Monetary Policy
Bank's Posen on western economies turning Japanese
Bank of England rate-setter Adam Posen discusses relevance of Japan's deflationary experience to western economies today
Interview: Howard Davies
The founding chairman of the UK Financial Services Authority discusses Britain’s new regulatory architecture, weaknesses in the European Central Bank’s voting arrangements, and how inflation targets need to change
Cyprus’s Orphanides calls for more attention to macroprudential regulation
Central Bank of Cyprus study into lessons from crisis says greater need for both micro and macroprudential regulation
Bank of Canada: contractionary monetary shocks outweigh expansionary ones
Bank of Canada study shows that contractionary monetary policy shocks have more impact on output than expansionary shocks
Richmond Fed – Annual Report 2009
Richmond Federal Reserve study on systemic risk finds that policy interventions may harm market incentives if implemented during a crisis
Rate round-up: Israel opts to hold
Israeli, Kenyan, Turkish and Serbian central banks’ rates remain unchanged
Volcker rule fails to make approved Dodd bill
Key amendment omitted; Fed gains powers but will face audit in sweeping regulatory reform
Bank of Canada: Credibility helps keep inflation expectations anchored
Bank of Canada study shows central bank credibility helped anchor inflation expectations during global financial crisis
Eurozone crisis weighs on Swiss exit plans: SNB's Jordan
Swiss National Bank deputy head Thomas Jordan says normalisation of monetary policy hampered by eurozone debt crisis
FOMC minutes reveals divergent views on timing of asset sales
Federal Reserve minutes outlines discussions over an asset sale programme at the FOMC meetings in April
Hungarian prime minister-elect hints at Simor ouster
Hungary’s incoming prime minister gives clearest sign so far that András Simor’s days as central bank governor could be numbered; party wants a central bank that will stimulate economy
BoE minutes: Bank held rates on delayed recovery
Bank of England minutes show key rate was left at 0.5% on continued uncertainty over pick-up in economic growth
BOJ's Kamezaki: Japanese deflation imminent threat
Bank of Japan board member Hidetoshi Kamezaki says the risks of deflation must be widely acknowledged in the economy
Inflation targets must account for financial stability: former FSA head
Ex-Bank of England deputy governor Howard Davies proposes more flexible inflation target that takes into account credit conditions
Hungary’s Simor tells critical government to curb debt
National Bank of Hungary governor András Simor says high external and government debt levels must be corrected; central bank adds that growth cannot be financed through foreign borrowing anymore
RBA: May minutes show hike down to inflation scare
Reserve Bank of Australia’s May Board meeting reveal upward revision in inflation led to rate hike
Persistent UK inflation sparks concern over Bank’s forecasting
Mervyn King forced to pen another letter to chancellor as inflation remains way above target
Surveying inflation credibility
Jannie Rossouw, Vishnu Padayachee and Fanie Joubert compare the methodologies of inflation credibility surveys conducted in New Zealand, South Africa and Sweden
Policy forecasts: a new frontier in communication
Jakob de Haan weighs up the pros and cons for central banks considering publishing interest rate paths
Buba’s Weber interested in price-level targeting
Bundesbank president Axel Weber says move to price-level targeting could help anchor inflation expectations
Trichet reaches out to German public
European Central Bank chief Jean-Claude Trichet participates in several interviews with German media to assuage fears over the central bank’s entry into bond markets
Follow the money
Monetary aggregates are set for a comeback in central banking, but as indicators of financial instability, not inflation. Claire Jones reports
Lessons from the crisis for monetary policy
As central bankers discuss the future of the monetary policy framework, Robert Pringle puts the debate in a wider context and raises some questions about the emerging new consensus