Monetary Policy
Sarb publishes Monetary Policy Review
South African Reserve Bank Monetary Policy Review notes continuing global uncertainty; central bank decides to maintain repurchase rate of 5.5%
ECB paper examines pre-Volcker monetary policy
Working paper sets out dynamic general equilibrium model to analyse Federal Reserve monetary policy; finds Fed policy pre-Volcker was more effective than widely thought
Latvia governor assesses state of domestic economy
Bank of Latvia governor discusses developments in the Latvian economy as central bank leaves interest rates unchanged
IMF paper assesses welfare effects of monetary integration
Paper considers welfare effect of monetary union in Africa; finds significant benefits due to policy credibility and macroeconomic stability
BoJ minutes show unanimous support for further asset purchases
Minutes of Bank of Japan monetary policy meeting released; members vote unanimously to extend asset purchase programme
Serbian vice-governor considers inflation outlook
Bojan Marković, presents the National Bank of Serbia’s May inflation report; inflation expected to return to target despite uncertainty
Bank Negara Malaysia reports slower economic growth
Overview of economy shows growth fell to 4.7% in Malaysia in the first quarter of 2012; domestic demand stays strong but export market slows
UK policy-maker weighs impact of QE on pension funds
Charlie Bean, a deputy governor of the Bank of England, talks about the impact of QE on the finances of pension funds; says funds will only be affected in some circumstances
BoE minutes reveal ‘finely balanced’ decision on QE in UK
Minutes from May meeting of Bank of England’s Monetary Policy Committee show uncertainty among policy-makers over the decision to leave asset purchase programme at its current level
IMF calls for looser monetary policy in the UK
Latest Article IV review of UK urges further QE or a cut to policy rate; Fund calls on Bank of England to act to boost growth
Fed’s Lockhart discusses policy response to crisis
President of the Federal Reserve Bank of Atlanta considers effectiveness of monetary response to the financial crisis; confirms QE3 is still a possibility
RBI paper considers monetary transmission in India
Reserve Bank of India working paper focuses on operation of monetary transmission mechanism in India; demonstrates significant causal effect of rate changes
BoE paper studies forecasting models
Working paper from Bank of England compares models with time-varying parameters in forecasting UK GDP growth, inflation and interest rates under structural change
MAS deputy highlights challenges of structural change
Ong Chong Tee lists core issues and challenges related to structural changes in the Singapore economy after the financial crisis
Brazil to reveal rate-setters'votes
Central bank board approves amendments to law governing the institution aimed at increasing transparency; quarterly inflation report also to begin being published
BoJ’s Shirai debates how to strengthen growth momentum
Member of Bank of Japan policy board says the country should improve economic relations with emerging Asia in terms of trade and tourism and also through cross-border financial transactions
Berlin and the Bundesbank in spat over IMF
The Bundesbank has played a pivotal role in building Germany’s reputation as defender of monetary discipline at the IMF. But Berlin’s efforts to bail out Greece have damaged this reputation
BoE’s King says eurozone is ‘tearing itself apart’
Latest Inflation Report from the Bank of England lowers growth estimates for the economy; King says situation in eurozone continues to put pressure on the UK
ECB honours González-Páramo as police remove protestors
ECB holds event to celebrate work of José Manuel González-Páramo during his term as a member of the executive board on the same day a protest camp is cleared from outside the building
IMF paper studies credit growth in the Philippines
Research analyses determinants of credit growth and interest margins in the Philippines and Asia; finds factors such as higher growth and lower inflation reduce net interest margins
RBI advisory committee strikes note of concern
Minutes from Reserve Bank of India Technical Advisory Committee on Monetary Policy meeting show fears over global and domestic economic challenges
RBA minutes note ‘fragile’ global picture
Reserve Bank of Australia board discussed “fragile” sentiment surrounding global economic recovery and slow domestic growth when making most recent monetary policy decision
SNB’s Jordan extols virtues of central bank co-operation
Thomas Jordan explains need for central banks to work together, especially in times of crisis; says foreign central banks accept minimum exchange rate is "justified"
ECB working paper studies MPC group size and voting rules
Researchers looking into the relationships between committee size and voting rules in monetary policy setting find in large committees, majority voting is likely to enhance policy outcomes