debelle calls for more thought on financial stability independence
RBA deputy says financial stability needs its own intellectual framework; panellists warn independence likely to face tougher challenges ahead
‘Substantial’ accommodation still needed in euro area – Liikanen
Bank of Finland's governor says improved growth and investment prospects have failed to affect inflation; underused capacity expected to be taken up “gradually”
Banks ‘still groping toward’ macro-pru transparency – Eichengreen
Central bank governance expert says central bank transparency is getting better around the world, although New Zealand, Argentina and some Central American institutions could make improvements
Bank Indonesia under pressure from falling inflation
Bank Indonesia cuts rate for the second consecutive month; policymakers in Indonesia have been struggling to hit ambitious growth targets
Yellen stresses commitment to ‘gradual’ rate hikes
Fed chair examines possible factors behind disappointing inflation results, but concludes gradual rate hikes are still warranted
Atlanta’s Bostic ‘sceptical’ about low inflation factors
President of Atlanta Fed is not sure technology and competitive pressures are to blame for prolonged below-target inflation
Eichengreen supports calls for FOMC to hold more press conferences
Governance expert says Fed is one of the most transparent central banks in the world but improved consistency of format around FOMC meetings “makes sense”
John Williams on the neutral rate of interest and mandate change
The president of the Federal Reserve Bank of San Francisco speaks about the plunge in the natural rate of interest, and why it means central banks should work together to review their price stability targets
Fed’s Williams floats co-ordinated shift from 2% targets
San Francisco Fed president is concerned that extraordinary, ‘beggar-thy-neighbour’ monetary policies will be more frequent in a lower-growth world
Chicago Fed’s Evans sees little risk of inflation surge
Study by the Chicago Fed finds little evidence there could be a threshold in unemployment beyond which inflation may surge
Bank of Ghana pauses policy easing on inflation worries
Central bank holds interest rates at 21% to see if external pressures will prove persistent; improvement in export prices will provide country with buffer against shocks
Nigerian state uses central bank as ‘piggy bank’ – MPC member
Central bank policies are crowding out private investment, economist argues
Kuroda deflects criticism of 2% target
BoJ governor pushes back at those calling for a reduction in the target, as inflation in Japan remains off course
SNB’s Jordan praises John Taylor legacy
The governor values how the Taylor rule has provided policy guidance, becoming an important benchmark
Czech exchange rate floor helped fight deflation – IMF paper
Range of methods imply the exchange rate floor was an effective measure, having been employed after hitting the zero lower bound