Growth
The case for restoring the role of monetary aggregates
Tim Congdon argues that a surge in money supply in response to Covid-19 sparked heightened inflation and central banks need to refocus their attention on monetary aggregates
BoE accelerates tightening as inflation expected to hit 13%
“Enormous” external shocks to blame for large changes in forecasts, officials say
Central Bank of Oman warns of climate risks to financial stability
Physical and transition risks identified in the oil-exporting country
RBA raises interest rate by another 50bp
Governor Philip Lowe says RBA aims to keep the economy on an even keel while bringing inflation back to target
Rates round-up: Latin American central banks battle persistent inflation
Colombian, Dominican and Nicaraguan central banks hike rates as inflation stays high
BoJ unlikely to move policy to counter yen weakness
The Bank of Japan is wary of raising rates or even increasing its yield control target to tackle yen depreciation, which it views as being exacerbated by foreign speculators, writes Sayuri Shirai
China holds key lending rates
PBoC continues to diverge from counterparts overseas as it sticks with easy policy
Labour supply key to understanding inflation, Shin tells G20
Understanding labour market is critical task for policy-makers, BIS head of research says
Mismeasurement may cause ‘missing-investment puzzle’ – BoE’s Bailey
Rise in intangibles could explain apparent fall in investment despite stable returns, governor says
New Zealand’s central bank delivers third straight 50bp hike
Analysts predict RBNZ will start slowing down the pace of rate hikes from October
Rising inflation still stalks major Latin American economies
Tighter monetary policy in Brazil, Chile and Mexico is failing to bring inflation down
Modelling the short-term economic impacts of climate change
Econometric models can give central banks a clearer picture of short-term climate impacts, says Stephen Millard
US risks slipping back into secular stagnation, says Rajan
Fed has “good chance” of defeating inflation but US economy has deeper problems, economist says
Nagel lays out conditions for ECB anti-fragmentation instrument
Bundesbank president says it should be temporary and only used in “exceptional circumstances”
BoE’s Pill says focus is on slower-moving elements of inflation
Policy-makers trying to walk “narrow path” as they resist second-round effects of high inflation
Bank Negara Malaysia raises policy rate by 25bp
BNM says it will ensure monetary policy remains accommodative to support economic growth
RBA raises interest rate by 50bp
Move marks a total of 125bp of increases since May
Central banks should take on more credit risk during stress – BoE paper
Research claims generous credit terms can be more efficient than cutting the risk-free interest rate
Williams also expects US to avoid recession this year
Unemployment will likely rise to 4% as growth slows due to tightening process, says NY Fed head
Fed’s Evans and Bullard downplay recession risks
Both presidents looking to increase the policy rate to around 3.5% by the end of the year
BIS says central banks must act ‘decisively’ on inflation
Tightening policy hard and fast may be central banks’ best shot at engineering a soft landing
Gender equality is key to sustainable development
Bank of Zambia deputy governor Rekha Mhango sets out the central bank’s strategy on financial inclusion
BoE opts for 25bp hike as growth disappoints
Weakening economy and high inflation leave policy-makers divided
Rates round-up: Peru, Poland and Serbia tighten policy
Moldovan central bank faces commission of inquiry; Uzbekistan partially unwinds earlier hike