Inflation
SBP annual report highlights ‘two phase’ year
Pakistan’s economy suffered turbulent spell in 2013, but IMF agreement saw a return to relative stability; central bank praises government for ‘long-awaited’ return to fiscal discipline
Brazil’s central bank lowers expectations of further action
Brazil’s central bank says inflation will enter ‘a long period of decline’ next year, as it looks to guide inflation and interest rate expectations
Bank of Russia raises interest rates by 100bp
Central bank will continue to hike to stem double-digit inflation; growth expected to remain low "until import-substituting industries develop"
Belarus central bank handed 12% inflation target
President of Belarus expects inflation to fall from 20% to 12%, while the central bank simultaneously reduces its policy rate by at least 500 basis points
Spanish working paper explores inflation dynamics
Research considers the impact of different industrial structures on the response of inflation to technology, interest rate and entry cost shocks
BoJ’s Sato explains QE dissent
Board member who voted against expansion of QE in October says he already sees a ‘virtuous circle’, meaning more asset purchases bring high risks will little reward
Draghi plans showdown ‘early next year’
Governing council will reassess monetary stimulus in 2015; Draghi says he does not need unanimity to launch quantitative easing
Bank of Canada's Poloz defends language on household imbalances
Governor explains Bank of Canada has not changed its assessment of household imbalances, after describing them as a 'significant risk' to financial stability in policy announcement
Riksbank deputy dismisses criticism of interest rate ‘experiment'
Per Jansson says ‘leaning against the wind' played minor part in recent years' policy discussions; suggests outside predictions of low inflation have been overplayed
South African Reserve Bank reflects on forecasts
Latest monetary policy review analyses the central bank's inflation forecasts between 2003 and 2014, finding they 'marginally' outperform outside efforts
Icelandic research proposes new measure of core inflation
‘Dynamic factor measure' outperforms current core measures in terms of matching the mean of CPI inflation while having lower volatility, argues author
Central Bank of Brazil will not be ‘complacent' with inflation, says governor
Governor Alexandre Tombini offers reassurances the Central Bank of Brazil is working to keep inflation ‘under control’ with annual CPI growth steady around 6.5%
Money-inflation link shows signs of breaking down - Bundesbank paper
Researchers present evidence that money growth and inflation are losing synchronicity in the medium- to long-run, although the relationship still holds in the very long-run
Oil price forecast errors impact wider inflation estimates, Banque de France study finds
When there is ‘large’ volatility in oil prices, the pass-through of forecast errors to inflation estimates increases, research finds
Riksbank deputy pleased with macro-prudential progress 'for now'
Martin Flodén says further measures could be taken if central bank's 0% interest rate fails to push up inflation toward 2% target
Klaas Knot: It’s up to governments now
Netherlands Bank president tells parliament that European governments will have to boost growth and ‘stir up’ inflation themselves; latest central bank bulletin reinforces point
St. Louis Fed’s Bullard doubts zero lower bound
James Bullard says low inflation in the US may justify a ‘somewhat lower-than-normal’ policy rate, but not remaining at the zero lower bound
Carney dismisses call for helicopter money
Bank of England governor says he ‘cannot envisage any circumstance’ where direct central bank financing of government debt would be justified – but some central banks may already be doing it
ECB watchers cut inflation forecasts
Average forecasts in 2014 and 2015 drop to 0.5% and 1% respectively, but probability distribution reveals little concern over deflation in the eurozone
Carney: Inflation ‘likely’ to drop below 1%
Bank of England signals rates firmly on hold into 2015 as probability rises of inflation falling below 1% in the short run; real wage growth likely to accelerate over the year
Riksbank board at a loss over falling inflation, minutes suggest
Ingves says Swedish economy needs ‘two different policy rates: one for households and one for companies', while central bank casts doubt on new mortgage repayment rules
PBoC sheds light on opaque liquidity measures
Central bank confirms injection of billions of renminbi via new ‘medium-term lending facility’ as part of efforts to offset weaker foreign exchange inflows
Bank of Russia hikes interest rates to stem ruble sell-off
Central bank raises key rate by 150bp to highest level since 2009 as currency reaches record low against dollar; spent $3bn propping up ruble on October 29
Kocherlakota explains dissent from FOMC decision to end asset purchases
Minneapolis Fed president says downside risks to inflation outlook ‘arguably worse' than a year ago; says evidence from Japan and Europe shows need to act on 'an ongoing basis'