Inflation targeting
Bank of Russia to complete shift to inflation targeting regime by 2015
Geopolitical tensions, increased food costs and financial market turmoil will not deter central bank from pursuing 4% inflation target that is to be phased in next year
Rwandan central bank sees inflation and interest rates drop in H1
Semi-annual financial stability statement finds reasons to be cheerful as inflation comes in below target and market rates fall, in line with monetary policy
Robert Pringle's Viewpoint: Haldane plus Rajan = New model central bank?
Robert Pringle offers an alternative to Bank of England chief economist Andrew Haldane’s scenarios for the next 25 years of central banking
The evolving role of the Eurosystem and its national central banks
Anne Le Lorier pinpoints the challenges Eurosystem central banks will have to address in the aftermath of the global financial crisis.
Serbia central bank takes aim at food price volatility to bring inflation in line
Agricultural commodity price volatility accounted for more than two-thirds of headline inflation volatility in 2013, the central bank says, leading it to seek measures to combat it
Central banks wrong to try and close output gap, says RBNZ's McDermott
Reserve Bank of New Zealand assistant governor John McDermott says the role of monetary policy is to keep inflation predictably low, not try and boost output
Solomon Islands central bank publishes first working paper
Paper considers the efficacy of monetary targeting in Solomon Islands; finds evidence suggesting it is more effective than inflation targeting would be
Rogoff and Ball cross swords over 4% inflation target
IMF publishes Laurence Ball paper outlining the benefits of higher inflation; Ken Rogoff says switching to an electronic currency is a more ‘elegant’ solution to the ZLB problem
Inflation report forecasts tend to be right, research shows
IMF and Czech National Bank economists check inflation outcomes against central bank predictions, finding them to be broadly in line
Inflation targeting and fiscal rules work best together
IMF working paper finds fiscal rules and IT regimes are both more effective when they are used together; they also work best where the fiscal rule is brought in first
Paul Krugman calls for higher inflation targets at ECB Forum
US academic ruffles feathers at conference in Portugal by arguing that higher inflation targets are more desirable now than they were a decade ago; Ottmar Issing disagrees
FOMC mulls further tweaks to forward guidance
Committee member floats the idea of replacing inflation target with a price level target to make up for years of undershooting 2% inflation
Paul Collier on central bank leadership, flawed policy and SWFs in Africa
More African central banks are moving towards inflation targeting, but Paul Collier tells Tom Bowker they should not mindlessly follow Western policy and may need to live with volatile inflation.
IMF moves to unshackle programme countries' monetary policy
The Fund's move towards more flexible conditionality in support programmes is part of a bigger push, but some say it does not go far enough
IMF $17 billion rescue package will see Ukraine head towards IT regime
Ukraine's central bank will, with IMF help, transition to an inflation targeting regime in mid-2015 as part of a $17 billion rescue package agreed last night
Seychelles central bank moves towards inflation targeting
Central bank unveils strategic plan, aiming to put a lid on inflation and reinforce monetary policy transmission with a stronger macro-prudential toolkit
Mutebile says African central banks should adopt inflation targets
Bank of Uganda and International Monetary Fund encourage central banks in Sub-Saharan Africa to transition to more ‘modern’ monetary policy frameworks
Kocherlakota says Fed's new guidance creates uncertainty
In explanation of dissent, Narayana Kocherlakota says he would have preferred the FOMC to stick with quantitative guidance by lowering unemployment threshold to 5.5%
Stevens dismisses concerns over Australia’s higher inflation target
RBA governor and deputies grilled over appropriateness of higher inflation target than most advanced economies; questions also raised on credit growth, competitiveness and the move away from mining
Price-setters still expect Sarb to miss inflation target
The South African Reserve Bank has succeeded in persuading analysts it will keep inflation within its target band, but price-setters' expectations remain higher
Independence no substitute for rules-based policy
Thomas Cargill summarises the conclusions of four papers by world-leading economists on the issue of central bank governance and finds independence is overrated
Orthodox Banxico policies ‘paying off' amid emerging market volatility
Loose monetary policy in Mexico has been made possible by progress on inflation anchoring, according to bank's quarterly report
RBI rate hike is first step on ‘glide path’
Raghuram Rajan says the Urjit Patel committee has outlined an ‘appropriate’ path for reducing inflation, but insists today’s rate hike does not signal the adoption of a formal inflation target
RBI report recommends inflation target under new monetary policy framework
Committee set up by Raghuram Rajan in September calls for formal nominal inflation target of 4% to be phased in over two years; also recommends sweeping changes to bank's organisational structure