Inflation
Kocherlakota speaks out against Fed decision
Minneapolis Fed president Narayana Kocherlakota says rising inflation and lower unemployment in economy did not warrant change in Fed language; says measure constitutes monetary easing
Lithuania bucks trend to instead predict higher economic growth
Bank of Lithuania predicts higher economic growth in 2011; Mexico joins UK in lowering forecast
BoE offers gloomy UK growth outlook
Bank of England revises downward gross domestic product forecast for 2011 to 2% after “sluggish growth” outlook; governor Mervyn King says future commitment to low interest rates is not an option
Chinese inflation hits new high
The National Bureau of Statistics says consumer price inflation in China rose to 6.5% in July, its highest level since June 2008
BoJ’s Shirakawa explains QE expansion
Bank of Japan governor Masaaki Shirakawa says larger downside risks to economy motivated ¥10 trillion increase in asset purchases
Central bank credibility remained intact during crisis: Netherlands Bank paper
Netherlands Bank study says non-standard economic policies did not have any adverse effects on inflation expectations
US overestimates welfare costs of inflation: Bank of Italy paper
A new study says the miscalculated welfare costs of US inflation due to the exclusion of foreign dollar holdings in M1 could have significant implications
Spike in US headline inflation is temporary: San Francisco Fed paper
The San Francisco Federal Reserve review says headline inflation is likely to fall to converge with low levels of core inflation
Mexico’s Del Cueto discusses volatility in agricultural goods market
Bank of Mexico deputy governor Roberto Del Cueto says policymakers can take steps to help stabilise prices in agricultural goods
Inflation revisions could alter observed policy target: Philly Fed paper
Philadelphia Federal Reserve study says large size of inflation data revisions might reduce success rate of inflation targeting
Brazil ‘prepared’ for international challenges: Tombini
Governor of the Central Bank of Brazil says country is ‘prepared’ to face the challenges in the international arena; expects inflation downward trend to continue
ECB paper identifies benefits of forecast aggregation
European Central Bank study shows forecast aggregation can significantly improve forecast performance
Evolving UK and US macroeconomic dynamics investigated: Bank paper
Bank of England working paper uses model of deterministic structural change to chart the changing UK and US macroeconomic dynamics
IMF paper observes heterogeneous interest rate pass-through
Fund study identifies factors that both facilitate and impede monetary policy pass-through to economy and financial markets
Hungary holds as inflation moves closer to target: minutes
National Bank of Hungary minutes shows decline in inflation suggested return to 3% target would not necessitate a monetary tightening
Hawkish RBI in ‘surprise’ rate hike
Reserve Bank of India shocks markets with 50-basis point rate hike in a bid to curb rising inflationary pressures; further rate hikes expected this year
South Korea monetary policy talks between government and central bank
Finance ministry official meets with central bank deputy governor to discuss macroeconomic policy; fears central bank may be losing independence
BoE paper identifies drivers of energy price volatility
Bank of England study says risk premium and productivity shocks operated in inverse directions on inflation in the UK
Bank of Canada – Monetary Policy Report (July 2011)
Bank of Canada July 2011 Monetary Policy Report shows economy set to continue expansion despite slowdown in demand
BoE minutes revise upward inflation peak
Bank of England Monetary Policy Committee minutes show inflation could peak higher and sooner than originally expected
Inflation expectations in euro area broadly stable: BIS paper
Bank for International Settlements study says long-term euro area inflation expectations have so far remained well-anchored during sovereign crisis
Uncertainty over resignation of Pakistan governor continues
State Bank of Pakistan spokesperson says governor Shahid Kardar's resignation has 'not yet' been accepted
Kenya reverses rate decision
Central Bank of Kenya reverses earlier rate increase on overnight discount rate but imposes restrictions on its discount window; analysts say measures amount to tightening in monetary policy
Brazil holds first Financial Stability Committee meeting
First meeting held over a month later than planned; comes in same week governor addresses New York audience for the first time and discusses rising inflation