Monetary Policy
Bank had different objectives with corporate bond purchases: Fisher
Bank of England’s executive director for markets Paul Fisher says the central bank’s asset purchase facility has achieved what it set out to do
Uganda’s Kaskende: help us prepare for reform
Bank of Uganda deputy says firms must pave way for change with new reporting standards
Bank of Canada Review (Winter)
Winter edition of bulletin contains articles on inflation persistence, capital flows in emerging markets and the accessibility of banknotes
Fed presidents play down discount hike
Regional Fed presidents William Dudley, Dennis Lockhart and Janet Yellen deny that rise in discount rate equates to the end of accommodative policy
Hungarian rate falls to record low
National Bank of Hungary rate-setters slice a quarter point off key rate, now at all-time low
Jordan cuts to boost growth
Jordanian central bank shears half a percentage point off its key overnight deposit rate to stimulate the flagging domestic economy
Fed’s discount rate hike jolts markets
Federal Reserve firms exit strategy by lifting the rate at which it lends to banks by a quarter percentage point, markets teeter
Towards a new framework for monetary policy
Jacques de Larosière argues that monetary policy played a major role in the run-up to the financial crisis and that a new operational framework is needed
Real-estate poses threat to recovery: Minneapolis Fed’s Kocherlakota
Minneapolis Fed president Narayana Kocherlakota echoes recent comments from other regional Fed leaders in his first speech, says recovery will be slow
Bank of Uganda – Financial Stability Report
Ugandan central bank publishes inaugural report detailing the health of the financial sector and documenting policy moves taken to combat the crisis
Balance sheet policy and money market liquidity: SARB paper
South African Reserve Bank paper says balance sheet policy must be thought of in the same way that interest rates are regarded
Russia cuts on carry trade concerns
Bank of Russia chops a further 0.25% off its key refinancing rate and intervenes in currency markets on worries of rouble strength
When to exit?
In Central Banking’s second webinar, sponsored by BNP Paribas Securities Services, Charles Goodhart, Lucrezia Reichlin, Paul Mortimer-Lee and Gabriel Stein discussed when central banks should raise rates
Has Bernanke broken his promise to Friedman?
The monetary policies of the Federal Reserve have helped to avoid a second Great Depression, but Bernanke’s emphasis on credit has been misguided, says Tim Congdon
SA finance minister flip flops on inflation targeting
South Africa’s Pravin Gordhan says inflation-fighting approach to be “totally different” days after pledging to keep Reserve Bank’s monetary-policy mandate unchanged
Monetary-policy transmission in Mauritius
Paper examines mechanism over the past decade
A model for rate setting in Israel
Paper finds incorporating capital-market inflation expectations improves model
Plosser defends regional Feds’ rate-setting role
Regional Fed presidents’ votes help link monetary policy with Main Street
Fed’s Hoenig flags independence threat from fiscal burden
Sole dissenter points to German hyperinflation and Fed’s kowtowing to Congress over Vietnam and Great Society as signs central bank could act on political pressure
Argument for QE hold “finely balanced”: Bank
Bank of England’s Monetary Policy Committee all backed decision to pause on QE, but for some vote a close call
Price-level targeting: a new monetary approach
As criticism of inflation targeting grows, economists and central bankers are taking a closer look at price-level targeting as an alternative. Malan Rietveld reports
Forget inflation targeting
Central banks should let markets set interest rates and let prices fluctuate in the short to medium term, argues Brendan Brown
Bank of Korea – Monetary Policy Statement (February)
South Korean central bank’s February statement shows the worries of a Greek default played a part in its maintenance of a loose policy stance
RBA justifies surprise hold
Reserve Bank of Australia says decision to keep cash rate at 3.75% came on back of success of previous hikes