Monetary Policy
Sarb paper examines inflation annoucement influence on currency market
South African Reserve Bank working paper examines link between inflation announcements and short-term currency fluctuations in South Africa
Canada's Murray dispels 'popular misconceptions' about monetary policy
Bank of Canada deputy governor discusses ‘popular misconceptions’ concerning monetary policy formation
Research calls for reduction in trade barriers between Asia and Latin America
Joint research by Asian Development Bank and Inter-American Development Bank calls for barriers to trade to be reduced between regions
Banque de France research examines links between inflation and monetary policy
Banque de France working paper examines link between inflation expectations, monetary policy and the eventual rate of actual inflation in the US economy
Asian central banks urged to keep interest rates on hold
Chief economist of the Asian Development Bank urges caution from policy-makers regarding interest rates; says impact of eurozone bank deleveraging already incorporated into ADB’s growth forecasts
RBA fears downturn in Asia due to euro area contagion
Reserve Bank of Australia expresses fears about potential contagion from Europe hitting export markets in Asia
Bank of Korea minutes highlight inflation fears
Latest Bank of Korea financial council meeting minutes indicate inflation viewed as a concern while growth remains at 'sound' levels
Draghi calls for growth to top the agenda for eurozone
ECB president Mario Draghi calls for 'growth compact' to complement fiscal compact in eurozone; says individual countries need to meet responsibilities on fiscal consolidation
Riksbank minutes show MPC split on rate hold
Swedish central bank minutes reveal two members of monetary policy committee wanted a rate cut; low growth forecast and high unemployment cited as reasons
IMF’s Shinohara sees three ‘brakes’ on global growth
IMF deputy managing director tells ADB annual meeting that fiscal consolidation, bank deleveraging and foreclosures in the US pose substantial risks to global growth
RBA cites weaker economy in decision to cut policy rate
Reserve Bank of Australia cuts cash rate by 50 basis points; highlights weaker economic growth and lower-than-expected inflation for the move
BoJ’s Morimoto says productivity improvements needed to promote growth
Bank of Japan policy board member highlights the importance of productivity in the Japanese labour market to ensure future economic growth
IMF working paper discusses competitiveness and labour costs
International Monetary Fund working paper examines measures of external competitiveness; uses Slovakia as sample for research
MAS to use currency appreciation to keep inflation in check
Monetary Authority of Singapore says ‘gradual’ easing of exchange band will ‘anchor’ inflation; Asian demand to underpin economy despite ageing population and economic problems in the West
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