Inflation targeting
A letter to Andrew Bailey
As the Bank of England struggles to bring inflation down, Jagjit Chadha warns the governor not to let markets take control
SBP reverses course and hikes rates 100bp
State Bank of Pakistan raises key rate in emergency session as IMF deadline looms
Africa: Rate rises for DRC and Namibia, but Zimbabwe says no
DRC and Namibia react to high inflation as expert says Zimbabwe is suffering hyperinflation
Latin America: Brazil holds rates despite president’s attack
Chilean board also holds policy, while Costa Rica cuts after inflation goes below target
Switzerland and Norway raise rates
Norges Bank expects further increases while SNB does not rule them out
Dominican Republic cuts key rate by 50bp
Central bank expects headline inflation will have returned to target in May
Central Bank of Chile sets first counter-cyclical buffer
BCC also warns government could face financing problems
Sarb raises rates and warns of worsening economy
Central bank cuts growth forecast and says long-term inflation expectations are rising
Nigerian MPC continues tightening
Official figures show slight rise in inflation as pressure on currency continues
Iceland raises rates 125bp to head off ‘wage-price spiral’
MPC orders largest increase in two-year tightening cycle as inflation remains near 10%
Kenyan president nominates ally as governor despite scandal
Former IMF official Thugge likely to succeed Njoroge, despite 2019 arrest over dam allegations
EME central banks must keep policies tight, says IMF deputy
Gita Gopinath says “markets are probably too optimistic” about cost of lowering inflation
IMF approves $3 billion for Ghana
Governor welcomes conditions, including cutting inflation and ending monetary financing
Brazilian MPC holds key rate again
Central bank warns of “lingering uncertainty” over future fiscal policy
Book notes: The rise of central banks, by Leon Wansleben
The books is at its best when the author focusses on sociological angles related to central bank economics
BoG’s Addison: Ghana agrees to end monetary financing
Governor says MoU with finance ministry “has been finalised”, and the IMF deal will come by the end of May
New BoJ governor announces monetary policy review
Bank of Japan keeps ultra-loose policy unchanged at Ueda’s first policy meeting
Book notes: Money and the rule of law, by Peter Boettke, Alexander Salter and Daniel Smith
A largely US-focused book, which hankers for more robust rules for central banks but isn’t explicit as to what kind
BSP governor warns against cutting rates faster than the Fed
Medalla’s comment follows central bank’s recent move to support the peso
Chile governor warns committee against adding mandates
Debate over central bank role continues in Chile’s second attempt at new constitution
Monetary policy can matter in poor countries – IMF paper
Study suggests changes to money supply may have impact through exchange rate
Brazilian governor rejects senator’s rate cut ‘plea’
Campos Neto says he leads a “technical body that makes technical decisions”
Uruguay cuts rates citing ‘gradual decrease in inflation’
Country becomes second in Latin America to start unwinding rate rises
Kganyago calls for lower inflation target and tighter policy
Sarb governor urges reform of South Africa’s troubled transport and electricity sectors