Monetary Policy
Public opinion of BoJ policy continues to dive
Bank of Japan survey shows majority of Japanese people now think interest rates are too low, while a growing proportion believe the economy will worsen over the next year
UK government rules out 'sterling zone' with independent Scotland
Scotland will face significant challenges in setting up its own currency, establishing a currency board or joining the euro as an alternative to sterling
Countercyclical prudential policies have ‘important implications' for monetary policy
Using a countercyclical macro-prudential instrument in addition to manipulating interest rates improves welfare, IMF paper finds
IMF mission to Iran urges monetary tightening to ‘entrench' recent disinflation
Article IV statement calls for simplified central bank mandate and greater focus on price stability; says new authorities are ‘well aware of challenges and need to advance reforms'
Nigerian interest rates have 'weak effect' on real economy, CBN working paper finds
Paper examines the process by which Nigerian interest rate policy affects the structure of interest rates, credit, aggregate demand and output production
Orthodox Banxico policies ‘paying off' amid emerging market volatility
Loose monetary policy in Mexico has been made possible by progress on inflation anchoring, according to bank's quarterly report
One in five in UK 'aware of forward guidance'
Policy may indirectly affect households' interest rate expectations and spending through media reports and effects on business spending, according to report
IMF sees ‘limited scope’ for RBA rate cuts
Article IV staff report says Reserve Bank of Australia’s accommodative monetary policy is ‘broadly appropriate’ but warns the central bank could struggle to offset further shocks
Bank of England unveils forward guidance ‘phase two'
The current policy will be scrapped when UK unemployment reaches the bank's 7% threshold ‘in the coming months' in favour of a less easily defined version aimed at reducing labour market slack
Mauritian governor calls for RBA-style capitalisation
Rundheersing Bheenick says the Bank of Mauritius should receive a stock of government debt it can use to mop up the excess liquidity in the banking system caused by its FX interventions
Kazakhs let currency fall 19%
National Bank of Kazakhstan points to the Fed taper and ‘uncertainty’ around the exchange rate of the Russian ruble as the main motivations for devaluing the tenge
Yellen says labour market recovery ‘far from complete' in first appearance as chair
New Fed chair says she expects ‘a great deal of continuity in the FOMC's approach to monetary policy' going forward; downplays unemployment rate for evaluating labour market conditions
ECB monetary policy is feeding through to real economy, says Mersch
Executive board member also underscores importance of cleaning up banks' balance sheets and 'encouraging alternative funding sources', as low interest rates 'cannot raise growth on a structural basis'
US foreign investment flows 'significantly' impacted by surprising monetary policy
Both gross and net foreign investment income flows in US and Canada impacted, SNB paper finds; suggests foreign balance sheet channels plays 'increasingly important role' for monetary transmission
European Court of Justice to rule on OMTs after German court ‘fudge'
German constitutional court finds ‘reasons to assume OMTs exceed the ECB's mandate', but asks Europe's top court in Luxembourg to take the final decision
Fed's Plosser wants to end asset purchases by summer
Philadelphia Fed president and FOMC member who voted for the Fed's ‘measured' $10bn taper in January reiterates earlier calls to scale back QE at ‘faster pace'
ECB holds rates despite continued disinflation
European Central Bank holds refinance rate at 0.25% and shuns additional policy instruments despite inflation falling to 0.7%; attention turns to updated and expanded staff forecasts in March
Bank of Ghana hikes rates and tightens forex controls in bid to defend currency
Central bank raises interest rates by 200bp to 18% at emergency meeting; follows yesterday's decree that all domestic transactions must be denominated in local cedi
Lagarde lends weight to global clamour for policy co-ordination
IMF managing director joins Rajan and others in renewed calls for monetary policy to take into account international spillovers, as Fed taper rocks emerging markets
‘Normal' Norway has no need of forward guidance, says monetary policy chief
Head of Norges Bank's monetary policy division says interest rate forecasts are all the forward guidance his country needs, as the crisis did not hit Norway to the same extent
Thailand MPC split over rate cut
Minutes from the policy-makers' January meeting show that a motion to cut rates in the face of growing political unrest was defeated by four votes to three
Reserve Bank of Fiji targets more effective communication
The central bank will build a new communications framework and resurrect plans for a financial stability report as part of its strategic outlook for 2014-18