Monetary Policy
BoE extends Funding for Lending Scheme
Scheme will continue for an additional year in a bid to boost credit provision to small businesses; Mark Carney admits lending to smaller firms is still problematic
Riksbank deputy dismisses criticism of interest rate ‘experiment'
Per Jansson says ‘leaning against the wind' played minor part in recent years' policy discussions; suggests outside predictions of low inflation have been overplayed
Cleveland Fed researchers examine Taylor rules followed by professional forecasters
Research examines the relationship between private forecasters’ projections for inflation, unemployment and the federal funds rate; finds ‘tremendous’ differences
Liquidity surplus has minor effect on short-term interbank rates, Riksbank article finds
Larger liquidity surplus in Swedish banking system since 2007 linked to downward pressure on short-term interbank rates, but effect is minor as most is invested in Riksbank Certificates
Rajan sees policy stripped back to signalling function
RBI governor says weak rate transmission has left signalling as the primary channel for monetary policy; rate cut may come ‘outside the policy review cycle’ in early 2015
Ruble's plunge sparks speculation of central bank's return to markets
Biggest daily drop since 1998 presages next week's rate hike, say analysts; ruble surpasses Argentine peso as worst performing emerging market currency of 2014
South African Reserve Bank reflects on forecasts
Latest monetary policy review analyses the central bank's inflation forecasts between 2003 and 2014, finding they 'marginally' outperform outside efforts
Icelandic research proposes new measure of core inflation
‘Dynamic factor measure' outperforms current core measures in terms of matching the mean of CPI inflation while having lower volatility, argues author
Swiss public reject gold initiative
Referendum sees 77.3% of vote against forcing the SNB to hold 20% of its assets in gold, and prevent it from ever selling them; central bank welcomes the result
Lautenschläger against QE for now
Executive board member says the costs outweigh the benefits ‘at this current time’ and raises a host of questions to consider before the ECB can start buying government bonds
Central Bank of Brazil will not be ‘complacent' with inflation, says governor
Governor Alexandre Tombini offers reassurances the Central Bank of Brazil is working to keep inflation ‘under control’ with annual CPI growth steady around 6.5%
Money-inflation link shows signs of breaking down - Bundesbank paper
Researchers present evidence that money growth and inflation are losing synchronicity in the medium- to long-run, although the relationship still holds in the very long-run
PBoC action ‘lays foundation’ for liberalisation
Central bank emphasises movement towards interest rate liberalisation, saying last week’s rate cut was designed to combine financial reform and monetary policy
EC vice-president urges ECB to play its part in historic investment push
Jyrki Katainen highlights need for policy co-ordination as public-private EU investment fund is announced; ECB's Constâncio suggests no decision on QE in December
Norges Bank's Olsen sees dangers in too much transparency
Governor Øystein Olsen tells Central Banking that giving too much detail to the public might generate more questions than useful insight; defends tradition of not publishing minutes
Central Bank of Nigeria raises stakes with rate hike
Bank loosens grip on falling naira but governor ‘committed to stable exchange rate'; warns drop in oil price is permanent and depreciation could continue
BoJ minutes reveal fears of QE ‘side effects’
Minutes from meeting that saw central bank ramp up asset purchases reveal concerns among board members; Kuroda and Nakaso speak in defence of the policy
BoE officials defend use of labour market data in policy-making
Mark Carney and other top officials say labour market data quality is variable but always carefully examined; central bank may publish details of agents’ assessment of the economy
Nigerian central bank scrutinised over currency troubles
As the naira continues to weaken, analysts argue central bank blunders earlier this month have added fuel to the flames ignited by rising oil prices; MPC expected to hike rates tomorrow
BIS's Hannoun calls failure to normalise policy a 'high-risk strategy'
Deputy general manager flags numerous ways in which unconventional policy may have adverse effects on the economy, both now and in the future
PBoC cut fails to impress but more action on the cards
Economists say first cut in two years likely to have weak effect at best, but PBoC may have to take stronger action going forward as economy worsens
Riksbank deputy pleased with macro-prudential progress 'for now'
Martin Flodén says further measures could be taken if central bank's 0% interest rate fails to push up inflation toward 2% target
Klaas Knot: It’s up to governments now
Netherlands Bank president tells parliament that European governments will have to boost growth and ‘stir up’ inflation themselves; latest central bank bulletin reinforces point
The shift to a multi-polar world
Extraterritorial reach of US policies could hasten the use of alternative currencies; decision on renminbi inclusion in SDR may be a tipping point for relevance of Bretton Woods institutions