Monetary Policy
RBNZ’s Hannah: central bank is working to close trust gap
Survey in 2014 showed how poor public understanding of the central bank’s work went hand in hand with low trust
Exogenous constraints affected asset purchase programme, Irish paper says
Research letter looks at impact of extended scheme
BoJ’s Iwata says expectations likely to shift as inflation returns
Deputy governor cites Milton Friedman in arguing that people will become more forward-looking when their wages are eroded by inflation
RBI minutes: ‘abrupt’ retreat of inflation calls for caution
MPC members express surprise at swift retreat of food prices, though they warn against setting policy by looking in the “rearview mirror”
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