Monetary Policy
Posen calls on BoE to go beyond gilt purchases
External MPC member urges purchase of assets other than government bonds; suggests creation of a Fannie Mae-type entity in the UK
BoJ paper explains central bank’s money market operations
Paper examines Bank of Japan money market operations in fiscal 2011; says bank’s provision of funds maintained market confidence throughout year
Central Bank of Colombia paper models transparency incentives
Working paper evaluates central bank incentives to misrepresent private information; finds central banks cannot credibly commit to truth-telling
PBoC cuts rates and moves to address ‘informal lending’
People’s Bank of China surprises many observers with 25bp cut in benchmark rates; moves to ease banking restrictions on lending in China
Albanian governor discusses monetary policy decision
Bank of Albania governor Ardian Fullani describes mixed economic outlook; central bank keeps rates unchanged at 4.25%
Fed policy-makers consider further QE
Janet Yellen “convinced” of scope for further expansion of Fed balance sheet; Bernanke says rapid fiscal tightening a “serious threat” to recovery
Reserve Bank of Australia cuts policy rate by 25bp
Australian central bank cuts interest rate by 25 basis points; board says weaker and more uncertain global environment allows for more ‘accommodative’ policy
ECB holds rates and offers no new stimulus
European Central Bank offers no substantive new policies to help tackle eurozone sovereign debt and banking crisis; puts pressure back on law-makers
Shirakawa discusses BoJ monetary policy
Governor of Bank of Japan considers central bank’s monetary policy stance and explains the rationale behind recent policy decisions
Finland board member considers changing role of central banks
Member of the board of the Bank of Finland examines changes in the role of central banks after the financial crisis; highlights greatly expanded demands
Central Bank of Belize publishes annual report
Annual report published by Central Bank of Belize says central bank is “cautiously optimistic” regarding economic outlook
Bank of Canada paper estimates settlement balance demand
Working paper estimates aggregate demand for settlement balances; suggests that the central bank’s supply of $3 billion is reasonable
Swiss central bank board member explains unique situation
Jean-Pierre Danthine examines SNB’s unusual monetary policy situation; says impact of unconventional measures should not be overestimated
Fed to release historical central banking material
Federal Reserve reveals plans to mark centenary; inventory of historical information about central banking in the US to be created
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