Monetary Policy
In-depth reports less frequent than monetary policy meetings
Over 80% of central banks set monetary policy without always publishing in-depth reports
ECB announces moderate cut in net asset purchases
Council unanimously agrees adjustment despite mid-term below-target inflation projections
Sarb governor urges shift to narrow inflation target
Kganyago says it was a “mistake” to maintain a target band for so long
Central banks divided on publishing policy meeting minutes
Central banks in advanced economies more likely to publish minutes
Bank of Canada on hold as growth proves weaker than expected
Second quarter contraction comes as Canadian exporters struggle with bottlenecks
Policy-maker votes largely kept secret
Most central banks do not reveal how individual monetary policy-makers vote
Lending rate rigidity weakens eurozone monetary policy – BdF paper
Asymmetric costs in changing bank lending reduce effects of looser policy
RBA delays bond purchase review until 2022
Central bank pushes back review as new Covid outbreak threatens to delay recovery
BoJ deputy cautions against ‘premature tightening’
Core CPI is not the sole indicator of the BoJ’s monetary policy, says Wakatabe Masazumi
Policy-makers and staff often determine headline forecasts
Joint approach may help conquer systemic bias
Danish central bank positive on ECB strategy review
New 2% symmetric target could boost inflation, report says; climate change may impact price and financial stability
BIS to throw open doors for 90th anniversary
Delayed celebration will invite public to multimedia exhibition in main tower
Moldova makes second rate hike in two months
Central bank cites “persistent inflationary process” as it raises policy rate 100 basis points
Majority of central banks do not take account of forecast errors
Surveys of inflationary expectations used widely, alongside macroeconomic and market indicators
Zambia holds rates despite double-digit inflation
Governor says inflation will decelerate faster than expected despite being three times target rate
Majority of central banks have power to issue debt for monetary purposes
Central banks pointed to draining liquidity as a reason for issuing debt
FX market intervention key tool for emerging market economies
Central bank markets departments perform a wide range of different roles
Communications Benchmarks 2021 – presentation
Central Banking’s communications subject matter specialist Daniel Hinge speaks with Christopher Jeffery about communications staffing and salaries, effective approaches and favoured channels
Chilean central bank steps up policy tightening
Board unanimously decides to increase interest rates by 75 basis points to 1.5%
Asset purchase programmes prevalent among advanced economies
But just 17% of emerging market economies said they operate a purchase programme
Majority of central banks use corridors to set market rates
A handful use floors due to unconventional policy, and some use other methods
Too great expectations from the ECB’s strategy review
The review process represents operational best practice, but will fail to unify the Governing Council
Salaries higher for monetary policy staff than markets specialists
Budgets for monetary operations/markets teams were larger, but monetary policy staff were slightly better compensated
Indonesian central bank to buy $30 billion debt from government
Central bank will receive below-market yield for most purchases in two-year programme