Monetary Policy
Dallas Fed paper on sticky prices in Switzerland
Dallas Federal Reserve case study of Swiss online supermarket shows strong evidence of price stickiness in Switzerland
RBI warns of uncomfortable inflation levels
Reserve Bank of India June 2011 Mid-Quarter Monetary Policy Review says inflation in India persists at uncomfortable levels
King defends his additional powers
UK government publishes draft legislation handing significant powers to the governor of the Bank of England; King reassures critics of the shift
Carney cautious over Canadian housing market boom
Bank of Canada governor Mark Carney warns of vulnerabilities in Canadian housing sector
RBA’s Stevens hints at rate hike
Reserve Bank of Australia governor Glenn Stevens signals resumption of monetary policy tightening
Government representative quits Costa Rica’s board
Government representative on central bank board resigns; leaves body without power to make decisions on foreign exchange policy
China blames loose global monetary policies for inflationary pressures
People’s Bank of China brings price control to the forefront; says loose global monetary conditions have pushed up inflation expectations
BoE’s Weale calls for early rate hike
Bank of England external Monetary Policy Committee's Martin Weale says early rate increase will give central bank more room to manoeuvre in future
Bank utilises Google in analysis
Bank of England paper says internet search tools offer accurate analysis of current economic trends
Finland’s Liikanen calls for rethink of open market operations
Bank of Finland governor Erkki Liikanen says Eurosystem central banks should make distinction between assets eligible for open market operations and liquidity requirements
ECB’s Stark warns of low interest rate curse
European Central Bank executive board member Jürgen Stark says central banks should avoid looking at short-term consequences of monetary policy
ECB study measures impact of corridor width on monetary policy
European Central Bank paper shows width of standing facility corridor has significant impact on volatility of short-term interest rate
Philly Fed’s Plosser: weaker growth levels likely, but no cause for QE3
President of Philadelphia Fed sees monetary policy as limited in reviving a US economy hit by a supply shock; says personal hurdle for QE3 “very high”
BoE, ECB hold their fire
Bank of England and European Central Bank leave rates unchanged; Trichet speech hints at impending hike
Philippines launches next leg of public education programme
Central bank wants the public to be able to make “well-informed economic and financial decisions”; also opens new building in Dumaguete City
San Francisco Fed paper on merits of leaning against asset prices
San Francisco Federal Reserve study makes case for monetary policy to lean against asset price movements
Prudential rules ease procyclicality of bank lending: IMF paper
Fund study says rules to lower capital adequacy ratios offer relief to banks and distressed borrowers facing shocks
Exit strategy communication key: Philly Fed’s Plosser
Philadelphia Federal Reserve president Charles Plosser says clear communication of Federal Reserve policy will be essential to exit strategy
ECB conference reviews crisis measures
European Central Bank Sixth ECB Central Banking Conference contributions highlight policy approach during financial crisis
Risks lie ahead for China's internationalisation of renminbi, warn IMF, PBoC and HKEx officials
IMF Hong Kong representative, a former PBoC MPC member and HKEx chief warn of risks for China as the internationalisation of the renminbi starts to gather pace.
Anchoring inflation eases deflation risks: IMF paper
Fund study on US inflation dynamics shows well-anchored inflation reduces risk of deflation
Yellen sees signs of exuberance in corporate debt markets
Comments highlight Fed’s methods for monitoring imbalances; rate hikes “last resort” to tackle financial excess
Bank reserves do not affect lending levels: NY Fed paper
New York Federal Reserve study says bank lending levels are independent of amount of reserves in banking system
France’s Noyer on failures of dealing with asset bubbles
Bank of France governor Christian Noyer admits to shortcomings in pre-crisis monetary policy framework towards asset-price bubbles