Monetary Policy
Japan’s new prime minister to tackle economic recovery
Ambitious monetary policy likely to continue as Yoshihiko Noda takes over as prime minister of Japan
FOMC minutes show disagreement remains
Division persists among top US officials regarding future monetary policy
Botswana publishes mid-term review of the 2011 Monetary Policy Statement
Report shows inflation has been above target range in the first six months of the year
Assessing the effects of fiscal policy with estimated and calibrated models: BoJ paper
Bank of Japan research shows some difference in impact of fiscal policy based on model used to measure it
IMF paper reconsiders association between public debt and long-term yields
Paper focuses on possible spillover effects of large advanced economies’ debt levels to other economies’ borrowing yields, especially in emerging markets
Italy’s Visco cautious over new austerity package
Deputy director-general warns Italy risks stagnating as global trade recovers
Trichet preaches sustainable long-term growth
Jean-Claude Trichet urges policymakers to aim for sustainable growth
Philly Fed paper investigates relationship between oil prices and exchange rates
Working paper shows little systematic relation between oil prices and the Canadian-US dollar exchange rate
Lagarde calls for urgent action
Lagarde sets out plans for Europe, the US and on a global scale to support 'fragile' recovery
Bernanke disappoints in Jackson Hole speech
Fed chairman mentions range of tools available to “provide additional monetary stimulus” but gives no indication of employing them
Rate hikes on hold for now: RBA’s Stevens
Reserve Bank of Australia governor Glenn Stevens says policy board will sit still on policy in spite of rising inflation
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