Growth
RBA cuts rates to three-year low
Reserve Bank of Australia lowers rates despite growth near to trend and inflation likely to overshoot target in short run; dollar strengthens against greenback
Bank of Uganda annual report emphasises adaptation to tough times
Annual report for 2011/12 suggests move to ‘inflation targeting lite’ framework helped bring a spike in inflation under control
Bank of Albania – Annual Report (2011)
Bank of Albania 2011 Annual Report highlights a growing economy and inflation kept in check at 3.5%
Sarb’s Mminele highlights risks to emerging markets from QE
Daniel Mminele says unconventional monetary policy has complicated policy-making for emerging market central banks
Austria’s Nowotny advocates new growth strategy for emerging Europe
Ewald Nowotny says explosive, capital-driven growth model has been discredited in the wake of the financial crisis; suggests more sustainable model is needed
Fed’s Beige Book finds ‘measured’ improvement despite hurricane damage
Survey of economic sentiment maintains cautious optimism in the US in face of hurricane damage and rising fears over ‘fiscal cliff’
BoJ’s Shirai examines link between demographics and monetary policy
Sayuri Shirai says the Bank of Japan has been forced to respond to the twin challenges of an ageing population and a string of economic crises, making monetary policy-making difficult
Bank Indonesia chief says economy strong despite signs of bubbles
Darmin Nasution says Indonesian growth rate ‘one of the highest in the world’, although signs of a property bubble may be emerging
Shirakawa deflects criticism over off-target inflation
BoJ chief says Japan needs stronger growth potential for effect of loose monetary policy to feed through fully; urges government to take action
Bernanke steps up pressure for action on fiscal cliff
Fed chairman warns of damaging effects of uncertainty over ‘fiscal cliff’ on the economy; says plan for long-term debt sustainability would reinforce confidence and promote recovery
RBA’s Stevens plays down Australian growth problems
Glenn Stevens calls talk of an end to the mining boom ‘over-hyped’, while the Chinese economy is not as weak as feared and there are some signs of a recovery in domestic demand
National Bank of Rwanda highlights payments progress
The number of ATMs, points of sale and debit cards in use has grown rapidly
Bank of Portugal forecasts economic contraction of 1.6% in 2013
The Portuguese inflation rate is expected to fall below 1% as the economy contracts next year
Latin American fiscal rules 'have helped some countries'
A study by the Bank of Spain finds the adoption of fiscal rules has helped some Latin American countries to reduce procyclical fiscal policy. But the rules are no panacea
RBA’s ability to forecast put on trial
Discussion paper finds RBA forecasts inflation more accurately than GDP growth
European fiscal stimulus assessed by Fed paper
Economic Recovery Plan had a sizeable but short-lived impact on GDP
Bank of Mexico expects inflation to continue falling
Report says inflation will near 4% by end of 2012; growth expectations also revised
Russia holds interest rate as indicators stabilise
Russian central bank board of directors say inflation has fallen to 6.4% and economic activity has slowed
Investment drop in China would hit global growth, says IMF paper
Research says the economic reverberations of lower investment in China are becoming stronger
Macedonian governor says economy is stagnant
Dimitar Bogov lowers Macedonia’s growth forecast down from 1% to stagnation; expects gradual recovery in following years
National Bank of Denmark criticises independent economic report
Denmark’s central bank says Economic Council report on the Danish economy overestimates the economy’s growth potential
Mexican deputy targets productivity obstacles
Bank of Mexico’s Manuel Sánchez attributes low GDP per capita to ‘stagnant’ productivity; urges structural reform
Business cycle mirrors stock market turning points, Israel study says
Research published by the Bank of Israel finds stock market turning points can be used to forecast economic activity; seven-month delay before impact becomes evident
RBI pushes government to act on fiscal consolidation promises
Reserve Bank of India chief calls on government to make concrete progress on fiscal consolidation as central bank holds rates but cuts reserve requirements