Monetary Policy
India’s Mohanty to lead review of key open market operation
Reserve Bank of India executive director Deepak Mohanty will head working group assessing liquidity adjustment facility; review will examine method in light of changing liquidity dynamics
Norway’s Gjedrem says return to inflation target will be delayed
Norges Bank governor Svein Gjedrem says weakness in growth will lead to concessions on inflation mandate
Peru raises reserve requirement in bid to stem capital inflows
Central Bank of Peru increases reserve requirement on overseas loans to 75%
SNB: money market rates best target during recessions
Swiss National Bank study shows money market-based monetary policy procedures create greater stability
National Bank of Hungary tests hybrid inflation targeting rule
National Bank of Hungary study says hybrid regime takes best of price-level and inflation targeting regimes
Rate round-up: Canada, Peru hike as Sarb cuts
Canada hikes rates while South Africa cuts on rising rand; continued uncertainty in global economy prompts Korea, Japan and Australia to keep rates steady
France’s Redouin favours central banks’ new dual role
Banque de France first deputy governor Jean-Paul Redouin says having financial stability and monetary policy under one roof will strengthen surveillance of financial sector
The big divide over deflation and debt
In the fifth of a six-part series on the Japanese economy, Robert Pringle reports from Tokyo on how the crisis has impacted Japan’s global outlook
EXCLUSIVE: Don’t rely on near-zero rates, says Rajan
Former IMF chief economist Raghuram Rajan warns the Federal Reserve has no quick fixes to solve United States’ economic ills but says Bernanke right man for the job
Interview: Raghuram Rajan
University of Chicago Booth School of Business' Raghuram Rajan on Fed policy and officials, the structural flaws in the US economy, and the future of economics in central banks
Federal Reserve: discount rate minutes July-August 2010
Two of 12 regional Feds wanted higher primary credit rate
Israel justifies rate hold
Bank of Israel minutes flag economic uncertainty as factor behind Governor Stanley Fischer opting to hold rates
ECB’s González-Páramo highlights flaws in collateral framework
European Central Bank executive board member José Manuel González-Páramo acknowledges risks in central bank’s willingness to accept broad range of collateral
Inflation targeting survived crisis test: Norway’s Qvigstad
Norges Bank deputy Jan Qvigstad says increased transparency has been very valuable
Bernanke: Fed won’t rule out leaning against wind
Regulation should be “first line of defence” against bubbles, but FOMC is monitoring financial imbalances
Central Bank of Turkey – Inflation Report (Q3 2010)
Central Bank of Turkey says recent figures have shown high inflation towards the end of 2009 to be a blip
Fed cannot bear full burden of job creation: Fisher, Plosser
Regional Federal Reserve presidents Richard Fisher and Charles Plosser say loosening monetary stance further will not cure unemployment ills; monetary policy no panacea for macroeconomic problems
FOMC officials cite disinflation in explaining policy shift
Federal Open Market Committee minutes reveal officials see anaemic growth tempering price pressures
BoJ expands fixed-rate fund supply on growth, yen fears
Bank of Japan unveils six-month term to existing fixed-rate funds operation; facility to expand by $238 billion on fears of weak US growth, yen strength
Focus on banks’ incentives must continue post-crisis: Bank’s Bean
Bank of England deputy governor Charles Bean says crisis focus on bank incentives must remain; financial market problems require macroprudential instruments
Unemployment caused by structural mismatch: Minneapolis Fed’s Kocherlakota
Minneapolis Federal Reserve president Narayana Kocherlakota analyses the breakdown between job openings and unemployment in the United States
Bernanke dismisses higher inflation targets, unconvinced on conditional commitment
Federal Reserve chairman Ben Bernanke rejects higher inflation targets; says conditional rate commitment too risky, despite success in Canada
Riksbank's Öberg calls for careful policy normalisation
Riksbank first deputy governor Svante Öberg points to risk in returning benchmark rate to pre-crisis levels
Canada's Murray: 2% inflation target not necessarily optimal
Bank of Canada deputy John Murray says inflation targets could be even lower than 2%