Monetary Policy
Emerging markets in the dark over credit inflows, says Chilean governor
Rodrigo Vergara says the standard inflation-targeting framework may be unable to mitigate credit inflows; says there is uncertainty over alternatives
Contractionary monetary policy increases wealth spread, says Philadelphia Fed paper
Philadelphia Fed study considers impact of contractionary monetary policy shocks on different segments of the population; finds imbalance between the wealthiest and others
IMF paper examines eurozone current account imbalances
IMF study investigates causes of current account deficits in some eurozone countries; weighs up internal and external factors
Ugandan deputy governor explains decision to nationalise NBC
Bank of Uganda takes over commercial bank after prolonged period of losses; Louis Kasekende says there was no other choice
Zambian deputy governor wants greater female inclusion
Tukiya Kankasa-Mabula says improving female financial inclusion will help unlock higher growth potential; calls for women to take the initiative
Sarb paper establishes new inflation measure
South African Reserve Bank research reveals alternative measure of core inflation; designed to remove elements of ‘noise’
Czech National Bank cuts rates to record low
Governing board votes to cut rates to historic low in face of persistent weakness in the economy; possibility of unconventional policy measures if low growth continues
ECB’s Draghi defends OMTs to German audience
European Central Bank president Mario Draghi stresses bond purchase plans are within the central bank’s mandate; says there are signs reforms are working
‘Financialisation’ of commodities markets in reverse, says Canada’s Lane
Bank of Canada’s Timothy Lane says bank deleveraging could lead to a reversal of the close ties in recent years between financial and commodity markets
BoE’s Fisher details progress on ‘funding for lending’ scheme
Bank of England MPC member Paul Fisher reveals the initial uptake of UK ‘funding for lending scheme’; says impact difficult to judge
Research warns of global liquidity trap
Smithers & Co report says quantitative easing unlikely to boost demand due to worldwide liquidity trap; calls for fiscal stimulus but says such action is not expected
Mexican deputy governor discusses high-inflation risk
Manuel Sánchez explains why inflation has risen above target and considers the future challenges that may prevent it converging
Reserve Bank of New Zealand annual report details foreign exchange losses
Reserve Bank of New Zealand annual report outlines 'sluggish' growth rates and foreign exchange losses, but predicts an increase in future economic activity
Norges Bank’s Olsen warns of overburdening monetary policy
Øystein Olsen says there are limits to what can be achieved with just policy rate changes; draws distinction between Norwegian monetary policy and easing measures taken elsewhere
King defends record in first live interview
Bank of England governor justifies missed inflation targets, redistributive impact of quantitative easing and design of banking regulation in first live extended television interview
New governor signs revised policy target agreement in New Zealand
The Reserve Bank of New Zealand’s policy targets agreement will come into effect on the same day Graeme Wheeler takes over as governor; document includes "stronger focus" on financial stability
Robert Pringle’s Viewpoint: Central bankers gamble for high stakes
The world’s major central banks have made high-stakes bets in a bid to stabilise economies. But their efforts may do little to promote confidence in the longer-term future of monetary management
ECB’s Cœuré justifies use of non-standard policy measures
Benoît Cœuré explains threat to the interest rate channel created need for alternative monetary policy measures; says outright monetary transactions aim to restore ‘monetary dominance’
IMF loans impact sovereign bonds, says Bank of Spain paper
Spanish study finds countries that receive IMF funding issue less sovereign debt, and with shorter maturities; effect is stronger under particular conditions
BoJ expands asset purchase programme
Japanese policy board votes to increase purchases of government bonds and treasury bills; Bank of Mauritius governor highlights risk to central bank reserves from further asset purchases
Riksbank minutes highlight ‘unexpectedly rapid’ currency appreciation
Minutes of the Rikbank’s September monetary policy meeting show all board members raised concerns about the strength of the krona; governor says action is needed in eurozone
BoE minutes reveal unanimous decisions
Minutes show members of the BoE Monetary Policy Committee in agreement over QE and interest rate; says weak demand and high inflation were key considerations in decision
NY Fed’s Dudley confident in QE3 benefits
President of NY Fed says third round of QE is needed to catalyse growth; says employment will improve faster as a result of the programme
Fed paper examines Chinese response to rate shocks
Federal Reserve study explores the response of the People’s Bank of China to foreign interest rate shocks; says liberalisation of foreign currency policies could reduce central bank’s costs