Monetary Policy
IMF research discusses new formulas for compiling CPI indexes
International Monetary Fund working paper examines new formulas for compiling consumer price indexes using geometric averages
SNB’s Jordan defends exchange rate intervention
Swiss central bank chief Thomas Jordan says minimum exchange rate policy for euro proving effective; adds that despite the 'floor' the Swiss franc remains "overvalued"
BoJ to purchase another ¥10 trillion of JGBs
Bank of Japan increases size of asset purchase programme in line with expectations; faces call to end 'banknote rule'
Bernanke places onus on US government to act
Bernanke calls on US Congress to act on fiscal policy; growth forecasts upgraded in latest Fed economic projections
IMF research investigates impact of asset prices on credit growth
IMF working paper examines the impact of asset prices on credit growth; concludes monetary policy should consider the impact of asset price movements
Central banks are now ‘market makers of last resort’, says Fischer
Bank of Israel governor Stanley Fischer says central bankers have learnt a lot about the liquidity trap and expansionary monetary policy since the advent of the global financial crisis; explains thinking behind Israel’s rate rise in July 2009
St Louis Fed paper finds cause of slope changes in rates term structures
Federal Reserve Bank of St Louis working paper explores the links between total factor productivity news shocks and the slope of the term structure of interest rates, finding the two are closely related
Brazil slashes benchmark rate again
Central Bank of Brazil again cuts benchmark rate by 75 basis points; new 9% rate close to country’s all-time low rate
Bank of Canada strikes positive note in policy report
Latest Monetary Policy Report from the Bank of Canada sets out better than expected economic momentum; inflation risks balanced and stimulus withdrawal ‘may become appropriate’ says report
BoE’s Posen causes stir with vote switch
External MPC member abandons pro-QE stance; inflation concerns high among rate-setters, with Paul Tucker taking vocal lead
BoJ’s Nishimura says strengthening growth 'crucial' for Japanese economy
Bank of Japan deputy governor emphasises central bank’s role in achieving growth potential; signals unease at the global economic impacts for future of Japanese economy
BIS working paper draws lessons from Asia on price stability
Bank for International Settlements working paper studies price stability in Asia; concludes that monetary policy frameworks have been effective
India slashes benchmark rate
Reserve Bank of India drops repo rate to 8% in first cut in years; governor references slowing growth and declining inflation in announcing decision
Robert Pringle's Viewpoint: The Fed, the euro and the IMF
Caruana and Shirakawa offer timely warning on the limits and dangers of loose monetary policy; more reform required in Europe
Research discusses elasticity of non-oil tax revenues in Trinidad and Tobago
Central Bank of Trinidad and Tobago working paper says future growth of non-oil tax revenue in the country should come from indirect taxes
Sarb working paper discusses rand exchange rate
South African Reserve Bank working paper studies factors that influence the exchange rate of the rand as a free-floating currency
Riksbank research highlights significance of output gap for policy makers
Swedish central bank working paper explores output gap as a tool for measuring economic activity; concludes that policy makers should focus more on output gap in forming monetary policy
Fed’s Dudley airs fears over economic 'headwinds'
New York Fed president says rising gasoline prices and housing market weakness are significant headwinds to economic growth
BoJ’s Miyao says deflation 'overriding issue' in Japanese economy
Bank of Japan policy board member says if the central bank pursues its monetary policy solely to meet inflation target, it would harm the development of the economy
Fed’s Yellen discusses timeline for interest rate change in US
Federal Reserve vice-chair says gradual pace of recovery means interest rates likely to remain low until late 2014
SNB’s Jordan describes task of maintaining franc exchange limit
Thomas Jordan sets out how the Swiss National Bank has been fighting to keep the franc-to-euro exchange limit in place; explains slight slip-up last week allowing some trades to happen at lower rate
Bank of Japan holds off rate change and further easing
Japanese central bank acknowledges "critical challenge" of overcoming deflation, but keeps rate unchanged for now
Canada's Boivin laments challenges posed by ageing population
Jean Boivin discusses problems of Canada's ageing population and champions the role of the central bank in meeting the challenge
Bank of Thailand opens representative office in Beijing
Thai central bank opens office in Beijing; third foreign representative office aimed at developing “understanding” of China’s economic developments