Monetary Policy
Canada’s Boivin evaluates merits of switching to price-level targeting
Bank of Canada deputy governor Jean Boivin says success of a price-level targeting regime would depend on how the public adjusts its inflation expectations
Inflation expectations consistent with expected utility theory: NY Fed paper
New York Federal Reserve study shows inflation expectations do affect agents’ economic decision-making process
Unconventional tools can ease interbank lending: ECB paper
European Central Bank study says repo haircuts can help boost interbank lending during crisis
BoE's Weale explains rate-raise vote change
Martin Weale explains decision to vote to hold rates; admonishes low UK savings records and discusses future monetary policy responses
Speculation intensifies over Bernanke's forthcoming Jackson Hole speech
Markets will be looking for signs of a third round of quantitative easing ahead of Fed chairman Ben Bernanke’s much anticipated speech at Jackson Hole, Wyoming, writes Blair Baker
Tough policy choices ahead for Australia: RBA’s Battellino
Reserve Bank of Australia deputy governor Ric Battellino says higher inflation and lower-than-expected growth will make monetary policy more challenging
High markups can exacerbate downturns: IMF paper
Fund study finds evidence that high markups in South Africa creates monetary policy asymmetries
Towards a global monetary policy
US monetary policy must change as the dollar’s dominance wanes, writes Allan H. Meltzer
Interview: Robert Mundell
The Nobel laureate explains what is needed to save Europe’s single currency and calls for greater global coordination of monetary policies, in conversation with Robert Pringle
Conflicts of interest in central banking
The crisis has highlighted how interests can diverge in the monetary policy-making bodies of federal central banks, writes Daniel Gros
Interview: Jaime Caruana
Jaime Caruana, the general manager of the Bank for International Settlements, talks to Catherine Snowdon about the institution’s role in responding to the financial crisis
A two-pillar strategy for macroprudential policy
Dirk Schoenmaker and Peter Wierts propose a way to formulate financial stability policy to tackle cyclical and structural risks
Central banking in an era of QE
The reserve currency centres must urgently restore fiscal and monetary discipline. If not, then inflation and the flight into gold will continue, warns Andrew Sheng
More data, not theory
The crisis has shown the dangers of placing models at the heart of policymaking. An empirical approach is the answer, says Kevin Gardiner
Opposing fronts
Martina Horáková reports on two conflicting views of US regulatory reforms
RBNZ admits policy response to housing bubble was 'too slow'
Reserve Bank of New Zealand says monetary policy was too slow to react to build-up in housing prices during 2000s
Bank of Finland paper assesses China’s two-track system
Bank of Finland study explains why monetary policy in China uses a combination of price and quantitative instruments
Forecasting with multiple interest rates: Bank of Canada paper
Bank of Canada study builds augmented version of forecasting tool that includes multiple interest rates
Venezuela’s Chavez orders diversification of reserves
Hugo Chavez has asked the central bank to repatriate gold reserves and diversify holdings amid “global crisis of capitalism”; controversial president also plotting to nationalise gold industry
Carney discusses handling of global debt crises
Testifying before the House of Commons Standing Committee on Finance, Carney discusses the handling of debt crises in both the US and the eurozone
RBI advisory committee split over rate hike
Minutes of Reserve Bank of India’s Technical Advisory Committee shows divisions over central bank’s decision to raise interest rates
New dawn of cooperation in Cyprus
Relationship between finance ministry and central bank set to be much closer after government reshuffle; working together to consolidate fiscal situation in Cyprus
European ABS purchases pushed yield curve lower: Fed paper
Federal Reserve study says European acquisitions of asset-backed securities contributed to decline in US bond yields pre-crisis
New policy approaches should ‘stimulate’ risk-taking: BoE’s Haldane
Andrew Haldane uses historical examples to show macroprudential policy, used to stimulate risk-taking, can work