Inflation targeting
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
RBA inflation target mitigated terms of trade macro shocks
Researchers at the Reserve Bank of Australia argue that the country’s inflation targeting framework helped to mitigate the macroeconomic consequences of the recent terms of trade boom
Stick to inflation targeting, Grimes tells central banks
Central bankers should stick to what they do best – keeping inflation in check – without taking on multiple targets that damage their credibility, says recently retired RBNZ chairman Arthur Grimes
Lagarde calls for pre-emptive action on eurozone deflation
IMF managing director says the ECB should act to shore up eurozone inflation and find ways of getting credit to SMEs; Draghi says ECB must pursue price stability by all means necessary
Bank of Russia sees inflation out of monetary policy control
Improvements to the transmission mechanism should enable the Russian central bank to target inflation more effectively, but prices will be influenced predominantly by non-monetary factors
Riksbank reviews 20 years of inflation targeting
Sweden’s central bank publishes four research papers on different countries’ experience of inflation targeting and monetary policy; Lars Svensson and Michael Woodford are among the contributors
OECD’s William White fears global economic system is still highly unstable
William White tells Christopher Jeffery he is wary of placing too much reliance on the ‘science’ of monetary or regulatory policy. He also believes the world economic system is still out of balance
Monetary policy is the incorrect tool to curb asset bubbles
There is no evidence the use of monetary policy in Sweden to keep household debt in check actually works. Such a policy only undermines employment and results in the Riksbank breaching its mandate
UK data boost could spell early end to BoE forward guidance
Inflation report out today predicts consumer price inflation will reach 2% target sooner than predicted after sharp drop in October; revised forecast on unemployment may undermine forward guidance
Fed has moved ‘considerably closer’ to flexible inflation target, paper finds
Federal Reserve researchers say the central bank has moved closer to a flexible inflation targeting framework through a series of steps taken to improving the communication of its policy objectives
Fall in OECD inflation highlights advanced economy monetary policy dilemmas
New OECD figures show lower annual inflation rates despite Japanese CPI turning positive; pressure mounts on ECB and Fed to counteract trend, but analysts unsure with what tools
Kuroda touts QQE success in Washington
BoJ governor tells Bretton Woods Committee that Japan's aggressive monetary easing policy is ‘exerting its intended effects'
Bank of Russia raises inflation target for next year to 5%
Hike is prompted by anticipated increase in regulated prices; central bank argues prior target of 4.5% would force tightening of monetary policy and risk stifling growth
BoJ's Kuroda reports ‘steady progress' on QQE
Year-on-year rate of change in Japan's consumer price index accelerated to 0.7% in July, after having turned positive to 0.4% in June; survey evidence indicates rising inflation expectations