Monetary Policy
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
Cœuré delineates ‘the good the bad and the ugly’ of deleveraging
ECB executive board member says deleveraging is a double-edged sword and stresses the need for central banks to nudge financial institutions towards ‘good’ deleveraging
ECB technically prepared for negative deposit rates
The ECB has made the IT adjustments necessary to cut its deposit rate below zero, according to Bundesbank’s deputy head of markets, but the policy has its drawbacks
Praet says ECB minutes could spell end for forward guidance
Executive board member Peter Praet says publishing ‘accounts’ of governing council minutes might reduce the need for forward guidance
Brazil minutes highlight inflation 'resistance' concern
Central Bank of Brazil remains concerned about 'resistance' of inflation despite more than 400bp of rate rises, latest minutes show
BoJ holds rates as tax hike looms
Bank of Japan policy board holds QQE steady and maintains economic assessments in its last meeting before consumption tax hike comes into effect
BIS economists give forward guidance mixed review
Research in quarterly review says forward guidance has shaped market expectations but warns it could ‘encourage excessive risk-taking’ in the markets
Bank of Israel cut rates despite 'rapid' increase in house prices
Four out of five members of the Bank of Israel's MPC backed last month's 25 basis point rate cut to 0.75% following weaker performance across range of indicators
ECB paper studies imbalances in major eurozone countries
Use of a new multi-country model demonstrates stimulus effects on aggregate demand from changes in interest rates at ECB-level 'are present but not overly large'
International perspective helps resolve domestic economic puzzles, says Canada deputy
Bank of Canada deputy governor John Murray underscores the importance of looking beyond borders when setting monetary policy
FOMC members discuss international spillovers of Fed monetary policy
Charles Plosser and Richard Fisher sound off on accommodating policies' impact on other countries, but make no promises of international considerations on FOMC
Stevens dismisses concerns over Australia’s higher inflation target
RBA governor and deputies grilled over appropriateness of higher inflation target than most advanced economies; questions also raised on credit growth, competitiveness and the move away from mining