Monetary Policy
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
Bank of Colombia rate-setters air inflation concerns
Board of directors unanimously left policy rate unchanged but discussion over inflationary pressures as revealed by minutes shows split over severity of threat
Aussie demand surges following recent RBA rate cut
The Reserve Bank of Australia’s decision to cut interest rates on May 1 led to a sharp fall in the Australian dollar, but has also caused an uptick in demand for the currency, according to FX traders and strategists in the region
Bank of Israel paper evaluates past monetary policy decisions
Discussion paper from the Bank of Israel investigates patterns in monetary policy decisions and their outcomes in the country
IMF paper looks at alternative monetary policy rules for India
International Monetary Fund researchers show forward-looking rules for monetary policy formulation provide better results in India
Robert Pringle’s Viewpoint: Under pressure from Hollande and Obama
François Hollande, the new president of France, takes up residence in the Elysée Palace at a time when significant economic adjustment is taking place in the eurozone, albeit at high cost. His victory looks set to add to pressure on central bankers – and…
BoE holds fire on rates and quantitative easing
Benchmark rate and asset purchase programme unchanged; market looks to inflation figures next week for hints on MPC thought pattern
Central Bank of Brazil blasts report of lost autonomy
Brazilian governor Alexandre Tombini defends central bank in the face of a newspaper article claiming the institution has lost its autonomy
IMF report backs 'appropriate' Swiss currency floor
IMF supports Swiss National Bank currency floor policy; says floor is “appropriate" and discusses relative success to date
New deputy governor notes increasing Swedish economic dependency
Kerstin af Jochnick describes points of importance relating to monetary policy and financial stability; highlights growing dependency of Sweden on events abroad
BIS paper examines potential substitute monetary policy tools
Bank for International Settlements working paper discusses potential for interest rate and capital adequacy requirement tools to contribute to financial stability