Monetary Policy
Mutebile says African central banks should adopt inflation targets
Bank of Uganda and International Monetary Fund encourage central banks in Sub-Saharan Africa to transition to more ‘modern’ monetary policy frameworks
Riksbank told to stop ‘leaning against the wind' by national forecaster
Sweden's National Institute for Economic Research sees ‘no reason for monetary policy to be influenced by household debt' in a rebuke of Riksbank policy
New Zealand champions coordination of monetary and macro-prudential policy
Reserve Bank of New Zealand deputy governor says there is an ‘appropriate role’ for coordination if both policy arms retain ‘clear primary objectives’
BoJ review dissects inflation expectations
Economists from monetary analysis department say BoJ communication has generated a 'spike' in expectations around 2%, but dispersion is still ‘substantial’
Nigerian parliament confirms Emefiele as Sanusi's successor
Upper house today confirmed Godwin Emefiele as next governor of the Central Bank of Nigeria; MPC held key rate yesterday despite 'unanimously' voting to tighten
Forex interventions can lead to banking credit boom, paper finds
BIS paper shows that central bank intervention in forex markets can end up fuelling an expansion in credit to the private sector in emerging markets
Monetary and fiscal policy co-ordination needed in WAEMU, say Africa researchers
Three papers examining the West African Economic and Monetary Union find monetary policy transmission channels work well, but must be used in conjunction with helpful fiscal policy
Parliament eyes Riksbank's off-mark inflation forecasts
Report on Swedish central bank's performance in 2013 shows its inflation forecasts were off the mark; flawed forecasts have forced several central banks to upend policies in the past months
East Africa takes more steps on path to integration
East African Community agrees to expand its relationship with a regional counterpart; implements new project to harmonise payment and settlement systems
BoJ’s Iwata dismisses hyperinflation fears
Bank of Japan deputy governor insists the central bank is not just committed to achieving 2% target when the economy is struggling with deflation
Poor co-ordination on capital controls could prove ‘highly detrimental’, paper warns
Paper presented at RBA annual conference finds significant spillover effects from US monetary policy and calls for greater co-ordination of attempts to control capital flows
Volcker perplexed by Fed taper criticism
Former Fed chairman tells Central Banking Awards audience that central banks are ‘promising more than they can do’ and taking away ‘the punchbowl in time’ is Janet Yellen’s ‘big test’
Kocherlakota says Fed's new guidance creates uncertainty
In explanation of dissent, Narayana Kocherlakota says he would have preferred the FOMC to stick with quantitative guidance by lowering unemployment threshold to 5.5%
Robert Pringle’s Viewpoint: Storm signals over world money
Leading financial statesmen deplore governments’ neglect of the international monetary system
Kuroda: BoJ will do whatever necessary to hit 2% inflation
The Bank of Japan is right to target 2% inflation, governor Haruhiko Kuroda said today - adding the bank will not hesitate to make any adjustments necessary to get there
Weaker currency boosts Australian growth, study shows
A 10% drop in the value of the Australian dollar would boost economic growth in the country by 1% after a couple of years, RBA paper finds
Fed sends mixed messages on future interest rates
Dovish statement by FOMC yesterday signals low interest rates for ‘considerable' time after QE ends, but voting members' projections see interest rates heading upwards
Kuroda confident of hitting inflation target
Bank of Japan governor Haruhiko Kuroda says economy is following the path to 2% inflation ‘as expected’; fellow board member Takahide Kiuchi has ‘more cautious outlook’
Bank of Mozambique wins IMF praise for anchoring inflation as economy takes off
IMF mission finds the Mozambican central bank is containing rapid credit growth and inflation as the economy grows amid heavy government investment
Riksbank deputy flags danger of leaning against the wind
Karolina Ekholm says use of monetary policy to lean against high indebtedness has created deflation while doing little to solve the debt problems
Draghi calls for 'good' form of bank deleveraging
By encouraging creative destruction in the banking sector, the ECB facilitates creative destruction in the wider economy, Draghi tells Vienna crowd
Polish economist encourages ‘broad’ collateral acceptance
National Bank of Poland’s head of monetary policy analysis identifies risks in central banks adopting an overly loose or overly tight collateral framework
RBNZ hikes rates for first time in three years
Reserve Bank of New Zealand raises its key rate to 2.75% and signals gradual tightening will continue until the rate has increased by 'about two percentage points'
Bundesbank stands firm on risks posed by non-standard policy
Annual report reiterates German concerns that non-standard policies pose a threat to central bank independence; Weidmann says wintry economic conditions are beginning to warm