Monetary Policy
Agustín Carstens on BIS strategic priorities, innovation and central bank policy
BIS chief speaks about policy trade-offs at a critical time, tech collaboration, tackling NBFIs and the dearth of ‘green’ assets
Paraguay’s central bank raises rates to 1.5%
MPC says monetary policy normalisation should continue in wake of rising inflation
BIS’s Borio urges return to fiscal-monetary separation
Action was necessary in crisis but could lead to “instability trap”, official says
OECD urges RBA to review policy framework
Recommendation comes just weeks after governor dismissed the idea
Turkey raises banks’ gold and FX reserve levels
Central bank announces work with state-owned organisations on prototype CBDC
Monetary Policy Benchmarks 2021 report – seeking a strong anchor
Insights into the organisation and resourcing of monetary policy, decision-making, tools, transparency and market operations
Book notes: Robert Triffin, by Ivo Maes with Ilaria Pasotti
Triffin’s story is well told by Maes, whose extensive personal and academic research shines through
Kazakhstan hikes main rate as food prices balloon
Government reaches into its non-monetary toolbox to help tackle inflation
RBA will not raise rates to cool housing market – Lowe
Governor says central bank is not responsible for fixing structural issues in the housing market
Central banks set monetary policy around eight times a year
African central banks reported setting monetary policy less frequently than peers
Central banks split on blackout periods
Reasons for operating blackout periods include facilitating effective policy transmission and avoiding speculation
Press conferences tend to be held for every monetary policy decision
The events can be a valuable tool for policy transparency and clarity
Peru’s central bank doubles rates on higher inflation
MPC says it expects inflation to be temporary and says economy is still weak
Canadian governor outlines next phase of policy
Governor says Bank of Canada will keep asset holdings unchanged in “reinvestment phase”
In-depth reports less frequent than monetary policy meetings
Over 80% of central banks set monetary policy without always publishing in-depth reports
ECB announces moderate cut in net asset purchases
Council unanimously agrees adjustment despite mid-term below-target inflation projections
Sarb governor urges shift to narrow inflation target
Kganyago says it was a “mistake” to maintain a target band for so long
Central banks divided on publishing policy meeting minutes
Central banks in advanced economies more likely to publish minutes
Bank of Canada on hold as growth proves weaker than expected
Second quarter contraction comes as Canadian exporters struggle with bottlenecks
Policy-maker votes largely kept secret
Most central banks do not reveal how individual monetary policy-makers vote
Lending rate rigidity weakens eurozone monetary policy – BdF paper
Asymmetric costs in changing bank lending reduce effects of looser policy
RBA delays bond purchase review until 2022
Central bank pushes back review as new Covid outbreak threatens to delay recovery
BoJ deputy cautions against ‘premature tightening’
Core CPI is not the sole indicator of the BoJ’s monetary policy, says Wakatabe Masazumi