Monetary Policy
Brazil prepares for Basel III
Brazilian financial stability report announces major changes will be incorporated in the country’s legislation; bringing it into line with Basel III
ECB’s Stark calls for end to short-term approach to monetary policy
European Central Bank executive board member Jürgen Stark says central banks should not be distracted by attempts to fine-tune economy; calls for refocus on monetary data
Bank of Israel narrow forum backs rate hike
Bank of Israel minutes show narrow forum supported decision to raise interest rates by 50 basis points in April
Bank of Finland on modelling rational expectations
Bank of Finland study discusses modelling rational expectations in monetary policy framework
QE solution at zero bound: NY Fed paper
New York Federal Reserve paper co-authored by Brian Sack shows quantitative easing successfully eased monetary policy at the zero bound
ECB breaks norm with rate hike
European Central Bank hikes interest rates by 25 basis points after two years at historically low levels; warns on second-round effects from commodity price pressures
FOMC debate length of QE programme
Federal Open Market Committee meeting minutes shows some members would like option to end Fed’s asset purchase programme early
RBI’s Gokarn on inflation growth tradeoff
Reserve Bank of India deputy governor Subir Gokarn says sustainability of growth will require controlling inflation
Europe’s future hinges on member states’ commitment to EMU: Trichet
European Central Bank president Jean-Claude Trichet says tackling monetary union issues will determine historical trajectory of Europe
Bank of Canada - Business Outlook Survey (Spring 2011)
Bank of Canada Spring 2011 Business Outlook Survey says economic outlook in Canada looks positive
Riksbank’s Ekholm explains dissent against rate hike
Riksbank deputy governor Karolina Ekholm says interest rate rise could dampen growth prospects via stronger krona
Israel’s Fischer picks inaugural members of monetary committee
Bank of Israel announces members of new Monetary Policy Committee; new senior adviser and proposed deputy governor will join him on final panel
Philly Fed’s Plosser calls for explicit inflation target
Philadelphia Federal Reserve president Charles Plosser says adoption of explicit inflation target will help Fed retain credibility during normalisation of policy
Bullard calls for “last in, first out” approach to Fed exit strategy
St. Louis Federal Reserve president James Bullard says offloading assets from Fed's balance sheet before raising interest rates is his preferred exit strategy from accommodative monetary policy stance
Hoenig warns policy will mean "someone has to pay" in the future
Thomas Hoenig renews call for the unwinding of policies put in place during the financial crisis, urging the Fed to shrink holdings and raise rates to provide better long-term prospects for the US economy
BoE's Fisher considers zero corridor monetary operation
Bank of England executive director of markets Paul Fisher investigates alternative monetary operation frameworks
Forecasting under uncertainty: Bank's Weale
Bank of England external Monetary Policy Committee member Martin Weale examines difficulty of forecasting during uncertainty
SNB counters IMF call for rate hike
IMF calls for Swiss National Bank to start raising interest rates; central bank fears rate hike could “dampen” export growth in Switzerland
HKMA - Monetary and Financial Stability Report (March 2011)
Hong Kong Monetary Authority March 2011 Monetary and Financial Stability Report calls for stringent bank underwriting standards to ease property bubble
BoJ paper on Fed’s communication strategy
Bank of Japan study says change in Federal Reserve’s communication strategy in 1990s helped it better manage expectations
Geopolitical factors won’t stop ECB rate hike, say analysts
Analysts expect the European Central Bank to raise interest rates at the upcoming monetary policy meeting, despite fears events in Japan and the Middle East may offset the global recovery
Former Obama adviser Romer urges Fed to consider price-level targeting
Former chair of President Obama’s Council of Economic Advisers Christina Romer says adoption of price-level targets at Federal Reserve would aid communication with public over policy
Periphery and inflation offer headaches for the Eurozone, says Credit Institute panel
Participants on a Credit Institute panel debate held in London argued that peripheral funding and inflation are the major challenges for the Eurozone
BoE’s Posen won’t pursue second term on MPC if wrong on economy
Bank of England Monetary Policy Committee external member Adam Posen says he will not seek re-election to rate-setting committee if record on votes turns out to be wrong