Monetary Policy
Governor cites stabilising inflation as Bank of Uganda cuts
Bank of Uganda cuts policy rate to 15% on back of inflation outlook; Tumusiime-Mutebile says central bank wants to have an "impact" on the state of economy where possible
Establishing rules of the game for the international monetary system
A traffic-light system for monetary policies could be adopted to prevent a ‘race to the bottom' spate of tit-for-tat measures adopted to address international spillover effects, argues Prachi Mishra
The renminbi and the international monetary system
Zhou Yueqiu, director of the Urban Finance Research Institute of the Industrial and Commercial Bank of China, offers some perspectives on the future role for the renminbi post-SDR inclusion
Lin Jianhai: The state of the global economy
Secretary general of the IMF Lin Jianhai offers his views on global challenges and China’s economic transition
Han Seung-soo: financial opening and the renminbi
former prime minister of the Republic of Korea Han Seung-soo explains why the time is right for a rethink on the current international financial system as well as China’s role in a proposed new system
Prospective eurozone members fail to meet convergence criteria, ECB says
Seven prospective member countries show greater convergence in their economic indicators but fail to meet requirements for their legal frameworks, ECB report says
BoJ vigilant to bond market impact of QQE, Nakaso says
Central bank is monitoring effects of large-scale asset purchases and doing its best to maintain market stability, deputy governor says
No room for easing in Tombini’s final meeting
Committee leaves key rate at 14.25%; analysts believe calmer political environment will shape monetary policy stance in future rather than change in governor
House prices complicate outlook as RBNZ holds
Central bank caught between strong NZ dollar and rising risks in the housing market; keeps rates on hold but further cut still remains in forecasts
IMF staff urge oil-reliant countries to strengthen liquidity frameworks
Low oil prices likely to harm liquidity, raising the need for improved facilities and forecasting; risk of delayed surge in non-performing loans
Kocherlakota: Fed should talk openly about negative rates
Former Minneapolis Fed president says central bank should talk about its policy options in a recession ahead of time, to avoid sending a bad signal if they have to be used
Strong anti-inflationary monetary policy helps mitigate uncertainty shocks, Italian paper says
Central bank has better chance of mitigating uncertainty-driven recessions by following Taylor rule with high weight on inflation, paper finds
Searching for excellence in central bank communication
First-class performance of modern central banks requires first-class communication
Yellen upbeat but concerned by weak jobs data
Janet Yellen expects continued progress to Fed’s objectives; says latest labour market report is “concerning” but warns against reading too much into it
Hitting inflation targets may be harder now, thanks to lower bound – paper
Working paper warns of potential for lower bound episodes to affect expectations of when they will occur in future, something that can act as a drag on inflation in the present
Iceland expands policy framework with capital flow tool
Central bank embraces idea of monetary policy dilemma, not trilemma, imposing reserve requirements on certain types of capital flows into the economy
US jobs report puts Fed hike expectations on ice
Small increase in non-farm payrolls leads market to all but write off prospect of a rate hike later this month; Lael Brainard and Eric Rosengren keen to see more data
Draghi policy announcement notable for its absences
ECB president announces slight upward revision in ECB's eurozone growth and inflation predictions, but does not unveil any new financing policies for Greece
Sato hits out at BoJ's negative rates
Board member warns negative rates in Japan may lead to tighter conditions and financial instability, as prime minister delays tax hike in face of deflation risk
Tiberius’s experiences with zero interest rates in 33 AD
Can the European Central Bank learn lessons from the use of zero interest rates by the Romans in 33 AD as they grappled with their own fiscal and monetary crisis?
Central Bank of Argentina raises reserve requirements
Argentina raises reserve requirements as it continues to fight high inflation; bank will introduce inflation-targeting regime in September
Pursuing stable rates may create instability, Norges Bank paper finds
Preference among central bankers to keep rates at “normal” levels may prove time-inconsistent, researchers warn
Bank of Jamaica lowers inflation target
Jamaica's central bank continues move towards inflation-targeting regime; bank forecasts inflation to fall within new target band by the end of the fiscal year
Iceland prepares for offshore króna auction
Date set for major step towards lifting capital controls, as holders of offshore króna are offered chance to swap currency, albeit at punitive rates