Interest rates
Forecasting with multiple interest rates: Bank of Canada paper
Bank of Canada study builds augmented version of forecasting tool that includes multiple interest rates
Iceland raises rates in light of weaker króna
Central Bank of Iceland raises interest rates by 25 basis points to curb inflationary pressures from declining króna
RBI’s Mohanty on success of new monetary policy framework
Reserve Bank of India executive director Deepak Mohanty offers positive feedback on central bank’s new operating framework
Philly Fed paper on economic effects of fiscal uncertainty
Philadelphia Federal Reserve study says fiscal uncertainty can have impact on economy equivalent to monetary tightening
Fed spat over timeline for low rates
Target for federal funds rate kept at 0%-0.25% range until "at least" 2013; three committee members wanted ambiguous wording used on timescale
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
Divergence in views emerges between Bank of Israel’s narrow forum
Bank of Israel says governor decided to hold monetary policy stance despite recommendation from one member of narrow forum to raise rates
ECB extends bank support as rates are held around the world
ECB to offer unlimited six-month credit to support banks; BoE continues gamble with inflation
Bank of Israel – Monetary Policy Report (August 2011)
Bank of Israel Monetary Policy Report says inflationary environment motivated faster pace of increase in the interest rates
Tunisia struggling to regain stability
'Sharp regression' in mining and tourism leads executive board to call for 'ongoing follow-up of the economic situation' in the country
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
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
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
Standard monetary policy rules don’t apply in liquidity traps: Dallas Fed
Dallas Federal Reserve study shows monetary policy should be complemented with fiscal policy in order to shift aggregate demand out of a liquidity trap
Costs to bank funding not fully passed on to markets: Norges Bank paper
Norges Bank study finds evidence of incomplete pass-through of banks’ funding costs on deposit rates in Norway
"Hawkish" Riksbank raises repo rate
Riksbank raises repo rate by 25 basis points amid growing inflationary pressures in Sweden; central bank does not alter future repo path to analysts' surprise
Dissenter calls for rate hike: Iceland minutes
Central Bank of Iceland Monetary Policy Committee minutes show one member called for a 25-basis point rate hike
Tucker hints at shifting BoE attitudes and policies
Paul Tucker, deputy governor at the Bank of England hints he might vote to raise interest rates; calls for new “social contract” with banks
Kenya overnight lending rate leaps in unscheduled move
Overnight lending rate raised to 8%, 175 basis points above the benchmark central bank rate
Carney cautious over Canadian housing market boom
Bank of Canada governor Mark Carney warns of vulnerabilities in Canadian housing sector
RBA’s Stevens hints at rate hike
Reserve Bank of Australia governor Glenn Stevens signals resumption of monetary policy tightening
ECB’s Stark warns of low interest rate curse
European Central Bank executive board member Jürgen Stark says central banks should avoid looking at short-term consequences of monetary policy
ECB study measures impact of corridor width on monetary policy
European Central Bank paper shows width of standing facility corridor has significant impact on volatility of short-term interest rate