Monetary Policy
Machine learning can increase credit access – Philadelphia Fed
However, study finds trade-off between profit and fairness
Bank of Israel holds rate amid uncertainty over war
Governor notes falling inflation but says proposed military spending could fuel pressures
New Zealand central bank holds policy rate
RBNZ says inflation risks have become “more balanced”
Fed governor says rate cuts shouldn’t be rushed
Christopher Waller argues that US economy is strongly positioned
Bundesbank and DNB announce large losses
Dutch central bank improves its profit forecast but Nagel anticipates continuing shortfalls
Politicians must be able to overrule RBA, say ex-governors
Ian Macfarlane and Bernie Fraser argue government should retain veto over Australian monetary policy
ECB suffers first loss in two decades as rate risk bites
Loss takes €7 billion chunk out of central bank’s equity
Book notes: The ruble: a political history, by Ekaterina Pravilova
Indispensable reading for anyone interested in Russia and comparative, long-term historical accounts of monetary ideologies and practice
Monetary policy more effective when inflation is high – NY Fed
Study casts doubts on linear models that average out impact during periods of high and low inflation
BoE’s Dhingra says restrictive policy risks ‘scarring’ economy
MPC member warns that focusing on pay and services inflation could lead to “overtightening”
South Korean and Indonesian central banks hold rates
BoK says policy will remain restrictive for now, while BI highlights need to keep inflation stable
Carbon price has only ‘modest’ impact on inflation – IMF paper
Countries could use drop in energy prices to deliver on climate goals, authors say
Thai PM calls for emergency central bank meeting to cut rates
BoT governor appears unswayed by call for monetary policy committee to meet ahead of schedule
China makes record cut to mortgage reference rate
PBoC unveils 25bp reduction in five-year LPR in further bid to revive flagging property sector
Nigerian president nominates seven MPC members
Central bank tightens currency restrictions as inflation continues to rise and dollar shortages continue
PBoC holds key rate
China’s central bank refrains from further stimulus amid weak yuan
Philippine central bank holds rates
BSP warns against upside risks, despite receding inflation
ECB policy has been effective in credit markets, paper finds
Bank of Estonia research examines loan availability in eurozone from 2005 to 2022
Monetary policy shocks ‘amplified by financial integration’
Expansionary policy in one country leads to contraction in another, BoC researchers find
Eurozone’s reserve-rich banks less sensitive to rate hikes, paper finds
Higher reserves meant some banks kept lending after rates rose, Bundesbank paper says
Eurozone rate cut is ‘fast approaching’, says Panetta
Bank of Italy governor warns that delaying looser policy could lead to financial instability
Central banks can be ‘too cautious’ with policy, BdF paper says
Timid responses to price shocks may increase inflation expectations, researchers argue
The BoJ’s possible path to positive rates
Are market expectations about a spring shift from negative Japanese rates credible, asks Sayuri Shirai
Mexican central bank holds rates again
Board says inflation should fall to 3% target in medium term despite recent rises