Inflation
RBA paper finds only weak support for sticky information Phillips curve
Paper provides ‘first estimates’ of a sticky information Phillips curve for Australia, finding the curve fits poorly with the inflation-targeting era but better in earlier years
Carstens expects Mexican inflation to end year at 3% target
Bank of Mexico governor expects inflation to end the year at 3% target, but does not rule out an interest rate increase if prices start to rise due to a weaker peso
RBNZ hires monetary policy advisers as inflation drops to 15-year low
Graeme Wheeler says advisers ‘bring fresh viewpoints'; assistant governor says monetary policy can do little to influence inflation outcomes in ‘near term'
BoE minutes remind markets not to be complacent
Minutes show MPC firmly positioned for coming rate hike; economists suggest central bank may be warning markets they have overestimated willingness for easing
Kuroda calls for deeper understanding of expectations
Bank of Japan governor wants increased awareness of the mechanism through which inflation expectations are formed to help the design of monetary policy
Praet says onus on governments to ensure permanent recovery
Accommodative monetary policy is ’playing a key role’ in helping return inflation to target, argues Peter Praet, member of the ECB executive board
Nothing magical about targeting 2%, Bernanke says
Former Fed chair calls for further research on ‘alternative intermediate targets’ for monetary policy during IMF panel; will work with hedge fund Citadel as adviser on range of topics
Fed presidents still divided on timing of rate hike
Heads of the Federal Reserve Banks in Atlanta, Boston and Cleveland offer different takes on current economic conditions; all united in desire for more data
Central Bank of Brazil needs to battle inflation, says deputy-in-waiting
Progress in the fight against high inflation ‘is still not enough’, argues Tony Volpon, deputy governor nominee
Singapore dollar ticks up as MAS holds fire
Monetary Authority of Singapore leaves exchange rate policy unchanged despite falling prices in January and February, cites tight labour market
Mozambican central bank balances food import pressures with domestic industry concerns
Bank of Mozambique holds interest rates as it comes under pressure over the value of its currency; accused of artificially propping up the value of the metical
FOMC minutes: Fed cautious about June rate hike
Minutes highlight split in views of those who think rates should rise in June and those who would rather wait; Dudley and Powell give speeches urging care
Brazil’s inflation climbs to 8% despite rate hikes
Annual CPI inflation hit 8.13% in March, the highest since 2003, due to a double-digit hike in energy prices; central bank is expected to continue to raise interest rates
Russia’s Nabiullina dismisses QE possibility
Bank of Russia governor says quantitative easing is not on the table but further rate cuts are likely; sees signs that tough policy stance is working as ruble begins to recover
Solomon Islands research illuminates inflation sources in small islands
Working paper finds domestic factors are mainly behind inflation outcomes, with the exchange rate only having a temporary impact; economy takes around a year to bounce back from shocks
Expectations have variable impact, finds ECB paper
Working paper suggests there have been ‘significant changes’ in the degree to which expectations have driven unemployment, with a particularly large effect during 2008 financial crisis
Hellwig warns against expanding financial stability mandate too far
Martin Hellwig presents his thoughts on how to strike a balance between the macroeconomic and financial stability objectives of monetary policy
Wilkins sheds light on research into Bank of Canada regime
Senior deputy governor Carolyn Wilkins tells Central Banking how the Bank of Canada is preparing for the inflation-targeting renewal in 2016; sets out three research themes
Olsen: Norway needs lower labour costs
Norges Bank governor Øystein Olsen argues labour costs must be brought into line with those of Norway’s trading partners to support a rebalancing of the economy away from oil
IMF report urges review of euro timeline in Romania
Staff fear convergence could take longer than expected; encourage the transition to a ‘full-fledged’ inflation targeting regime at the central bank
Yellen sees potential benefits in ‘tight’ labour market
Fed chair Janet Yellen says allowing unemployment to fall below its longer-run level for a short time could help return inflation to target quicker and boost productivity
South African MPC member named deputy governor
Adviser to governor and MPC member Kuben Naidoo will assume post on April 1; central bank kept benchmark rate unchanged yesterday despite ‘deterioration’ in inflation outlook
Fed’s Evans harbours ‘serious concerns’ over inflation
Chicago Fed president wants to see stronger wage growth and a recovery in ‘long-term inflation compensation’ demanded by investors before sanctioning rate hike
UK inflation hits zero
For the first time ever, consumer prices were unchanged in the year to February, although the 0% figure masks substantial variation among sectors; BoE hints at easing possibility