Monetary Policy
Stronger pound has pushed down UK inflation rate, says BoE's Forbes
MPC member says 14.5% appreciation between March 2013 and July 2014 will have powerful effects on the UK economy over the coming quarters
ECB reveals details of asset purchases
Mario Draghi would not be drawn on the size of the asset and bond programmes, but said the ‘potential universe of purchases is up to €1 trillion’
NBP warns ECB-Fed mismatch may impair policy-making
Polish central bank says divergence of European and US monetary policy is likely to create problems for policy-makers elsewhere, especially in small, open economies
Rajan turns attention to 2016 inflation target
Reserve Bank of India holds key rates as headline inflation drops to 7.8%; Rajan says policy will be set to achieve 6% target by January 2016 from this point onwards
Brazil central bank director vows quick response to inflation
The monetary policy committee of the central bank will evaluate whether the interest rate needs to be raised to battle inflation, says director, and will act quickly if necessary
Greek governor wants to promote SME access to capital markets
Yannis Stournaras lists what he believes are the ‘key priorities’ needed to revive the supply of credit in the eurozone; backs ECB over regulation of asset-backed securities
Trinidad central bank hikes rates in response to Fed forward guidance
‘Altered expectations' over timing of US normalisation puts pressure on Caribbean economy; necessary to ‘enhance appeal' of currency, says central bank
Paper examines mismatch in Swedish job market
Swedish economy is adding job vacancies but increasing share of workforce have wrong skill-set, Riksbank article finds
BIS paper unveils refined measure for Chinese inflation
Joint effort by economists at the BIS and People’s Bank of China yields new measure of Chinese inflation, which authors say addresses issues with headline and core measures
Wheeler says NZ dollar strength is ‘unjustified and unsustainable’
Central bank governor outlines cost of high exchange rate but says NZ dollar is ‘susceptible to a significant downward adjustment over the coming six to nine months’
Fed normalisation could have ‘significant impact' north of the border, Canada deputy warns
Speeches by leading central bankers in Ottawa, Tokyo and St Louis highlight the stakes of looming Fed normalisation both within and outside the US
Boston Fed paper examines stock price sensitivity to monetary policy
Research presents evidence from the Enron scandal that stock prices of financially constrained companies become less responsive to monetary policy shocks if financial frictions are present
Kocherlakota suggests two-year timetable on 2% target
Minneapolis Fed President says lack of a time frame suggests 'appropriate monetary policy might engender inflation that is far from the 2% target for years at a time'
Visco echoes Draghi with call for more private investment
Bank of Italy’s governor argues the main challenge in the legacy of the great recession is ‘posed by the developments in the real economy’
Central Bank of Morocco cuts rates for first time since March 2012
North African economy has seen growth slow and unemployment increase in 2014 as its main export markets in Europe continue to struggle
Canada deputy: Neutral rate of interest has dropped
Potential growth will be lower than before the crisis, warns Carolyn Wilkins, while neutral rate for Canada is 3-4%, down from pre-crisis level of 4.5-5.5%
Angolan kwanza and Namibian dollar will ‘appreciate’ on back of central bank deal
Angola and Namibia’s central banks signed a currency conversion agreement that will ‘contribute to the appreciation’ of their currencies, according to José de Lima Massano
Draghi defends TLTRO allocation of €82.6 billion
ECB president tells Econ Committee last week’s targeted LTRO ‘within the range of take-up values’ he expected; outlines shift to ‘more active’ management of balance sheet
RBA bulletin considers Indian inflation measures
Research looks at differences between WPI and CPI, noting that prices have increased at a ‘much faster pace’ in the latter
Zambia’s Gondwe lauds interventions to support kwacha
Michael Gondwe declares success in Bank of Zambia’s use of monetary policy to shore up a sliding kwacha; says central bank now in a position to loosen tight liquidity conditions
FOMC's Lacker denounces committee's new normalisation principles
Richmond Fed president says FOMC expectation not to sell MBS as part of balance sheet reduction flies in the face of half-a-century's worth of Fed practice
BoE paper: ‘No evidence' QE operated via bank-lending channel in UK
If quantitative easing gives rise to short-lived deposits in a given bank, the traditional bank-lending channel is diminished, BoE paper finds
FOMC to raise rates before shrinking balance sheet
Federal Reserve unveils principles for policy ‘normalisation' as members' calls for rate hike grow louder; normalisation not necessarily expected to 'begin soon'
Bank of Russia to complete shift to inflation targeting regime by 2015
Geopolitical tensions, increased food costs and financial market turmoil will not deter central bank from pursuing 4% inflation target that is to be phased in next year