Monetary Policy
Central Bank of Brazil raises Selic rate amid uptick in inflation
Central Bank of Brazil hikes rate by 25bp to 11% following upward revision of inflation for 2014; analysts predict an end to year-long tightening cycle
Draghi opens door to QE as ECB holds
European Central Bank president Mario Draghi says governing council discussed asset purchases in latest meeting; votes to hold rate despite more disinflation
Bank of Canada looks to anecdotal evidence amid economic models' ‘weakening performance'
Governor Stephen Poloz says experiences of faltering economic models last year has led the bank to focus increasingly on surveys and meetings with local businesses
Lagarde calls for co-ordination to contain ‘spillovers' and ‘spillbacks'
Speech warns advanced economies they can suffer from negative feedback when their policies cause spillovers in emerging markets
Chilean peso's precipitious fall is 'desirable', says Vergara
Central Bank of Chile governor Rodrigo Vergara says floating exchange rate regime has absorbed terms of trade shock and tightening of international financial conditions
Bank of England paper estimates effects of monetary policy
A new approach outlined in a Bank of England working paper avoids three major pitfalls in estimating monetary policy's effect on growth and inflation
Cyclical character of US unemployment makes monetary policy a remedy, says Yellen
Federal Reserve chair Janet Yellen argues cyclical character of US unemployment renders monetary policy an important tool in fighting it
RBI holds rates as inflation follows ‘glide path’
Central bank holds key rate at 8% as tighter policy works its way through the economy; household inflation expectations continue to fall
Philippines central bank backs 'vital’ reforms
Central Bank of the Philippines welcomes plans for $3.3 billion recapitalisation and new mandate; looks set to receive new supervisory powers and monetary policy instruments
National Bank of Ukraine heads for IT regime following clear-out of senior staff
Ukraine central bank will institute an inflation-targeting regime, after the former governor was dismissed along with his deputy and two departmental directors
Dudley calls for global insurance mechanism to smooth taper tantrums
Dudley sides with Bullard over global monetary policy co-ordination - but says more work should be done to devise an insurance system against international capital flow volatility
Central Bank of Brazil hikes inflation forecast for 2014
Report released yesterday revises up inflation rate for 2014 by 50 basis points to 6.1%, 1.6 percentage points above target
Seychelles central bank moves towards inflation targeting
Central bank unveils strategic plan, aiming to put a lid on inflation and reinforce monetary policy transmission with a stronger macro-prudential toolkit
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