Monetary Policy
West African central bank raises rates as crises continue
Authorities cite “rising uncertainties at regional level” and reduced aid after wave of coups
Philippine central bank shifts to variable rate repo auction
BSP says move will improve policy transmission but does not change its policy stance
UK nearing top of rate cycle, Bailey says
MPC member Swati Dhingra says producer prices could herald rapid decline in headline figure
Freeland welcomes Bank of Canada rate pause
Finance minister qualifies statement as other politicians attack monetary policy
RBA’s Lowe defends record, but admits some mistakes
Outgoing Australian governor says guidance was wrong but that media worsened policy debate
Fed officials signal slowing tightening cycle
Bostic and Harker indicate policy is restrictive enough to bring inflation to 2%
Bank of Canada holds rates steady amid political pressure
Regional heads send letter to governor Macklem calling for an end to rate hikes
Colombian government and private sector issue joint call for cuts
Finance minister talks of “economic deceleration”, but inflation is still in double digits
Chile continues rate cuts
Central bank lowers policy rate as economy shows signs of slowing
RBA holds rates at Lowe’s final meeting
Outgoing governor has not ruled out need for further tightening
Israel holds rate, but signals more hikes still possible
Yaron denies report he will not seek new term
IMF paper offers ‘complete set of tools’ to model reserves demand
Authors say theirs is the first complete modelling framework for reserves demand
Jackson Hole in the wake of policy rules
Symposium heralds a shift to relying on incoming data and judgement, rather than rules or even formal models, to hit inflation targets, writes Barry Eichengreen
Surprising the market can reverse standard effects of policy, paper finds
Part of the impact of Fed decisions comes from revealing economic thinking, authors say
Eurozone soft landing depends on Phillips curve – Schnabel
Executive board member says evidence is hard to read, calling for “robust” policy-making
Policy transmission weak in Caucasus and central Asia – IMF
Recommendations include improved communications, and intraday and overdraft credit facilities
Supply shocks drive greater dissent on FOMC – BIS paper
Tougher trade-offs appear to reveal differences in policy-maker preferences, authors say
ECB paper explores best response to inefficient capital flows
Exchange rate pass-through is key to whether policy should tighten or loosen, authors find
Climate change poses ‘acute uncertainty’ for economy – RBA’s Bullock
Incoming governor says climate change may lead to structural changes and affect neutral rate
Monetary policy impacts innovation, says research
Paper presented at Jackson Hole conference finds tightening can decrease R&D spending, cutting long-term growth
Policy rate is Fed’s most powerful monetary tool, says paper
Researcher tests impact of changes in short-term rate, forward guidance and asset purchases
ECB: from a supply to a demand-driven floor?
Eurozone’s central bank expected formally to abandon corridor in forthcoming operational framework review
Powell gives hawkish speech at Jackson Hole
Fed chair warns monetary policy could do too little or too much
Kazakhstan cuts main rate as outlook improves
Governor says inflation should keep falling but fiscal policy or Russian prices could derail forecast