Monetary Policy
ECB study finds inflation targets do work
A recently published working paper by the European Central Bank investigates the impact of inflation targeting, and concludes that explicit inflation targets do have a significant effect on inflation expectations and persistence.
Poland raises interest rate by half percent
The Polish central bank raised its main interest rate to 6.5 percent on August 24, the third rise in as many months. The central bank took the measures to address inflation, which has been rising following Poland's entry into the EU.
Australia's Stevens on economic forecasting
Glenn Stevens, deputy governor of the Reserve Bank of Australia, gave a speech to the Economic Society of Victoria on August 17 on "The thankless task of economic forecasting". He discussed the accuracy of forecasts, how to make forecasts useful, and…
South Africa's Mboweni on challenges in Africa
In a speech on 'Challenges of central banking in Africa' given on 5 August, T T Mboweni, Governor of the South African Reserve Bank, spoke about how the traditional challenges facing central banks apply to African countries, what effet circumstances…
Brazil leaves rates unchanged
Brazil's central bank decided to leave its interest rate at 16 per cent, as the country's economic recovery starts to result in rising inflation.
ECB's Guy Quaden says no rate rise
In an interview with L'Echo on 12 August, Guy Quaden offered reassurances that the ECB had no plans to raise interest rates in the immediate future.
Hungary cuts rates by half percent
The central bank of Hungary reduced the base rate by half a percentage point, from 11.5 percent to 11 percent, when it met on 16 August. While the central bank pointed to improvements in the economy as the cause, it is thought that a desire to weaken the…
Slovakia budget points to euro entry hopes
Slovakia is hoping to adopt the euro in January 2009, according to a report on the new draft budget, depending on inflation and government finances being kept under control.
Sweden's Heikensten on inflation
In a speech on economic developments and inflation prospects, given on August 16, Sweden's central bank governor Lars Heikensten said that the Riksbank's assessment of inflation and economic activity had not significantly altered since its last inflation…
Russia issues forecasts on 2005
The Russian government will continue to target both the exchange rate and inflation next year because its economy is not ready for a free-floating ruble. At the same time, forecasts show a potential boost to the economy from revenues caused by high oil…
How Australia’s central bank won its independence
Stephen Bell says that personalities and politics drove the policy revolution at Australia’s central bank in the 1990s.
Review of Monetary Policy Implementation: Theory, Past, and Present
A new book explains the role of the three main instruments of monetary policy implementation.
Monetary policy to support growth
With inflation driven out of the system, Mongolia’s monetary-policy makers can look to bolster economic growth.
China's issues warning on inflation
China's central bank sees some effects from its attempts to combat rising inflation, but bad debts remain a problem.
Minutes of Bank of England MPC, August
Minutes from the Bank of England's Monetary Policy Committee revealed a unanimous decision to raise interest rates in August, but indicate that the UK may be approaching the end of the series of rate rises which began in November 2003.
Hungary cuts rates by half percent
The central bank of Hungary reduced the base rate by half a percentage point, from 11.5 pe rcent to 11 per cent, when it met on 16 August. While the central bank pointed to improvements in the economy as the cause, it is thought that a desire to weaken…
Bank to take market view
Hidden within the Bank of England's most recent inflation report is a significant tweaking of the Bank's inflation targeting stance. CentralBankNet reports on the Bank's adoption of market forecasts of interest rates for some of its projections.
Minutes of the Federal Open Market Committee
Minutes from the Federal Reserve's 29-30 June FOMC meeting released on 12 August showed that Fed officials had no sense that the U.S. economy had hit a "soft patch" when they met in late June and decided to raise key short-term interest rates for the…
Fed's Gramlich on social security reforms
In a speech on 'Rules for assessing social security reform' given on 12 August, Edward Gramlich of the Federal Reserve said any plans to reform the Social Security retirement program should be self-financed and not rely on general government revenues.
BoJ's Monetary Policy Meeting Minutes
The Bank of Japan released the minutes from its 12, 13 July meeting and also the 25 June meeting on 13 August. At the most recent meeting members agreed that the Japanese economy continued to recover, citing increases in production and corporate profits…
IMF says Turkey's cb independence important
A report on Turkey's performance under the most recent International Monetary Fund-supported economic program praised Turkey and its central bank for reducing the inflation rate to single-digits.
Poland to up its economic growth forecast
The Polish government is set to raise its forecast for 2004 growth in gross domestic product, the PAP news agency reported on Friday 13 August.
Peru's Silva may head for IMF
Chairman of the Central Bank of Peru, Javier Silva Ruete, may leave his job and head for the IMF in Washington, Gestion newspaper reported this week, citing Economy and Finance Minister Pedro-Pablo Kuczynski.
Former auditing chief appointed to PBOC dep gov
Xiang Junbo, the former deputy auditor-general of National Audit Office (NAO), has been appointed vice governor of People's Bank of China, an official at the central bank press office said.