Monetary Policy
Riksbank doves defeated on rate cuts despite broad support for easing, minutes show
Minutes reveal that despite unanimous support for ‘more expansionary’ monetary policy, majority of board members voted to hold rates due to household debt fears
BoJ board more optimistic on inflation forecast
Updated forecasts by board members show expectations creeping closer to 2% target; lack of further monetary easing disappoints markets
FDIC's Hoenig calls for more action to correct incentives for financial companies
Speech to Asian bankers in Jakarta examines role of incentives in leading to the crisis, and hampering recovery
IMF calls for unconventional measures to tackle eurozone fragmentation
David Lipton says ECB will probably have to use unconventional measures to overcome credit crunch in peripheral eurozone members
Korean economy defies won strength to return to growth
South Korean economy posts strongest quarter-on-quarter growth in two years; currency remains "moderately weaker than desirable", according to IMF
ECB annual report strikes hopeful note at end of rough year
Report highlights peak in financial market stress in mid-year, but says policy measures were effective in reducing this later in year; inflation above target and growth on downward slide
ECB says ‘difficult to do more’ as pressure mounts for more action
Further deterioration in eurozone data leads some to predict ECB rate cut at May meeting and possible SME ‘support package’; ECB executives signal action still unlikely
Bank of England ups incentives for increased SME lending
BoE in conjunction with Treasury introduces new incentives in a bid to get credit to struggling small business sector
BoE’s McCafferty denies Monetary Policy Committee has ‘gone soft’
MPC member highlights positive signs for growth but says inflation is ‘more concerning’; expects inflation to remain above target but says a response is not yet necessary
UK economists divided over BoJ easing
Treasury Select Committee witnesses debate whether BoJ radical easing will overcome decade of deflation; economists fear an ‘unruly spike’ in yields when quantitative easing is unwound
SNB paper analyses relationship between monetary policy and financial integration
Study finds that monetary policy can have a larger effect on output and inflation under conditions of greater financial and trade integration
IMFC advocates ‘pragmatic’ approach to resisting capital flows
Committee of the IMF says easing by advanced economies is justified; emerging markets should use a variety of tools to lean against the resulting capital inflows
ECB’s Asmussen deflects criticism over lack of monetary policy action
ECB executive board member says quantitative easing would not work well applied to Europe; stresses continued political commitment to banking union
Riksbank deputy Lars Svensson steps down
Riksbank’s ‘most committed dove’ will leave the central bank in May after failing to win the other members of the Executive Board round to a more expansionary monetary policy
Fed’s Raskin assesses impact of inequality on monetary policy
Governor Sarah Bloom Raskin says inequality in US could affect transmission of monetary policy to real economy; predicts ‘increasingly potent’ policy as house prices rise
BoE lending figures add credence to FLS scepticism
Business lending continues to contract in the UK, but pressure still mounts on the ECB to take steps to address eurozone recession
Thai central bank and government divided over rates
Bank of Thailand has resisted cutting rates in 2013 in the face of a strongly appreciating baht; IMF director says currency reflects the country and region's rebalancing
Bolivian hyperinflation re-modelled using ‘Bayesian approach'
Paper from Latin American monetary studies centre takes new approach to modelling short-lived episodes of hyperinflation
Robert Pringle's Viewpoint: King’s efforts to be heard hit some marks
In his calls for reform, Bank of England governor Mervyn King has ploughed a lonely furrow. But some of his efforts are paying off
Kocherlakota warns of consequences of ‘mandate-consistent' lower rates
Minneapolis Fed president highlights risks accompanying persistent low rates, but argues rates must go lower still to be consistent with dual mandate
Lagarde says ECB has ‘room to manoeuvre' on rates
IMF managing director says it up to ECB when to cut rates but calls for co-ordinated policies worldwide to shift ‘from three-speed to full speed' global recovery
BoJ's Miyao sees weaker yen as key to ending deflation
Leading proponent of monetary easing highlights a change in the dollar-yen exchange rate as key to hitting Bank of Japan's 2% inflation target
Czech bulletin dissects monetary policy transmission
An economic research bulletin compiled by the Czech National Bank explores relationship between monetary policy and real economy in five articles
King says independence is a tricky course to steer
BoE governor says central banks are expected to be partially, fully and non-independent in different parts of mandate, which is almost impossible; outvoted again at latest MPC meet