Monetary Policy
NY Fed blog post points to fiscal implications of Fed policies
NY Fed blog post notes Fed policy impact on government fiscal position is much broader than the direct influence remittances from Fed earnings have on government finances
Belarusian chair Ermakova reveals how she tackled runaway inflation
National Bank of the Republic of Belarus chair Nadezhda Ermakova tells CentralBanking.com about the central bank’s efforts to deal with the 2011 currency and ensuing inflation crisis
Central Bank of Trinidad and Tobago unveils changes to monetary policy-making
MPC makes room for external members as frequency of policy meetings is cut in half; policy decisions to be announced on Friday evenings to avoid ‘kneejerk reactions' from the markets
UK-French paper examines monetary policy implications of wage changes
Researchers find that wage changes are clustered at the beginning of the year in many European countries, but this makes ‘little difference’ to the optimal policy response across quarters
Bullard warns weak inflation may put brakes on QE tapering
Inflation may be pushed even lower by a decision to taper, raising risks of deflation, the St Louis Fed president notes; calls for press conference after each FOMC meeting
Georgian and Armenian central banks face different sides of inflation coin
National Bank of Georgia continues easing cycle as deflation returns; Central Bank of Armenia raises rates to combat sharp increase in inflation
Fed researchers find effects of QE ‘minimal' without guidance on rates
Paper by senior economists from the New York and San Francisco Feds argues that signalling a rate rise will be far more meaningful than communication on when asset purchases might come to an end
RBI cuts overseas investment limit by three quarters
Reserve Bank of India unveils latest measure to halt the fall in the rupee's value - only days after announcing ‘open-ended' sales of short-term debt; issues clarifications on gold import restrictions
Kenyan governor urges bond market reform
Njuguna Ndung’u calls for a wider trading platform in the secondary market to incorporate OTC products; criticises the ‘slow pace’ of reforms so far
Atlanta Fed president calls for QE caution
Dennis Lockhart urges the FOMC to scale back the Fed’s asset purchases in a flexible manner; believes any initial reduction should be seen as a ‘cautious first step’
BoE’s Weale votes against forward guidance
Martin Weale votes against guidance out of concern for medium-term inflation expectations, while MPC members remain divided over the prospect of more QE
Monetary policy and macro-prudential measures can make a ‘vicious circle'
Central banks must assess the risks of monetary and macro-prudential policies pulling in opposite directions and creating adverse outcomes, says former BoJ deputy director-general
Mozambique cuts rates again as inflation undershoots target range
Inflation in Mozambique has fallen below the central bank's target range despite IMF predictions to the contrary; measures in place to improve monetary policy transmission
RBNZ plumps for ‘speed limit’ on lending restrictions
Reserve Bank of New Zealand says any restrictions on banks' high loan-to-value mortgage lending will take the form of a quota over time, as opposed to an outright ban
RBI launches ‘open-ended' measure to bolster weakening rupee
Weekly sales of short-term debt to absorb liquidity is the latest in a string of attempts to rein in Indian foreign exchange volatility
Opinion: The ECB should not hold back from eurozone bond purchases
There is no danger in the ECB buying large amounts of eurozone government bonds to bolster market confidence – so long as the right conditions are met – says Natixis chief economist Patrick Artus
Bundesbank paper says media exposure shapes inflation expectations
Discussion paper examines how and why inflation expectations differ between the German population; where people go for news is an important factor
Getting to grips with monetary policy?
Global co-operation on monetary policy remains out of reach
Europe could learn from Germany’s macro-prudential approach
Germany’s approach to macro-prudential oversight could offer insights into how to democratise ‘hard’ policy tools and enshrine independence at a time when more power is being transferred to the ECB
Central bankers should be wary of their political bargain with government
Central bankers appear ‘spellbound’ by governments keen to give them new regulatory powers despite concerns about their ability to deliver either stable monetary or financial policy in the future
BIS calls for monetary tightening not heeded by major central banks
The BIS's latest annual report voices the private concerns of the world’s leading central bankers. But it falls short on action that will hold national governments to task
Central Bank of Peru’s Julio Velarde on the impact of Fed tapering
Peru is more insulated against shocks to its financial system than in the past but managing uncertainty has never been tougher, Central Bank of Peru governor Julio Velarde, tells Christopher Jeffery
New central bank policy mandates could cause vicious feedback loops
The trend for central banks to take on mandates for prudential policy in addition to monetary policy could cause dangerous feedback loops in the absence of a well-defined risk appetite
