Monetary Policy
Japan’s QE supported economic activity, says IMF paper
Fund study shows monetary policy transmission mechanism in Japan may have strengthened due to improvements in the banking sector and deleveraging in the corporate sector
Fed 'very close' to adopting inflation target, says Bullard
St Louis Federal Reserve president says FOMC nearing agreement to introduce inflation targeting in US; move is part of effort to improve transparency at the Fed
Albania approves monetary policy strategy for 2012-2014
Bank of Albania renews monetary policy strategy; offers clarifications and elaborations on previous versions of aims
CNB minutes reveals falling koruna allowed rate hold
Czech National Bank minutes shows weakening koruna allowed central bank board to leave rates unchanged at 0.75%
CNB paper reviews inflation-targeting framework
Czech National Bank study evaluates changes to the monetary transmission mechanism in the Czech Republic
Bank of Italy: ECB’s flexible operational framework assisted crisis response
Bank of Italy study compares effectiveness of unconventional monetary policies adopted by the Federal Reserve and European Central Bank in response to crisis
Svensson: Riksbank’s forecasts 'confused'
Riksbank minutes highlight deputy governor Lars Svensson’s concerns over biases in projections for repo rate and resource utilisation in Sweden
Philippines quarterly review brings mixed news
Central Bank of the Philippines reports lower than expected growth, but remains positive about economy’s outlook in latest Report on Economic and Financial Developments
Fed to release ‘projections’ for future policy
FOMC minutes reveal committee members’ expectations for future monetary policy will be incorporated in Summary of Economic Projections documents; part of Fed’s improved transparency plan
Counter-cyclical capital buffers rely on good central bank policy: BoC paper
Bank of Canada study finds central bank policy can strongly influence success of counter-cyclical capital measures
BoE minutes leaves option open for additional stimulus
Bank of England minutes shows MPC members believe further quantitative easing may become warranted as economic outlook deteriorates
Sweden lowers benchmark rate for first time in two years
Riksbank announces a drop of 25 percentage points to the repo rate; first time the rate has been reduced since 2009
BoJ paper finds limited impact of tax benefits on corporate capital structure
Research finds default costs and the costs of outside equity have a larger effect on corporate capital structure than tax benefits
Bank consults on instruments of macroprudential policy
Bank of England releases discussion paper to gather feedback on possible tools for macroprudential policy management
BoE Quarterly Bulletin reports market deterioration
Bank of England Q4 report notes financial market sentiment and functioning decline since last bulletin
RBI signals end to tightening cycle
Reserve Bank of India leaves interest rates on hold and says it is likely to loosen monetary policy next on expectations of moderation in growth
Draghi explains extraordinary policy measures
ECB president sets out the reasons behind governing council’s decision to cut the benchmark interest rate and introduce three measures to support bank lending and liquidity in the eurozone
BoE survey shows inflation expectations are climbing
Bank of England Inflation Attitudes survey says most respondents believe inflation is expected to average 3.5% in next five years
SNB holds rates despite weaker growth outlook
Swiss National Bank holds currency floor at Sfr1.20 to the euro as forecasts project a sharp decline in growth and deflation in 2012
IMF delivers gloomy Greece update
IMF releases Fifth Review Under the Stand-By Arrangement for Greece; offers a bleak picture of the country’s economy and future
Australia ‘well placed’ to deal with global downturn; RBA’s Battellino
Reserve Bank of Australia’s deputy governor Ric Battellino says Australia is in a strong position to cope with ongoing global financial turbulence
Fed holds fire amid European chaos
Federal Open Market Committee points to 'strains' in global financial markets as it holds rates and reaffirms commitment to Operation Twist
Eurozone crisis catches up with Estonia
Bank of Estonia becomes latest central bank to cut growth expectations; says eurozone crisis could cause a recession in the country
Currency momentum strategies uncovered: BIS paper
BIS working paper on currency momentum strategies finds a large cross-sectional spread in excess returns of up to 10% a year between past winner and loser currencies