Inflation targeting
RBA’s Lowe admits inflation models need rethink
Governor acknowledges forecasting mistakes but rejects calls to resign
Guatemala and Dominican Republic raise rates
DR says inflation is “moderating” and economy is strong; Guatemala notes second-round effects
Chile rejects new constitution, sinking central bank reform
Draft had proposed some changes to central bank governance and mandate
Inflation targeting’s time may be over, Adam Posen says
Posen says changes to global economy may necessitate complete rethinking of monetary policy
Taking a cue from the top: governor turnover and independence
Central bank governors tend to have long tenures, but what that means can vary. High turnover remains a worrisome signal
Bank of Jamaica hints rate rises may be ending
MPC increases policy rate 50bp and says 6% may be “appropriate”
Glapiński accuses Germany of wanting to redraw land borders
Polish governor warns on plans for EU super-state as German foreign office calls claims “absurd”
Uruguay continues policy tightening
Policy-makers say inflation and expectations are stubbornly high
Turkish central bank shocks with 100bp rate cut
Rogoff describes move as “nuts”, as official inflation neared 80% in July
Ghana emergency MPC meeting ends with 300bp increase
Country in renewed IMF talks as inflation spirals and currency falters
Philippine central bank raises policy rates by 50bp
The BSP revises upwards average inflation for 2022 to 5.4% from 5%
Central Bank of Egypt governor resigns
Amer joins presidential staff amid inflation and currency crises
Central banks should ‘overestimate’ inflation persistence, says economist
Academic argues central banks should act as if exogenous shocks are likely to be persistent
How central bank mistakes after 2019 led to inflation
Central banks must acknowledge their own mistakes and outline concrete steps to restore the public’s confidence in their ability to ensure price stability, write Graeme Wheeler and Bryce Wilkinson*
Romania continues tightening cycle with 75bp rise
Eighth consecutive increase comes as headline inflation passes 15%
Czech central bank halts tightening
Many had expected new governor and board to take dovish turn
Armenia orders 25bp interest rate hike
High inflation prompts central bank to continue postwar tightening cycle
ECB paper examines unanchored inflation expectations
Public reacts more strongly to larger and downward inflation surprises, researcher finds
Inflation offers route to unconventional policy exit
Asset purchases and negative rates can be reversed, but Fed/ECB policy divergence raises major risks
Monetary Policy Benchmarks 2022 report – executive summary
Benchmarking data sheds light on some of the key aspects of central bank operating frameworks
Costa Rica makes largest hike since 2010
Central bank predicts that inflation will not reach its target range until 2024.
Ghana seeks IMF aid as reserves dwindle
Government secures Afreximbank loan and MPC holds rate despite inflation nearing 30%
Kazakhstan orders 50bp rate rise
Unlike neighbours, Kazakhstan continues tightening with eight hikes since last July
Poland law would fund coal benefit with central bank’s profit
National Bank of Poland remitted 95% of profits to government in 2020