Average inflation targeting
2021: The year in review
Central Banking looks back at the stories that made the biggest impact in 2021
Bank of Canada renews monetary policy framework
Central bank conducts first “systematic” study of other frameworks since it adopted inflation targeting
US inflation reaches new peak
CPI figure hits 6.8%, the highest rate in nearly four decades
Powell: FOMC may accelerate taper
Fed will no longer refer to inflation as “transitory”
Mervyn King attacks central bank theories of inflation
Expectations are “too fragile” to serve as an anchor for inflation, former BoE governor says
US records highest CPI inflation rise since 1990
NY Fed detects slight rise in short-term consumer inflation expectations as real wages fall
Fed warns of China debt risks
Financial Stability Report mainly optimistic about systemic health, including housing market
Fed’s Bullard believes a ‘five-year window’ for AIT is ‘realistic’
Too much precision can “get you into trouble”, says St Louis Fed chief
Hiking rates before asset sales may constrict credit – paper
Kansas City Fed research says raising the fed funds rate first may cause yield curve inversion
Dallas Fed predicts 2022 core inflation above 2%
Economists expect auto and transportation costs to abate, but spike in housing prices
James Bullard on Fed policy, action and governance
St Louis president calls for tapering, quantifies AIT and details Congress’s role in Fed ethics
Clarida: ‘Stagflation is not my baseline case’
Fed vice-chair says inflation situation not akin to 1970s
RBNZ begins monetary tightening with 25bp hike
Central bank is confident inflation will return to target, but says growth will be “volatile”
Larry Summers on stagflation risks, lessons from Delphi and never-ending ‘punch’
Ex-US Treasury head speaks about fiscal ‘overexpansion’, Fed/Treasury debt discord and ‘unknown unknowns’
Monetary Policy Benchmarks 2021 report – executive summary
Insights into the staff that work on monetary policy, decision-making, tools, transparency and market operations
MMT and the challenge of fiscal monetary co-ordination
Sayuri Shirai contrasts modern monetary theory with regimes of monetary or fiscal dominance
Central banks set monetary policy around eight times a year
African central banks reported setting monetary policy less frequently than peers
Too great expectations from the ECB’s strategy review
The review process represents operational best practice, but will fail to unify the Governing Council
Powell says taper test has been met ‘with regard to inflation’
Fed chair tells Jackson Hole conference that slowing QE this year “could be appropriate”
Fed may taper asset purchases this year, say FOMC minutes
Federal Reserve staff warn US financial system has “notable” vulnerabilities
RBA governor dismisses calls for policy review
Opposition politician criticises central bank for frequently missing inflation target
No one monetary policy target optimal – Bank of Canada paper
Flexible inflation targeting one of best performers in “horse race” with other options
An assessment of the ECB’s strategy review
Aspects of the framework raise challenges for implementation and credibility, while climate change inclusion may politicise the institution
The distant cry of hawks? Fed begins tightening talk
Richard Clarida gives a date for hiking interest rates, as debate on taper timing continues