Interest rates
Israel cuts rate for second time in two weeks
Bank of Israel cuts benchmark interest rate by 25 basis points for second time this month as global monetary easing ‘accelerates’
Sarb and Nigeria hold steady as Ghana hikes rates 100bp
Bank of Ghana responds to inflationary threat with one percentage point rate rise, in addition to changes to affect policy transmission; Sarb and Central Bank of Nigeria see threats but hold steady
IMF paper refines measurement of monetary policy transmission
Working paper breaks monetary policy into endogenous and exogenous changes, finding this is an important distinction for explaining variations in policy transmission across banks
Israeli committee split over rate cut, minutes reveal
Governor Stanley Fischer used casting vote to keep May rate cut to 25bp after half the monetary committee called for a sharper reaction to tackle the appreciating shekel
Riksbank deputy appointments boost easing hopes
Martin Flodén and Cecilia Skingsley selected as new deputies; seen to shift the executive board in a more ‘dovish’ direction and increase the chances of a rate cut
RBA minutes show rate cut decision made in spite of home loans growth
Australia's monetary policy decision-makers judged it was time to use ‘some of the scope' they have to loosen monetary policy, given the steady inflation outlook
Sri Lanka cuts rates 50bp in defiance of IMF advice
Central bank cuts benchmark interest rate by 50bp to 7% as growth stutters and inflation falls; IMF warned yesterday against ‘further easing of monetary policy in the near term'
European rates: UK and Norway on hold as Denmark and Poland cut
Bank of England marks time ahead of Mark Carney’s arrival and Norges Bank keeps policy steady, while Denmark and Poland take action
Korean rate cut follows global trend but takes analysts by surprise
Base rate cut of 25 basis points by Bank of Korea aims to boost inflation and employment, and halt the Korean currency's rise against the yen
RBA cuts rates to record low
Central bank seeks to encourage rebalancing of demand as mining investment heads for peak; analysts see further rate cuts on the horizon
Bank of Thailand prepares to counter rising baht
Monetary Policy Committee agrees ‘framework for exchange rate management’, but does not yield to government demands for a rate cut
Bank of Botswana delivers first rate cut since 2010
Botswana’s central bank cuts interest rate by 50bp to 9% to stimulate growth and employment despite continuing rise in inflation
Weak eurozone data add weight to ECB rate cut talk
Expectations of a rate cut mount as unemployment and inflation figures disappoint, although many question whether lower interest rates would have a significant impact
Riksbank doves defeated on rate cuts despite broad support for easing, minutes show
Minutes reveal that despite unanimous support for ‘more expansionary’ monetary policy, majority of board members voted to hold rates due to household debt fears
ECB says ‘difficult to do more’ as pressure mounts for more action
Further deterioration in eurozone data leads some to predict ECB rate cut at May meeting and possible SME ‘support package’; ECB executives signal action still unlikely
Netherlands Bank highlights ‘major risk’ of European crisis escalating
Financial stability report says danger from European debt crisis still looms large; warns of longer-term risks including addiction to low interest rates and incomplete banking union
BoJ's Miyao sees weaker yen as key to ending deflation
Leading proponent of monetary easing highlights a change in the dollar-yen exchange rate as key to hitting Bank of Japan's 2% inflation target
IMF flags growing risks from low interest rate environment
Global financial stability report urges caution by central banks employing loose monetary policy; says lack of adjustment to medium-term challenges could create ‘chronic phase’ of crisis
Interest rate forecasts ‘constrain’ central banks
Norwegian paper finds that Norges Bank and Reserve Bank of New Zealand are ‘reluctant to deviate’ from interest rate paths they have previously published
Polish paper scrutinises interest rate holds
Research finds that central banks keep interest rates unchanged on majority of occasions; proposes model that distinguishes between rate-holds in period of tightening, easing and neutrality
US non-farm payroll stats strengthen case for more QE
Boston Fed president joins calls to continue QE programme as US employment recovery falters
IMF working paper examines monetary policy ‘leaning against the wind'
Monetary authorities that want to stimulate the economy while maintaining financial stability should cut deeper, but then raise rates again faster
BoE economist warns of tendency to ‘overstate’ fiscal multipliers
Matthias Paustian says simple Keynesian models can produce unrealistically high fiscal multiplier when examining fiscal policy at the zero lower bound
Barbadian governor proposes adopting new policy rate
DeLisle Worrell and other senior central bank staff suggest adopting three-month Treasury bill rate as key policy rate, saying it is more practical for small, open economies