Monetary Policy
Japan takes unilateral action to counter currency appreciation
Japanese government and central bank on Thursday move to weaken yen as country recovers from the earthquake and tsunami tragedies
US overestimates welfare costs of inflation: Bank of Italy paper
A new study says the miscalculated welfare costs of US inflation due to the exclusion of foreign dollar holdings in M1 could have significant implications
Spike in US headline inflation is temporary: San Francisco Fed paper
The San Francisco Federal Reserve review says headline inflation is likely to fall to converge with low levels of core inflation
Last-minute US debt ceiling rise leaves world reeling
Debt ceiling deal will not restore investor confidence immediately; China still looking to diversify reserves away from dollar; credit ratings agencies cautiously affirm top ratings
Mexico’s Del Cueto discusses volatility in agricultural goods market
Bank of Mexico deputy governor Roberto Del Cueto says policymakers can take steps to help stabilise prices in agricultural goods
Inflation revisions could alter observed policy target: Philly Fed paper
Philadelphia Federal Reserve study says large size of inflation data revisions might reduce success rate of inflation targeting
Swiss franc declines as SNB eases policy rate
Swiss National Bank moves to stem strengthening of the Swiss franc by easing monetary policy; franc falls 1.97% against the euro following decision
Brazil ‘prepared’ for international challenges: Tombini
Governor of the Central Bank of Brazil says country is ‘prepared’ to face the challenges in the international arena; expects inflation downward trend to continue
South Korea follows through on gold purchase plans
South Korea buys $1.24 billion worth of gold; governor said in October 2010 that central bank was considering expanding gold holding
Ex-MPC members debate QE options
Bank of England former Monetary Policy Committee members discuss scope for further asset purchases in the UK
Bank of Israel – Monetary Policy Report (August 2011)
Bank of Israel Monetary Policy Report says inflationary environment motivated faster pace of increase in the interest rates
Bank of Finland reviews policy implications of labour immobility
Bank of Finland research newsletter discusses the effects of resource mobility on monetary policy
Gono urges caution in banking sector split
Gideon Gono says indigenisation and economic empowerment plan must be applied in a way that benefits the population most broadly; urges caution in division of banking industry
Towards a global monetary policy
US monetary policy must change as the dollar’s dominance wanes, writes Allan H. Meltzer.
Tunisia struggling to regain stability
'Sharp regression' in mining and tourism leads executive board to call for 'ongoing follow-up of the economic situation' in the country
China focus remains on inflation fight
Prudent monetary policy to continue, says central bank; fighting inflation is still top priority
Asymmetry of monetary policy in new EU member states tested: Czech National Bank
A working paper from the Czech National Bank investigates asymmetry of monetary policy in new EU member states
Obama acknowledges AAA credit rating at risk
Obama says result of downgrade would be “like a tax on everyone” with higher interest rates; remains hopeful that there are “plenty of ways out of this mess”
Asian Development Bank encourages regional policy cooperation
The Asian Development Bank wants to see increased regional policy cooperation to ensure more balanced and sustained growth in emerging East Asia
Evolving UK and US macroeconomic dynamics investigated: Bank paper
Bank of England working paper uses model of deterministic structural change to chart the changing UK and US macroeconomic dynamics
IMF paper observes heterogeneous interest rate pass-through
Fund study identifies factors that both facilitate and impede monetary policy pass-through to economy and financial markets
Hungary holds as inflation moves closer to target: minutes
National Bank of Hungary minutes shows decline in inflation suggested return to 3% target would not necessitate a monetary tightening
Robert Mundell: How to save the euro
Nobel laureate Robert Mundell says eurozone can be saved with three-pronged policy solution, ‘for the short run, intermediate run and long run’
Hawkish RBI in ‘surprise’ rate hike
Reserve Bank of India shocks markets with 50-basis point rate hike in a bid to curb rising inflationary pressures; further rate hikes expected this year