Monetary Policy
Central banks should not give impression of ‘complete foresight’
Bank of Canada officials say the goal is to convey “comprehensive assessment” of factors affecting policy while acknowledging uncertainty
RBI’s Acharya: ‘fundamental reform’ to fix transmission
Despite several earlier attempts at reform, the central bank is still struggling to pass on its policy actions to the economy
Uncertainty can call for asymmetric action – Canada’s Wilkins
“Uncertainty is not a reason for paralysis,” says the Bank of Canada deputy
US economy requires neutral policy – Atlanta Fed president
Although the labour market is approaching full employment, inflation remains subdued
BoE’s Cunliffe defends dissenting vote
Deputy governor says uncertainty over Phillips curve implies policymakers should act cautiously
Forward guidance essential in times of stress – Fed’s Evans
Chicago Fed president says central banks should plan for inevitable future scenarios now, in order to best prepare the public and to ensure policies are understood
Communication key to convey policies and objectives to public, central bankers say
Yellen, Draghi, Kuroda and Carney reflect on reaction of markets and public to policy communication
Productivity puzzles and the neutral rate of interest
Monetary policy frameworks should be subjected to internal and external reviews to ensure they remain fit for purpose
Accommodative policies can continue in Europe due to weak inflation, IMF says
Reduction of non-performing loans in weak banks remains a priority
Fed’s Harker ‘pencils in’ rate hike for December
Philadelphia Fed governor expects rates to rise 25bps before 2018, adding balance sheet normalisation is likely to “take some time”
Norwegian policy normalisation is feasible – analysts
Uncommon combination of higher oil prices and weak currency offsets subdued consumer prices
RBA cuts forecasts as inflation disappoints
The Reserve Bank of Australia expects to undershoot its inflation target for another year
Riksbank’s executive board divided over QE programme
Some members advocate ending stimulus in December, others fear that could reduce inflation
Doubts emerge over RBNZ mandate plans
Acting governor Spencer says a dual mandate would have little impact, but expresses concern over a committee structure; former RBNZ economists weigh in
Poloz: standard inflation theories still work
Old relationships “are as applicable today as they ever were”, says Bank of Canada governor
German economic council urges ECB to tighten policy
Group of experts says stronger growth and loose policy could lead to higher financial risk
Eurosystem is less transparent and efficient than Fed, research finds
European central banking structure is twice as expensive as its US equivalent
Central banks and securities lending: A lever for monetary policy and liquidity management
Securities lending is often considered an alternative mechanism for generating revenue by asset owners, fund managers and others who invest with profit in mind. Central banks, however, do not share this viewpoint. Rather, their securities lending…
Tinkering with rates will not bolster New Zealand employment
The New Zealand government would do well to remember why a single price stability mandate was established in the first place
Bank of England pulls trigger on rate hike
Committee split 7-2, but Carney strikes hawkish note on need for further hikes