Monetary Policy
One size fits none
As the German economy stalls, should the ECB shift its policy focus from the eurozone as a whole? By Henrik Enderlein.
Kansas Fed Paper on inflation targeters
The Kansas Fed Working Paper "Do we really know how inflation targeters set interest rates?" published July 2005 says under inflation targeting regimes other objectives that possibly conflict with the inflation goal are present.
A punch bowl made in China
China is supplying a punch bowl to keep the party going despite the Federal Reserve's best efforts, according to an article published on Wednesday 10 August. So consumers can thank Beijing and other Asian central banks for all the cheap credit, it says.
Bank of Mexico holds interest rates steady
Mexico's central bank held monetary policy steady on Friday 12 August saying after its twice-monthly policy meeting it was keeping its money market "short" steady at 79 million pesos a day.
German finance minister calls for ECB rate cut
German Finance Minister Wolfgang Clement called on the European Central Bank to cut interest rates, saying it was "remarkably" more reserved than other central banks.
Norway keeps interest rates unchanged at 2%
Norway's central bank held its key deposit rate steady at 2.0 percent on Thursday 11 August as was widely expected.
Fed raises rates, maintains measured stance
The Federal Open Market Committee decided on Tuesday 9 August to raise its target for the federal funds rate by 25 basis points to 3-1/2 percent. The FOMC maintained its measured stance on monetary policy accommodation.
IMF letter on prospects for ECB rate cut
In a letter published by the Financial Times on Tuesday 9 August, Michael Deppler of the IMF said international developments suggest that the worst may be over on growth in the eurozone but point to further upward pressure on headline inflation because…
COMMENT BY CENTRALBANKNET
The fear that demand in many leading economies has been sustained only by a housing and real estate "bubble" is often seen as one of the biggest risks facing monetary policymakers.
The future of EMU: one size fits none?
According to the forthcoming edition of Central Banking, inflation and output gap differentials have grown between European states since the inception of the EMU in 1999. If these continue to worsen, the resulting tensions would put a big strain on…
Bank of England reduces rates by 0.25%
The Bank of England's Monetary Policy Committee voted on Thursday 4 August to reduce the Bank's repo rate by 0.25 percentage points to 4.5%.
Costello says RBA decision reflects solid growth
Treasurer Peter Costello said the Reserve Bank of Australia's decision to leave interest rates at 5.5 per cent after its monthly board meeting on Wednesday 3 August reflects continuing solid economic growth in the country.
Bank of England set to cut interest rates
The Bank of England is widely expected to reduce UK interest rates when it concludes its 100th Monetary Policy Committee meeting on Thursday 4 August.
RBNZ leaves OCR unchanged at 6.75 per cent
The Reserve Bank of New Zealand left the Official Cash Rate unchanged at 6.75 per cent on Thursday 28 July. Governor Alan Bollard said short-term inflation pressures have recently emerged as a result of surging oil prices.
Germany's Clement says ECB rate cut overdue
German Economy Minister Wolfgang Clement has criticised the European Central Bank for failing to give the region's economy a boost by cutting rates at a time when conditions would have been more easily able to cope with relaxation of monetary policy.
Monetary policy predictability in the euro area
The ECB Working Paper "Monetary policy predictability in the euro area: an international comparison" published Thursday evaluates the ability of market participants to anticipate monetary policy decisions in the euro area and in 13 other countries.
Fed's Kohn on monetary policy perspectives
In the speech 'Monetary policy perspectives on risk premiums in financial markets' given on 21 July Donald Kohn of the Federal Reserve said that greater transparency at the U.S. central bank may have led to less uncertainty in financial markets and…
Federal Reserve's Monetary Policy Report, Jul 2005
The Federal Reserve published its July 2005 Monetary Policy Report to the Congress on Wednesday 20 July. The U.S. economy continued to expand at a solid pace over the first half of 2005 despite the restraint imposed on aggregate demand by a further rise…
Bank of England MPC Minutes, 6 & 7 July
The minutes from the 6 & 7 July meeting of the Bank of England's Monetary Policy Committee published on Wednesday 20 July showed policy makers voted 5-4 to leave its benchmark interest rate unchanged at 4.75%.
Greenspan signals more rate rises ahead
Federal Reserve Chairman Alan Greenspan said on Wednesday 20 July that the U.S. growth outlook was solid and the Fed should keep raising interest rates.
RBI technical committee holds first meeting
The first meeting of the Technical Advisory Committee on Monetary Policy was held on Tuesday 19 July at the Reserve Bank of India, Central Office, Mumbai.
Bank of Japan Policy Board Minutes
The Bank of Japan published the minutes from its 14 and 15 June Monetary Policy Meeting on 18 July. The minutes showed the board voted down in mid-June two proposals to cut its liquidity target, including one proposal to reduce it to just 25 trln yen.
SARB's Guma on the outlook for monetary policy
In the speech 'The outlook for monetary policy' given on 22 June, Dr XP Guma of the South African Reserve Bank said as the formulator and transmitter of monetary policy the central bank needs to communicate its basic objectives, its strategy for…
Luxembourg's Mersch indicates unchanged ECB rate
European Central Bank Governing Council member and Luxembourg central bank president Yves Mersch indicated in an interview the ECB will keep its key rates unchanged despite higher oil prices.