Monetary Policy
IMF paper on optimal monetary policy frameworks under price distortions
Fund study shows sectoral inflation targeting and output gap stabilisation outperform strict headline inflation targeting in the presence of subsidised prices for goods
Bank of Canada report forecasts modest rebound in 2012
Bank of Canada Monetary Policy Report projects economy will grow moderately in 2012 and pick up further in 2013
Robert Pringle's Viewpoint: Policy-makers in thrall to group thinking
Philipp Hildebrand’s resignation has renewed fears about market practitioners working in central banks. But FOMC minutes from 2006 reveal a deeper problem – placing too much reliance on economists
Global economic growth fears prompt emerging markets to ease rates
Central Bank of Brazil, Central Bank of the Philippines and National Bank of Serbia cut interest rates on weaker global outlook; elevated inflation forces South African Reserve Bank to hold rates
Quasi-fiscal policies pose inflationary risks, warns IMF paper
Fund study says quantitative easing can lead to excessive inflation if fiscal authorities do not fully back operations to expand central banks' balance sheets
Deflationary risks could be a long-term trend, says BoE’s Posen
Bank of England Monetary Policy Committee external member Adam Posen warns deflation is likely to be a more frequent problem for policy-makers moving forward
IMF’s Lipton: credit easing policy in Asia may be warranted
Fund first deputy managing director David Lipton says policy-makers in Asia may need to introduce unconventional monetary policy measures in the event of a global recession
Chile lowers rates for first time since 2009
Central Bank of Chile announces 25-basis-point cut to benchmark rate; stresses commitment to maintaining 3% inflation target
ECB and BoE join other countries in rates hold
European Central Bank and Bank of England join the National Bank of Poland and Bank Indonesia in leaving interest rates on hold; ECB president welcomes U-turn on Greece private sector involvement
IMF paper measures the natural rate of interest
Fund study says the transformed money demand and observed output gap provides the best information about the natural interest rate
Shirakawa: central bank liquidity measures can only ‘buy time'
Bank of Japan governor Masaaki Shirakawa says lessons from Japan's lost decade show structural reforms are needed to return to sustainable growth; welcomes intellectual shift on policy towards asset bubble
Bank of Israel report highlights policy split on rate-setting body
Bank of Israel report of Narrow Forum discussion shows one member of monetary committee dissented against decision to hold rates, instead preferring a 25-basis-point cut
Sri Lanka holds rates on stable growth outlook
Central Bank of Sri Lanka Monetary Policy Review shows economy grew by 8.4% in the third quarter of 2011 due to strong agriculture, industry and services sector
Lockhart does not rule out further stimulus
Atlanta Federal Reserve president Dennis Lockhart says slow progress toward full employment justifies considerations for more Fed action
Japan’s QE supported economic activity, says IMF paper
Fund study shows monetary policy transmission mechanism in Japan may have strengthened due to improvements in the banking sector and deleveraging in the corporate sector
Fed 'very close' to adopting inflation target, says Bullard
St Louis Federal Reserve president says FOMC nearing agreement to introduce inflation targeting in US; move is part of effort to improve transparency at the Fed
Albania approves monetary policy strategy for 2012-2014
Bank of Albania renews monetary policy strategy; offers clarifications and elaborations on previous versions of aims
CNB minutes reveals falling koruna allowed rate hold
Czech National Bank minutes shows weakening koruna allowed central bank board to leave rates unchanged at 0.75%
CNB paper reviews inflation-targeting framework
Czech National Bank study evaluates changes to the monetary transmission mechanism in the Czech Republic
Bank of Italy: ECB’s flexible operational framework assisted crisis response
Bank of Italy study compares effectiveness of unconventional monetary policies adopted by the Federal Reserve and European Central Bank in response to crisis
Svensson: Riksbank’s forecasts 'confused'
Riksbank minutes highlight deputy governor Lars Svensson’s concerns over biases in projections for repo rate and resource utilisation in Sweden
Philippines quarterly review brings mixed news
Central Bank of the Philippines reports lower than expected growth, but remains positive about economy’s outlook in latest Report on Economic and Financial Developments
Fed to release ‘projections’ for future policy
FOMC minutes reveal committee members’ expectations for future monetary policy will be incorporated in Summary of Economic Projections documents; part of Fed’s improved transparency plan
Counter-cyclical capital buffers rely on good central bank policy: BoC paper
Bank of Canada study finds central bank policy can strongly influence success of counter-cyclical capital measures