Monetary Policy
Bank of Canada prepares to open redesigned museum
Museum set to reopen in July after “complete reimagining”, including interactive exhibits on the central bank’s mandate, inflation-based games and a two-tonne “Yap stone”
PSPP’s effects became significant after expansion – Irish paper
Paper examines responses of Ireland-domiciled investment funds
Recovery increasingly resilient; inflation predictions down – ECB
GDP forecasts revised up and ECB says recovery is “broadening”, but inflation projections revised down
Asset purchase programme is key to central bank credibility – ECB paper
Researchers analyse market reactions to unconventional monetary policy decisions
Riksbank claims rate forecast success, despite inaccuracies
Study of 10 years of repo rate forecasting concludes it is a useful tool for setting and communicating policy, although forecasts “have not been particularly accurate”
BoE’s Haldane examines changing nature of work
Rise of “gig economy” and self-employment may have weakened wage-setting power among workers, the BoE chief economist says; he indicates a willingness to vote for a hike later this year
Regulatory tightening has caused decline of money growth, PBoC official says
PBoC official says regulatory policy and monetary policy go hand in hand; recent flurry of regulatory activity is impacting monetary policy
Indonesian banks will switch to reserves averaging in July
Latest move in Bank Indonesia’s major overhaul of monetary policy transmission and efforts to deepen financial markets
Indonesian deputy Perry on revolutionising monetary and financial policy
Perry Warjiyo explains the central bank’s radical overhaul of monetary policy operations, market deepening and financial inclusion in Indonesia
Chicago Fed’s Evans: central bankers may be biased against inflation
Chicago Fed president thinks current policymakers may have overcompensated for inflationary bias of the past
RBA minutes point to dangers from debt
Growth in household debt exceeds growth in incomes, creating risks to consumption; board members say situation warrants “careful monitoring”
Kashkari chooses between ‘faith and data’
Minneapolis Fed president says FOMC should have waited to see if inflation rise was transitionary before raising rates in June
Bank of Japan strikes upbeat tone as it keeps policy on hold
The Bank of Japan decided to leave policy settings unchanged at its June meeting, but sounded more upbeat on the outlook
MPC dissent grows amid BoE dilemma
Rates remain on hold but committee split 5-3 as some argue the BoE’s difficult trade-off has shifted in favour of tackling inflation
Former central bank governors debate unconventional monetary policy
Trichet, Shirakawa and Weber agree unconventional tools may have outstayed their welcome; costs of tools used during the crisis will not be known for some time, Weber says
Overvalued Swiss currency is keeping rates low – SNB’s Jordan
The Swiss franc remains “significantly overvalued”, despite low interest rates and forex interventions; expansionary monetary policy makes the franc “less attractive” for investors