Monetary Policy
Fed’s Stein highlights benefits of mortgage-backed QE
Jeremy Stein says purchasing mortgage-backed securities provides a greater "kick" for corporate investment than Treasury securities
Bank of Albania – Annual Report (2011)
Bank of Albania 2011 Annual Report highlights a growing economy and inflation kept in check at 3.5%
ECB’s Cœuré champions accountability in Europe
Executive board member wants clear ‘network of responsibilities’ and advocates creation of a euro area treasury
Sarb’s Mminele highlights risks to emerging markets from QE
Daniel Mminele says unconventional monetary policy has complicated policy-making for emerging market central banks
Turkish minutes urge government to maintain discipline
Central Bank of the Republic of Turkey says annual inflation likely to come in lower than previously forecast, but this depends on the government adhering to fiscal commitments
BoJ’s Shirai examines link between demographics and monetary policy
Sayuri Shirai says the Bank of Japan has been forced to respond to the twin challenges of an ageing population and a string of economic crises, making monetary policy-making difficult
Fed paper examines commodity price correlation
Study find lower interest rates capable of smoothing price divergences
King grilled over £37bn grabbed by UK Treasury
Treasury Committee takes Mervyn King to task over 'profits' from quantitative easing claimed by UK Treasury; BoE officials insist bank’s independence is not under threat
Czech paper evaluates monetary policy lags
Finds greater financial development is correlated with the slower transmission of monetary policy
Shirakawa deflects criticism over off-target inflation
BoJ chief says Japan needs stronger growth potential for effect of loose monetary policy to feed through fully; urges government to take action
Mongolian governor defends free capital accounts
Mongolia’s Naidansuren Zoljargal says financial contagion should be contained without abandoning the liberalisation of capital accounts
Interest rate cut finally passes in Poland
Polish central bank’s monetary policy council agrees to cut rates by 25 basis points to 4.5%, after proposed cut mentioned in fourth successive meeting
Bank of England MPC unanimously rejects QE
Minutes from the Monetary Policy Committee’s meeting show debate about the potential effects of further asset purchases; unanimous vote to maintain programme level and hold interest rate
SNB’s Zurbrügg defends fiscal-monetary relationship
Swiss National Bank board member says tension only arises in times of crisis and monetary policy is burdened with expectations
Spain’s Linde hits out at countries delaying euro reform
Bank of Spain governor says sovereign debt problems are being dragged out by the slow acceptance of a 'new reality' in the monetary union
Annual report highlights transformative year for Bank of Mauritius
Bank of Mauritius experimented with new policy measures and a redesigned monetary policy committee in the past year
Nigeria commits to tight monetary stance
Interest rate held at 12% despite decline in growth and core inflation
Norges Bank’s Olsen says inflation targeting is 'more flexible'
Firmly anchored inflation expectations allow economic stability to be considered when setting interest rates
BIS’s Caruana warns of low interest rates risk
Jaime Caruana says low interest rates have created a ‘first-mover disadvantage’ that prevents rates rising and could fuel financial instability
Tail risk evaluated in French paper’s new inflation measure
Study by Banque de France staff finds the expectations of extremely high and low inflation outcomes impacts actual levels
Hungarian paper explores central bank transparency
National Bank of Hungary research identifies areas of transparency that can be exploited to reduce uncertainty in the economy
SNB’s Jordan warns against ‘overburdening’ monetary policy
Swiss National Bank chairman says macro-prudential instruments are better suited to address financial stability
Philadelphia paper praises macro-prudential potential
Macro-prudential policy is a more efficient way to control credit than monetary policy – and it has a limited impact on inflation
Svensson sheds light on Riksbank division
Sveriges Riksbank deputy governor explains schism in central bank’s monetary policy committee; says choice of repo-rate path is flawed