Inflation targeting
Bank of Canada paper analyses benefits of higher inflation target
Success of higher target hinges on use of unconventional monetary policy and the level of real interest rates
Kganyago on central bank independence and future plans for the IMFC
The South African Reserve Bank governor spoke with Christopher Jeffery at the Central Banking Awards about the South Africa’s new president, the importance of operational independence and key targets for the IMFC
New RBNZ mandate is evolution not revolution, says McDermott
Inflation-targeting framework has been tweaked several times already – assistant governor
Incoming RBNZ governor signs deal on new mandate
Agreement establishes dual mandate in the birthplace of inflation targeting; government reveals more details on changes to decision-making structure
Populism challenges central banking independence, Bruegel says
Brussels-based think-tank gathers various works on the matter; overdue debates on inflation targeting could open
Norges Bank board strikes more bullish tone on outlook
Stronger signs from the economy prompt the central bank to bring forward plans for first hike; new inflation target will have limited effect on policy, central bank says
Ukraine’s MPC concerned over inflationary pressures – minutes
First published minutes show currency worries as deadlock blocks vote on governor
People: ECB clears way for de Guindos
Governing council says it has “no objection” to the Spanish candidate; Bank of England’s David Thorburn resigns; RBNZ gains a board member
Norway lowers inflation target and changes policy mandate
The new mandate emphasises the need for high employment and financial stability
Yellen says central banks should consider moving inflation targets
But former Fed chair says changing targets would be “a tricky business”
Fed should review monetary policy framework – Mester
Several FOMC members raised policy review at January meeting, Cleveland Fed president says
Philippines central bank on hold, despite surging inflation
January inflation hits three-year high, prompting many to expect a rate hike in the coming months
Governor of the year: Lesetja Kganyago
Kganyago has defended and enhanced the Sarb’s reputation as an independent and well-governed institution against all threats – despite a turbulent political and economic backdrop
Bank Indonesia launches joint initiative as rice prices bite
Indonesian central bank and government announce joint measures to control inflation arising from food price volatility
IMF welcomes reform progress in Egypt
A flexible exchange rate and tighter policy have helped stabilise the economy
Central Banking Awards: Bank of Canada is central bank of the year
Awards go to the Bank of Canada, PriceStats, Perago and De La Rue
Central bank of the year: Bank of Canada
The Canadian central bank has stood out for its ever-improving levels of transparency, forward-looking management and best-practice review of its policy mandate
Goodfriend’s economic views challenged by US senators
Nominee to Fed’s board criticised the dual mandate of low inflation and unemployment in the past
BIS paper explores effects of global factors on inflation
Authors find impact of global factors is mainly temporary, but the effects appear more significant for countries without long-established inflation targets
Argentina cuts rates, but keeps focus on inflation
Analysts express concerns over the decision, as inflation remains high
Bernanke says Fed likely to review policy framework
Former Fed chair says analysis on change to inflation targeting is likely; panel of experts presents wide range of views on what any change should be
Progress on policy offset by shocks from bad weather – CBSL governor
Sri Lanka suffered from both droughts and floods in 2017 but new policy measures are helping stabilise the economy, says Indrajit Coomaraswamy
Argentina lifts target as inflation persists
IMF recommended keeping tighter monetary stance in latest report in December; Argentina’s move could impact central bank credibility
Patrick Njoroge on reshaping banking and finance to work for the masses
The Central Bank of Kenya governor speaks to Christopher Jeffery and Rachael King about exchange rate intervention, food prices, banking reform and financial inclusion