Monetary Policy
ECB working paper highlights success of LTROs
Researcher finds three-year long-term refinancing operations significantly boosted European growth prospects and eased lending conditions
Carney insists Bank of Canada will tighten policy despite holding rates again
Mark Carney says the withdrawal of monetary stimulus is postponed, but not cancelled, as Bank of Canada’s governing council holds rates again
IMF research finds inflation targeting can dampen risk premiums
Working paper suggests inflation targeting reduces a country’s risk premium, although this effect is stronger for emerging markets and where inflation targeting is successful in stabilising prices
Central Bank of Colombia faces presidential call to cut rates
Colombian central bank under pressure from lawmakers and bankers to lower interest rates as growth falters and inflation dips below target
Bank of England unwavering in support for inflation target
MPC members hold interest rate and asset purchases to keep inflation on course to reach 2% in medium term; King condemns replacing price stability with economic growth target
BoJ says onus for recovery is now back with the government
Bank of Japan says monetary easing has ‘thoroughly permeated' the financial system; shifts onus back onto the government to tackle structural problems that are holding back growth
Mervyn King makes final ‘regional' speech as BoE governor
King provides diagnosis, prescription and prognosis for the UK economy, and expresses fears over currency wars
Bundesbank president staunchly defends independence
Jens Weidmann speaks out against the increasing politicisation and expansion of central bank mandates
Nigerian central bank tells government to act on oil
Monetary Policy Committee cautions government against ‘complacency’ in tax revenue collection and says swift action is needed to support the struggling oil industry
Belgian paper finds Fed policy influenced by Taylor rule
Working paper presents evidence that Federal Reserve policy-makers are influenced by the Taylor rule when making monetary policy decisions
Fears over BoJ independence as central bank bows to government
Commentators express concerns over the Bank of Japan’s independence as the central bank introduces 2% inflation target and open-ended asset purchases
Irish deputy lays out arguments for banking union and SSM
Gerlach says while monetary policy and bank supervisory bodies should be separate, siting them together can bring benefits
ECB's Benoit Cœuré calls for sweeping structural reform of eurozone economies
Cœuré says monetary policy 'no substitute' for structural shifts in the economy, in order to maintain Europe's social contract
Thai governor wary of prolonged easing
Prasarn Trairatvorakul says Bank of Thailand must be aware of the risks continued monetary accommodation poses to financial stability; also targets greater payments efficiency in 2013
PBoC launches short-term liquidity operations
China’s central bank now offers repos and reverse repos with maturities of less than seven days; seen as a step towards interest rate liberalisation
RBI’s Subbarao justifies greater central bank focus on poverty
Duvvuri Subbarao explains why a move towards greater emphasis on identifying and measuring poverty is important for the Reserve Bank
NY Fed research plays down QE impact on emerging markets
Staff report says large-scale asset purchases have a relatively small impact on capital flows to emerging economies in the aggregate, but finds substantial variation between countries
Fed researchers plot balance sheet exit strategy
Federal Reserve economists project possible routes towards returning the balance sheet to a 'normal' size, finding that the process should only have a temporary impact on the Fed's income
Ex-BoE policymaker Goodhart favours expanding balance sheet over NGDP target
Charles Goodhart says incoming BoE governor should buy a wider range of private sector assets; warns against nominal GDP level target
Monetary policy committee chairmen compared in Norwegian paper
Study finds Norges Bank and Sveriges Riksbank chairmen similar in style, despite different committee models
BoE MPC member questions efficacy of more QE
Ian McCafferty, an external Monetary Policy Committee member, says more monetary stimulus may not boost demand as much as earlier efforts
Outgoing Hungarian governor fighting a losing battle on monetary council
Central bank governor and deputies outvoted on interest rate decision for fifth successive meeting; government minister tipped to be appointed next governor
Riksbank deputy governor speaks out over ‘entrenched' unemployment fears
Deputy governor calls for rate cuts to bring unemployment down to 'lowest sustainable level'
Norges Bank memo investigates structure of monetary policy committees
Staff memo distinguishes between collegiate and individualistic committees, and considers the benefits and drawbacks of each