Monetary Policy
Kuroda sets out evidence that Japan’s recovery will persist
Bank of Japan governor highlights a range of factors that suggest Japan may be bringing 15 years of stagnation to a close – supported by the central bank’s aggressive monetary policy
Fed’s Powell downplays QE impact on emerging markets
Governor admits Fed policy has played a part in capital flows to and from emerging markets, but argues other factors are more important; follows fresh complaints from Asian economies
Boston Fed president wants low rates well into future
Boston Fed president Eric Rosengren says Federal Reserve should not raise its short-term interest rates until there is ‘much more progress’ towards full employment and its inflation target
Chilean policy-makers grow concerned over inflation
Central Bank of Chile board members voice concerns over persistently low inflation in their October monetary policy meeting; vote to cut key policy rate for first time in 18 months
Cypriot commission criticises ‘cumbersome’ managerial structure at central bank
Independent commission wants to see more power handed to the executive and non-executive directors at the Central Bank of Cyprus; says senior management dropped the ball on financial stability
Overburdened central banks may become ‘repoliticised’, says Orphanides
Former Central Bank of Cyprus governor warns overreliance on central banks may eventually ‘diminish and compromise’ their independence, in a paper published by the Boston Fed
Fed’s Fisher attacks ‘ineffective’ US government
Dallas Fed president Richard Fisher holds the United States government accountable for the slow pace of economic recovery; says the Fed has acted swiftly and decisively in comparison
US Senator vows to block Yellen nomination
Republican Rand Paul - son of long-time Fed critic Ron Paul - says he intends to fight confirmation of Janet Yellen as the next Fed chair unless monetary policy is subjected to Congressional scrutiny
Central bankers cannot fix Asia's economic woes, warn bank economists
Government-driven reform is urgently required to ensure continued development in Asia; India comes in for most criticism as market watchers turn attention to forthcoming plenary in Beijing
Researchers compare South African capital markets with international counterparts
South African Reserve Bank working paper examines how the country’s equity, currency, bond and derivatives markets in South Africa have developed and how they compare with others
GCC states need to jettison ‘destabilising' US-dollar pegs, says Qatar's Al Khater
Oil-rich Gulf states should peg currencies to crawling trade-weighted baskets as US demand becomes less of a factor in driving oil prices, says Qatari central banker
Hungarian easing shows no sign of abating
Central Bank of Hungary reduces its key policy rate for the fifteenth time in as many months, and says ‘further cautious easing’ could follow
Curaçao governor ‘baffled’ by bond market reluctance
Emsley Tromp extols the value of innovation in monetary policy, and expresses his bemusement at the region’s apprehension over the creation of a corporate bond market
RBI takes hawkish stance against inflation with another rate hike
Repo rate hike and MSF rate cut bring spread back to its normal level of 100 basis points; ‘material' risk of entrenched inflation could mean another hike is on the way, says DBS economist
BoJ’s Iwata draws lessons from ‘Takahashi economic policy’
Current Bank of Japan deputy examines former governor and finance minister’s success in lifting Japan out of deflation in the 1930s; underlines importance of expectations, both past and present
Canadian research finds drop in uncertainty following policy changes
Bank of Canada working paper presents evidence that uncertainty over interest rates in Canada fell after recent changes to monetary policy including forward guidance
German researchers present indicator of interbank market stress
Bundesbank discussion paper says banks’ bidding behaviour in Eurosystem’s weekly refinancing operations reflect conditions in the interbank market
Bank of Thailand lowers growth and inflation forecasts
Central bank says Thailand’s rising debt burden and falling consumer confidence are holding back domestic demand, which in turn is slowing the pace of growth and inflation
PMA attributes inflation disparity to Egyptian smuggling
The Palestine Monetary Authority blames the divergence between inflation in the West Bank and the Gaza Strip partly on the cheap goods being smuggled into Gaza from Egypt
Bank of Canada holds rates despite drop in growth and inflation forecasts
Governing council holds key policy rate at 1% despite suggesting inflation will take two years to return to target; says economy is rebalancing but the process will ‘take longer than previously projected’
OECD tells Brazilian government to stay quiet on interest rate policy
New report urges government to stop commenting on future trajectory of interest rates, and set fixed terms for MPC members ‘during which they cannot be dismissed'
Productivity still a puzzle for Bank of England MPC
Latest minutes show the monetary policy committee still does not really understand what is driving falling unemployment and rising productivity; inflation pressures seen softening slightly
Central Bank of West African States facing broken transmission mechanisms
Members of the IMF’s African department find the central bank’s ability to influence liquidity conditions in the WAEMU is restricted by the union’s ‘shallow’ financial system
Woodford forward guidance an ‘academic curio', says BoE's Bean
Deputy governor says Bank of England cannot commit to low interest rates for as long as Woodford and Eggertsson would advocate; concedes financial stability knockout in guidance may be ‘material'