Monetary Policy
ECB ‘obliged' to introduce OMT to defend price stability, Draghi tells Bundesbank
ECB president Mario Draghi tells a Bundesbank symposium in Frankfurt that OMTs build on the doctrine adhered to by the German central bank for several decades
Permanent drop in UK risk-free rate suggests lower interest rates the 'new normal'
Bank of England's David Miles says lower returns on safe assets prompted by changed risk perceptions will keep bank's benchmark rate below historic average
Yellen hits back at critics over 'discriminatory' treatment of foreign banks
Following EU complaints, Fed chair tells Senate panel that new regulations are essentially the same as those faced by US banks abroad; Bitcoin is outside Fed's remit
FX Invest Europe: Deutsche Bundesbank official praises Fed’s QE exit strategy
Christine Glockmann says other central bankers may copy Fed’s communication over QE tapering; says eurozone economic policy suffers from member states 'bickering'
Blanchard leads calls for more ‘democratic input’ in central bank decision-making
Viral Acharya, Olivier Blanchard, Richard Fisher, Otmar Issing and Klaas Knot debate new ‘paradigm’ of central banks with ever more responsibilities; Blanchard prescribes an injection of democracy
Markets see PBoC hand in RMB depreciation
The sharp fall in the RMB at the end of February is thought to have been a deliberate action by China’s central bank to engineer the development of a two-way market in the currency
Weidmann says macro-prudential instruments should be a ‘political top priority’
Bundesbank president says macro-prudential instruments should be prepared urgently; points out flaws in attaching greater importance to the financial sector when setting monetary policy
Iceland MPC fears debt relief package will boost inflation
Central Bank of Iceland frets over economic impact of government's plan to relieve 100,000 households of $1.32 billion in debt
Central Bank of Brazil hike 'signals end' to year-long tightening cycle
Central bank raises benchmark Selic rate by 25 basis points to 10.75% in move that analysts say means a lower peak is probable
Rajan sets out five-point plan to tackle food inflation
Reserve Bank of India governor says monetary policy can help control food inflation, but insists the government 'has an important role to play'
Pope to set up Vatican central bank
Vatican City set to establish its own central bank as Pope Francis looks to overhaul a financial system that has suffered accusations of corruption
Fed transcripts reveal origins of modern forward guidance
Transcripts from the FOMC’s meetings in 2008 reveal the considerations that informed forward guidance at the time and continue to influence central banks’ communication policy today
G-20 pledge signposts en route to 'normal' monetary policy
Central bank governors and finance ministers in the world's biggest economies promise to be ‘mindful of impacts on the global economy' as they exit unconventional monetary policy
Australia, Korea strike $5 billion swap deal
Glenn Stevens and Choong Soo Kim sign the countries’ first swap arrangement on the sidelines of the G-20 meeting as they look to promote bilateral trade
Fed publishes FOMC transcripts from 'crisis year' 2008
Transcripts of FOMC meetings from the year Lehman Brothers went bust reveal thinking behind exceptional monetary policy decisions
Forex loans helped Hungarian firms invest more - until the forint fell in the ‘great recession'
Working paper finds Hungarian firms that borrowed in foreign currencies invested more before the crisis, but experienced a negative balance sheet effect thereafter
Study finds support for Reserve Bank of Fiji's targeting of overnight policy rate
Working paper uses quarterly data for a 10-year period, 'comprehensively estimating all potential money demand equations within the ambit of monetary policy'
Central bank independence is 'oversold', says Cargill
Thomas Cargill, chair of the AEA's session on central bank independence, says rules-based approach first advocated by Milton Friedman is 'far more important' for price stability
Price-setters still expect Sarb to miss inflation target
The South African Reserve Bank has succeeded in persuading analysts it will keep inflation within its target band, but price-setters' expectations remain higher
Fed's Bullard wants more research into what drives labour market participation
St Louis Fed president concludes the existing literature suggests demographics are behind most of the decline in participation, but calls for more detailed work on household participation decisions
RBI and IMF clash over pace of tightening
Staff report from the International Monetary Fund calls for ‘significant increases’ in policy rates, but the central bank is reluctant to cut off the economic recovery
G-20 governors should co-ordinate exit, says IMF
Fund recommends greater co-ordination of monetary policy as well as negative interest rates at the ECB and devaluations in emerging markets, in report to G-20
Central Bank of Chile cuts rate again as currency remains at five-year low
Bank lowers benchmark rate by 25 basis points to 4.25% and hints at further cuts in coming months, but analysts warn currency weakness and drop in copper exports should not be ignored
ECB paper tests resilience of Polish economy to interest rate shocks
Researchers find that output and prices in Poland have become more resilient to both interest rate and exchange rate shocks over the past two decades