Monetary Policy
Tombini’s inflation credentials strengthened by Brazil rate hike
Central Bank of Brazil lifts target rate by half a point to contain burgeoning price pressures; hike comes in first rate-setting meeting under charge of new governor Alexandre Tombini
Central banks after the crisis: many questions, few answers
The turmoil has left our profession facing some uncomfortable truths, Mojmír Hampl notes.
Eurosystem crisis measures averted prolonged crisis: ECB paper
European Central Bank study says introduction of unconventional monetary policy measures during financial crisis successfully provided liquidity to banking system
Philly Fed’s Plosser on limitations of monetary policy
Philadelphia Federal Reserve president Charles Plosser warns active use of monetary policy will not stabilise economy
Bank rate set to remain on hold despite fresh rise in inflation
Bank of England unlikely to raise rates despite higher-than-forecast rise in inflation in December; analysts say central bank is right to keep rates on hold
Jamaica’s Wynter: correct policies can ease inflation
Bank of Jamaica governor Brian Wynter says stable public finances and central bank autonomy can alleviate inflationary pressures
FOMC 2005 transcripts: Bernanke, Hoenig called for long-term inflation targets
Federal Reserve chairman Ben Bernanke and Kansas Fed president Thomas Hoenig shown making a case for inflation targets in 2005 central bank meetings
Boston Fed’s Rosengren parries inflationary fears
Boston Federal Reserve president Eric Rosengren says latest quantitative easing programme is not inflationary
Research underestimates probability of reaching zero bound: San Francisco Fed
San Francisco Federal Reserve paper says probability of hitting the zero lower bound of interest rate is often underestimated in economic research
Shekel gains leave Bank of Israel cautious over rate hike
Bank of Israel minutes show members of the central bank’s narrow forum feared interest rate hikes would lead to further gains in the shekel
Government delay holds up launch of Bank of Israel’s new rate-setting body
Bank of Israel awaits government’s selection of three external members to new Monetary Committee seven months after passage of law for new interest rate-setting measures
QE2 will create jobs, Yellen tells critics
Federal Reserve vice-chair Janet Yellen says further quantitative easing will address weak labour demand and generate roughly 700,000 jobs
Inflation in emerging markets driven by exchange rates: IMF study
Fund study shows emerging market countries exhibit strong exchange rate monetary policy channels compared to more conventional channels
Fed’s full employment mandate in the crosshair
US congressman Paul Ryan takes aim at Federal Reserve’s dual mandate, will put forth bill calling for full employment aim to be abandoned
Debt management poses greater refinancing risks: Netherlands Bank
The Netherlands Bank study says greater reliance on short-term debt requires better coordination between debt managers and central banks
Fed’s Hoenig labels gold standard “very legitimate” monetary system: reports
Kansas City Fed president quoted as stressing price stability benefits, but notes return to gold would not prevent high unemployment or bank failures
Obama determined to appoint Diamond to Fed board
United States President Barack Obama pushes for third nomination of Nobel laureate Peter Diamond to Federal Reserve Board
MBS purchase programme sent strong signal to mortgage market: Fed paper
Federal Reserve study says mortgage-backed security purchase programme had strong signalling effect on mortgage bond market
SNB rejects Irish debt as collateral
Swiss National Bank excludes Irish sovereign debt and that of some Irish banks from list of collateral eligible for open market operations
PBoC’s Zhou on market-based interest rate reform
People’s Bank of China governor Zhou Xiaochuan outlines the conditions for market-based interest rate reform
IMF paper investigates drivers of extreme commodity price movements
Fund research looks to wine and crude oil prices to uncover the causes of volatility
FOMC minutes highlight ‘high threshold’ to shifting QE stance
Minutes of Federal Open Market Committee December meeting underline desire to use all $600 billion set aside for the central bank’s second round of quantitative easing
National Bank of Slovakia – Monthly Bulletin (November 2010)
Annual inflation remained on hold at 1%
Brazil’s Tombini sets out inflation fighting credentials with calls for lower target
Central Bank of Brazil governor says country’s inflation target should be similar to those of other leading emerging market economies