Monetary Policy
Eurozone inflation climbs above 2%
First time since autumn 2008 that inflation has been above European Central Bank target
CentralBanking.com’s top ten stories of 2010
Regulatory change features heavily
HKMA unveils measure to smooth burgeoning renminbi flows
Hong Kong Monetary Authority reveals four measures to steady renminbi flows into territory; renminbi flows rocket over 200% compared to end-2009
Fiat money, central banking and the Bank of Amsterdam: Atlanta Fed research
Atlanta Federal Reserve paper uses Bank of Amsterdam example to explore effects of fiat money on central bank functions
Bank minutes: inflation may hit 4% in spring
Bank of England Monetary Policy Committee warns inflation could reach 4% in spring; says pace and extent of subsequent fall highly uncertain
RBA minutes: rates on hold as global downside risks rise
Minutes of Reserve Bank of Australia rate-setting meeting relay concern over deteriorating situation in Europe; more positive on US, China
Fed extends temporary dollar swap lines
Dollar swap lines reopened with five central banks in May will remain in operation until August 2011, seven months past original date of expiry
Semi-structural models and inflation forecasting: Bank of Canada paper
Bank of Canada study finds semi-structural models best traditional New Keynesian Phillips Curve, bivariate vector autoregression models at inflation forecasting
Pakistan's Kardar on domestic inflation dynamics
State Bank of Pakistan governor Shahid Kardar explains burgeoning price growth; cites government spending on subsidies as a factor
Bank of Namibia – Monetary Policy Statement (December 2010)
Bank of Namibia’s monetary policy statement shows concern over expected weakness in future growth
Carney cautions on dangers of low rates
Bank of Canada governor Mark Carney warns that cheap money is far from viable as a long-term growth strategy
Policy reform provided shelter from global storm: IMF paper
IMF research examines how monetary policy reform in Latin America enabled economies there to weather the global financial crisis
Bank’s Bean mounts QE2 defence
Bank of England deputy governor Charles Bean says criticisms that QE2 is inflationary, will spark inflows in emerging markets, are incorrect
Posen forecasts inflation ‘well below’ Bank’s latest estimate
Bank of England external Monetary Policy Committee member Adam Posen points to “empirical regularities” to explain why inflation could dip to less than 1% in years ahead
RBI’s Gokarn on post-crisis paradigm shift
Reserve Bank of India deputy governor Subir Gokarn calls for flexibility, greater use of prudential measures in monetary policy
QE2 hopes reflected in dollar, risk reversal trends: BIS
Bank for International Settlements’ December Quarterly Review charts effects of QE2 anticipation, eurozone sovereign debt woes, in fourth quarter
Fed reviews use of monetary aggregates in policymaking
Federal Reserve study says use of monetary aggregates should be considered for monetary policy decision making
Inflation expectations rising in India: RBI
Reserve Bank of India’s December Bulletin says inflation expectations in India are rising due to an increase in expected food prices
CEPR: inflation targeting a success in Asia
Centre for Economic Policy Research study says introduction of inflation targeting framework in Asian countries reduced inflation persistence
‘End the Fed’ author to lead congressional Fed oversight group
US congressman Ron Paul appointed chair of monetary policy subgroup in influential lower house financial committee; appointment could spark intense scrutiny of Federal Reserve
ECB repos, not bond purchases best fix for debt woes: Deutsche Bank note
Deutsche Bank paper moots the use of targeted long-term repurchases to shore up peripheral bond markets, rather than more outright purchases
ECB launches two educational games
European Central Bank president Jean-Claude Trichet says launch of educational games will inform public about monetary policy activities
Norges Bank examines time inconsistency models
Norges Bank study examines methods to model time inconsistency problem in monetary policy over extended period
Lebanon’s Charafeddine: unconventional monetary policy was vital for oil exporters
Bank of Lebanon first vice-governor Raed Charafeddine says unconventional monetary policy helped oil exporting countries address financial crisis