Inflation
Banque de France paper finds limited inflation impact of macro-prudential policy
Working paper searches for possible conflict of interest between monetary and macro-prudential policy; says risk is small but policies should nevertheless be co-ordinated
Reserve Bank of Fiji annual report highlights steady recovery
Annual report for 2011 reviews policy challenges throughout year; says central bank delivered on mandate of low inflation and stable reserves while helping to spur growth
Bank of Korea strikes melancholy note in policy announcement
South Korea notes struggling economic scenes both at home and abroad; MPC decides to hold benchmark rate as a consequence
National Bank of Hungary divided over policy stance
Minutes of the National Bank of Hungary’s July monetary policy meeting show disagreement among council members over rate decision; vote split 5:2 in favour of hold
King says black clouds remain over UK economy
Governor of the Bank of England reveals lower growth prediction for UK; inflation also expected to fall but King denies country faces a lost decade
Bernanke stresses importance of Fed independence
Chairman of the Federal Reserve highlights provisions in place to safeguard independence of the US central bank; discusses common fiscal authority for Europe
Australia and Sri Lanka leave rates on hold
Reserve Bank of Australia and Central Bank of Sri Lanka highlight worsening economic conditions around the world as they announce benchmark rates will remain unchanged
Bank of Israel warns of ‘lack of clarity’ in government fiscal policy
Report assesses domestic and external economic conditions affecting the Bank of Israel’s interest rate decision; low CPI, weak shekel and fiscal policy uncertainty contribute to rate hold
IMF urges Russian central bank to tighten policy
Article IV consultation recommends ‘gradual further tightening’ of monetary policy; preparation needed for informal inflation targeting in 2014
Bank of Albania’s Fullani justifies rate cut to historic low
Ardian Fullani explains the Bank of Albania’s decision to cut interest rates to record low; says inflationary pressure is muted and growth remains subdued
People’s Bank of China makes growth top priority
Latest quarterly report on monetary policy puts growth of the economy at the heart of the central bank’s efforts; recent statistics show continuing slowdown in world’s second largest economy
Bank of Mexico deputy governor concerned by rising core inflation
Manuel Sánchez highlights increased inflationary pressure in Mexican economy; remains positive about country’s economic growth prospects
Central Bank of Chile paper supports unit root-based inflation forecasts
Working paper argues unit root-based models can create effective inflation forecasts; tests findings based on data from US, Canada and Sweden
India holds rates as growth expectation falls
Reserve Bank of India releases First Quarter Review of Monetary Policy 2012–13; holds rates, lowers growth prediction and raises inflation projection
IMF paper highlights risks of higher inflation targets
Researchers assess the effects of increasing inflation targets; argue this can help prevent problems of a zero lower bound, but the overall impact on welfare is negative
RBI paper finds monetary policy undermined by unsustainable deficits
Researchers assess link between high government debt and persistent inflation; find restrictive monetary policy may struggle to contain inflation if accompanied by a large budget deficit
Sarb annual report notes ‘pedestrian’ growth days after rate cut
Annual economic report shows South African output ‘losing some momentum’ in 2012; follows 50bp rate cut by central bank
BoE paper studies information in sticky and flexible prices
Working paper studies the usefulness of sticky and flexible prices in showing firms’ estimates of the output gap and inflation expectations
Fed’s Beige Book reports continued moderate growth
Survey of economic conditions in Fed districts find ‘modest to moderate’ growth in June and early July; respondents ‘cautiously optimistic’ about outlook
Former Bank of England MPC member blasts QE dissenters
David Blanchflower says Spencer Dale and Ben Broadbent were 'on another planet' when they voted against an increase to the asset purchase programme; minutes of July MPC meeting show 7:2 split
Bank of Canada holds rates steady
Governing council decides to keep benchmark rate at 1%; says modest tightening of monetary policy may be justified if recovery continues
Governor of Bank of Papua New Guinea discusses mixed economic outlook
Loi Bakani gives overview of economic developments in Papua New Guinea; notes strong economic growth but warns of risks posed by declining exports and rising government debt
National Bank of Serbia annual report reviews policy changes
Annual monetary policy report highlights shift in mid-2011 towards monetary easing in Serbia; says pressure from food prices caused inflation to repeatedly overshoot target in first half of year
NBS paper measures impact of productivity differentials
National Bank of Serbia working paper studies effect of differing productivity growth between sectors and countries; finds impact on inflation and exchange rates