Monetary Policy
Japan’s Miyao hammers home macroprudential importance
Speaking in San Francisco, policy board member Ryuzo Miyao explains how Japan is working on ways to better assess risks across the country’s entire financial system
Minneapolis Fed’s Kocherlakota warns FOMC against inflation drift
Minneapolis Federal Reserve president Narayana Kocherlakota says Federal Reserve should formulate a public contingency plan to avoid tolerance of high inflation
Thailand and China ease monetary policy
Thailand cuts benchmark rate and China lowers reserve ratio as eurozone crisis impact is felt in Asia; Thailand also keen to combat effects of devastating floods
Vices of monetary policy must be addressed: ECB's Stark
European Central Bank executive board member draws on the ‘virtuous’ and ‘vicious’ relationship between globalisation and monetary policy
ECB credibility is damaged, say CBP panellists
Fourth Central Banking ON AIR webinar sees heated discussion over the future of the eurozone; ECB has suffered damaged credibility but independence is unscathed, say panellists
UK government launches separate easing programme
Bank of England agrees to reduce the maximum size of its Asset Purchase Facility to make way for government’s new credit easing programme; settles dispute over bolstering lending to SMEs
Ex-MPC member says BoE wrong to delay on QE
Former Bank of England external member Sushil Wadhwani disagrees with current rate-setter Martin Weale over when to provide additional stimulus to UK economy
Carney discusses limitations of price-level targeting
Bank of Canada governor Mark Carney says adoption of price-level targets may not be beneficial in periods of turmoil
Interest rate pass-through in Ghana protracted: IMF paper
Fund study finds lags in adjustment of wholesale market rates reduces the effectiveness of monetary policy conducted by the Bank of Ghana
Weak demand adds pressure on Bank of England
Bank of England Monetary Policy Committee minutes shows all members voted to hold rates despite growing signs of declining demand from UK households
FOMC disagrees over monetary policy strategy
Federal Open Market Committee discusses alternative monetary policy strategies; committee disagrees over setting a “longer-run inflation goal”
Monetary and financial stability policy are distinct: Riksbank’s Svensson
Riksbank deputy governor Lars Svensson says financial stability policy should not be confused with monetary policy
Sarb’s Marcus laments ‘new phase’ in eurozone crisis
Latest South African Reserve Bank Monetary Policy Review shows rising inflation and hesitant domestic economic recovery; governor Gill Marcus shares concerns as eurozone crisis rumbles on
RBI’s Subbarao calls on government to address rising food prices
Reserve Bank of India governor Duvvuri Subbarao says monetary policy response to elevated food inflation is limited and improvements in supply chain management are needed
Accommodative policies risk triggering interest rate traps: Norges Bank paper
Norges Bank study says low interest rate environments provide banks with incentive to rely on public provisions for liquidity
Monetary policy should be recalibrated: BoE’s Miles
Bank of England’s Monetary Policy Committee external member David Miles says shift in housing market may require changes to the way monetary policy is formulated
Dovish Miyao wants more QE for Japan
Bank of Japan minutes show policy board member Ryuzo Miyao voted for a ¥10 trillion monetary injection at the last meeting
Liikanen predicts emerging market over-take in 2013
Bank of Finland governor sees emerging economies overtaking developed as soon as 2013; Bank of Finland renews terms of two key central bank figures
SF Fed says mortgage market reforms can aid monetary policy
San Francisco Federal Reserve president John Williams says fiscal policy must work in tandem with monetary policy to stimulate US economy
Central bank intervention in credit markets threatens independence, says Fed's Lacker
Richmond Federal Reserve president Jeffrey Lacker says intervention in credit markets diminishes central bank autonomy; CentralBanking.com poll suggests otherwise
Blanchflower blasts BoE’s forecasting record
Former Bank of England Monetary Policy Committee member David Blanchflower says central bank will continue to miss projections until outdated models are replaced
Quantitative easing proved effective in Japan: IMF paper
Fund study shows the Bank of Japan’s asset purchase programme helped lower bond yields and raised equity prices in the country
BoE revises downward UK growth forecast
Bank of England November Inflation Report expects sluggish growth in 2012 on back of weak global demand and eurozone crisis
BIS paper finds tightening bias in reserve requirements
Bank for International Settlements study says reserve requirements impose tax burden on Chinese banks, which is passed on to depositors and SMEs