Monetary Policy
BoJ’s Nishimura favours dual approach to monetary policy
Bank of Japan deputy governor Kiyohiko Nishimura says provision for credit expansions in monetary policy provides degree of flexibility in policy options
IMF: Turkish banks vulnerable to monetary shocks
Fund study shows monetary policy channels in Turkey are severely disrupted when policy is tightened
BoE’s Fisher: further QE a possibility
Bank of England rate-setter Paul Fisher says central bank could provide stimulus should conditions warrant it
The Fed is being asked to do too much
Marcelle Arak and Sheila Tschinkel argue that more outright purchases of US Treasuries by the Federal Reserve will do little to stimulate US growth
Riksbank’s Wickman-Parak: crisis days are over
Riksbank deputy governor Wickman-Parak says central bank can return to conventional monetary policy following convincing economic recovery
Bernanke hints at further round of QE
Federal Reserve chairman Ben Bernanke says Fed is prepared for further stimulus
FOMC minutes discuss QE options
Federal Open Market Committee meeting’s minutes discuss possibility of further investment in long-term Treasury securities
Google price index gets analysts’ thumbs-up
Commentators praise the innovation underlying Google price index; despite limitations, index could work as a CPI subset
Central banks should not get accustomed to QE: France’s Noyer
Banque de France governor Christian Noyer says central bank intervention was essential during crisis but should not be perceived as regular practice
Sentance: Bank risks losing credibility if rates remain on hold
Bank of England external MPC member Andrew Sentance says central bank risks being seen as not taking its inflation-fighting remit seriously if it does not begin to raise rates
Singapore tightens to spur faster appreciation
Monetary Authority of Singapore tightens policy further to allow for faster appreciation of Singapore dollar
Buba’s Weber rebuffs criticism of German surplus
Bundesbank president Axel Weber dismisses argument that eurozone’s surplus countries should boost demand to aid deficit-laden neighbours; condemns “misleading” comparison to China
Monetary policy cannot correct over-leveraging: Bank’s Miles
Higher interest rates will not prevent build-up of debt, which amplified effects of recent crisis, says Bank of England rate-setter David Miles
ECB: monetary policy could have prevented the crisis
European Central Bank study finds low benchmark rate had significant role in lax lending standards before crisis
Shirakawa flags limits of monetary policy
Bank of Japan governor says loose monetary policy is a necessary condition for recovery, but its efficacy is limited and may have unintended consequences
Take responsibility: ECB’s Bini-Smaghi to EMEs
European Central Bank executive board member Lorenzo Bini-Smaghi says emerging markets seeking bigger global role must take responsibility for imbalances
BoJ minutes show divergence on risks
Minutes of Bank of Japan's September meeting show disagreement on risks to economy
RBI’s Gokarn identifies emerging inflation risks
Reserve Bank of India deputy governor Subir Gokarn says changing dietary habits are driving up food prices
St Louis Fed: forward rates provide investors little advantage
St Louis Federal Reserve study says informational value of longer term forward rates provides no additional economic benefits
RBA develops more robust monetary policy model
Reserve Bank of Australia study uses sign restriction VAR models to explain exchange rate puzzle in measuring monetary policy
Pay attention to monetary aggregates: Canada’s Macklem
Bank of Canada senior deputy governor Tiff Macklem says interest rate transmission blockages make money, credit data key in crisis; adds voice to growing chorus of central bankers
Japan edges towards zero bound
Bank of Japan cuts benchmark rate to 0% to 0.1% range, announces further stimulus
RBI names working group to review key open market operations
Reserve Bank of India names working group members assessing liquidity adjustment facility; six out of ten from central bank
NY Fed’s Sack on FOMC’s policy shift
New York Federal Reserve executive vice president Brian Sack said further measures represent meaningful shift in balance sheet path