Growth
Turkish central bank slashes rates for fourth time straight
Move was larger than many had expected, and comes as inflation re-enters double digits
Brazil lowers rates to record-low 4.5%
Weak growth requires interest rates “below the structural level”, says the central bank
FOMC calls halt to cutting cycle
Unanimous decision keeps rates on hold; Powell signals no move likely for some time
Brazil likely to end easing cycle with 50bp rate cut
Record-low rates will suffice to boost growth in 2020; inflation up on weaker real
BIS paper examines economic impact of macro-pru
Shocks are similar to monetary policy but transmission differs, researchers say
Paul Volcker, 1927–2019
The Fed chair made his name battling inflation, and left his mark on independence and post-crisis financial regulations
Paper looks at pro-cyclical consumption in Spain
Households reacted strongly to fears of job losses during economic crisis, Bank of Spain says
Argentinian president appoints new governor
Miguel Angel Pesce rejects high interest rates as means of reducing inflation and backs price controls
Eurozone banks sharply increase voluntary TLTRO II repayments
Firms appear to be preparing for second series of TLTRO III later in December, analysts say
RBI on hold despite weak growth and inflation
Committee votes unanimously to wait for more data despite seeing “space for future action”
Chilean MPC abandons easing plans amid political unrest
Currency fell sharply in November following prolonged street protests
Global climate cycles create varied growth challenges – paper
Changing climate has different impact on growth depending on country’s normal climate, researchers find
PBoC governor vows to stay away from QE and negative rates
Beijing should maintain “normal” monetary policy, as ultra-low rates in developed markets proved ineffective, says governor
Canada’s fiscal stimulus worth 100bp of rate cuts – Poloz
Infrastructure investment has also helped to reduce financial vulnerabilities
Powell calls on lawmakers to help sustain record-long expansion
The right policies can help build on economic gains, Powell said
Kenya cuts rates on anchored inflation and tight fiscal outlook
Central bank reduces bank rate by 50 basis points to 8.5%
Mexican governor defends autonomy as president questions it
Alejandro Díaz de León commemorates Bank of Mexico’s 25 years of independence
Canada’s Poloz on monetary policy limits, transparency and cyber recovery
Bank of Canada governor Stephen Poloz speaks about stagflation risks from trade wars, the importance of market signals, Canada’s CBDC plans and why he is not a fan of minutes
Legal reforms drive growth for middle-income states – research
Growth in financial sectors does not mean increase in economic growth - Bank of Spain paper
In-depth: have central banks worsened the secular slowdown?
IMF economist Bas Bakker shares his argument that central banks have misdiagnosed falling growth and long-run rates. He and several other economists are now calling for a rethink
China trims new benchmark rate amid inflation dilemma
PBoC cuts one-year benchmark rates again, but surging inflation remains an issue
US growth trend could fall for the next 10 years, SF Fed paper warns
Productivity slowdown in construction has contributed 30% of slowdown since 1950s, researchers find
Riksbank warns of rising financial stability risks in Sweden
Global economic slowdown and continued low rates may encourage greater risk-taking
Poloz: AI revolution calls for looser policy
Central banks can take lessons from Greenspan’s policy during IT revolution, governor says