Monetary Policy
Monetary aggregates remain about price, not financial, stability: ECB’s Stark
ECB Executive Board member Jürgen Stark says critics-cum-champions of monetary analysis are wrong once more about the true purpose
RBA: standard Phillips curve better measure of inflation than New Keynesian version
Reserve Bank of Australia study finds traditional Phillips curve model outperforms New Keynesian version in measuring inflation
National Bank of Slovakia – Monthly Bulletin (May)
Monthly Bulletin shows economic recovery remains on a steady path in Slovakia
Abandon pure inflation targeting: India’s Subbarao
Reserve Bank of India governor Duvvuri Subbarao says central banks should not persist with single focus on inflation targeting
FROM THE ARCHIVES: new MPC member criticises Greenspan put
In this article, taken from the August 2003 edition of Central Banking, Martin Weale, on Monday named the Bank of England’s new rate-setter, argues against the Federal Reserve keeping rates at low levels following the bursting of the dotcom bubble
BoE data shows May rise in lending levels
Bank of England data on lending shows moderate gains in amount of loans issued to individuals and households; lending still remains below pre-crisis levels
Cleveland Fed: Fed’s abandonment of FX controls justified
Cleveland Federal Reserve study says Fed was right to stop intervening in foreign exchange markets as it helped stabilise prices in long term
Governors gloomy on outlook for pan-African currency
South African, Nigerian and Ghanaian central bank governors say path to regional and continent-wide single currency littered with obstacles; single currency will not correct underlying problems
NIESR director to succeed Kate Barker on MPC
Martin Weale set to join Bank of England’s Monetary Policy Committee in time for August meeting
ECB handled Greek crisis well: CentralBanking.com readers
CentralBanking.com poll shows more than 40% approval rating for European Central Bank’s handling of the Greek debt crisis
St Louis Fed: FOMC largely ignored Phillips curve framework
A St Louis Federal Reserve study on Fed transcripts shows the FOMC was split on whether to use the Philips curve in monetary policy decisions
Faith in Fed's omnipotence must be challenged, says Rajan
University of Chicago professor and former IMF chief economist Raghuram Rajan slams view that Federal Reserve can “wave a magic wand” to cure United States’ economic ills
Expectations drive house prices
Bank of Spain research finds expectations on both monetary policy and future productivity influence house prices
United States vs the euro area
Bank of Spain research examines where monetary policy has the greater real impact
EXCLUSIVE: We must review how monetary policy impacts prices, says Plosser
President of Philadelphia Fed says central bankers need to rekindle research into monetary transmission in order to better understand relationship between monetary policy and inflation
Interview: Charles Plosser
President of the Philadelphia Federal Reserve tells Central Banking Publications why central banks must review how monetary policy translates into inflation; warns against viewing monetary institutions as omnipotent
EXCLUSIVE: Ghana’s Amissah-Arthur defends inflation targeting
Bank of Ghana governor Kwesi Bekoe Amissah-Arthur says framework is broader than its critics argue; points to problems in Ghanaian banking sector
EXCLUSIVE: We must accept central banks’ limitations, says Fed’s Plosser
Philadelphia Federal Reserve president warns mistaken view of central banks as omnipotent risks damaging their credibility
Posen breaks with Bank line on inflation
Bank of England’s Adam Posen believes the impact of consistently above-target inflation on expectations has led to high inflation; counters belief that price pressures can be attributed to temporary shocks
Boston Fed on expectations, output and inflation
Research from Boston Federal Reserve shows low marginal cost presses down on inflation even when central bank’s explicit inflation target is clearly communicated and understood
Bank’s Fisher on why inflation remains high
Bank of England’s executive director for markets says temporary shocks and lack of downward pressure from economic slack have left inflation above 2% target
National Bank of Slovakia – Annual Report (2009)
Slovakian central bank’s annual report details benefits of entering currency union and documents smooth transition into new monetary policy and payments systems
Monetary policy analysis and forecasting in the G20
Paper published by the IMF develops model featuring extensive linkages between real and financial sectors
Interview: Gill Marcus
The governor of the South African Reserve Bank tells CentralBanking.com why reforms can’t be rushed and discusses the role of central banks within society