Interest rates
Riksbank minutes reveal further rate cut rejected
Board members vote to hold interest rate at 1.25% despite two deputies' reservations
BoJ paper evaluates zero interest rates in 1990s
Bank of Japan study considers the impact of zero interest rates and quantitative easing during the 1990s; says it had expansionary effects
Zambia rate rise to suppress excess liquidity
Bank of Zambia monetary policy committee increases interest rate to combat a range of inflationary pressures
IMF study analyses Asian monetary policy channels
Research published by the IMF examines monetary policy transmission mechanisms in Asia; questions whether interest rates are determined by global factors
Uganda cuts rates to 12.5% in bid to spur domestic economy
Bank of Uganda cuts benchmark rate to 12.5% in bid to boost domestic growth as inflation falls within medium-term target
Finland paper advocates partial commitment to inflation targeting
Bank of Finland study warns of dangers involved in ‘over-committing’ to interest rate adjustments in reaction to price changes; suggests short-term reactions may be appropriate
Korean governor wants domestic demand boost
At the latest Bank of Korea financial council meeting, Kim Choongsoo calls for increase in long-run domestic demand; bank presidents raise concerns over SME business environment
Poland minutes show further monetary policy division
Polish Monetary Policy Council split on decision to hold interest rate at 4.75%; third successive meeting where interest rate cuts are proposed but rejected
Central Bank of Iceland minutes hint at future tightening
Interest rate hold narrowly passed by central bank’s monetary policy committee in October as Iceland appears to shift towards withdrawing accommodative policy in near future
Peruvian paper questions role of money in New-Keynesian models
Central Bank of Peru research considers the shortcomings of New-Keynesian models, saying the exclusion of real-money balances is counterintuitive
Lacker explains dissenting votes
Jeffrey Lacker, president of the Richmond Fed, explains his dissenting votes during past six FOMC meetings; warns of misinterpretation
Hungarian officials disagree over source of inflation
The Monetary Council of the National Bank of Hungary was divided over latest interest rate decision; could not agree on root cause of higher-than-expected inflation
King says price stability insufficient for economic stability
The governor of the Bank of England discusses the relationship between price and financial stability; says inflation targeting should not be buried yet
Finland paper investigates how to escape liquidity traps
Bank of Finland study examines whether stimulus or austerity is more effective at avoiding liquidity traps
IMF paper evaluates Latin American interest rates
Research published by the IMF examines if interest rates in Latin American countries are contributing to a stable inflation rate and economic growth
Spillovers at ‘zero lower-bound’ examined by BoE paper
Bank of England study investigates how monetary policy decisions by large countries in low interest-rate environments affect the ability of small economies to stimulate demand
Mauritius MPC split on September rates decision
Three members of the Bank of Mauritius’s monetary policy committee called for more accommodative monetary policy last month
New rate-setting communication deliberated by Fed
Minutes from the FOMC’s September meeting show consideration of a switch in the way interest rate decisions are disclosed as well as motivation behind QE3
IMF paper considers risks to sovereign assets
Study by IMF discusses benefits of sovereign asset and liability management frameworks; finds they help account for correlations between separate indicators
Draghi says no backstop after OMTs; praises Spanish progress
ECB president Mario Draghi discusses OMTs, and the success of reforms in Spain and Portugal as ECB holds rates at 0.75%
Reserve Bank of Australia unexpectedly cuts rates
Board of Australian central bank lowers benchmark interest rate following weaker growth outlook as inflation falls further below target rate
Emerging markets in the dark over credit inflows, says Chilean governor
Rodrigo Vergara says the standard inflation-targeting framework may be unable to mitigate credit inflows; says there is uncertainty over alternatives
Kenyan report reveals battle to reduce inflation
Financial stability report released by the Central Bank of Kenya paints negative picture of growth; details monetary policy’s dramatic reaction to high inflation
Nigeria builds buffers to brace against uncertainty
Bank of Nigeria minutes show commitment to increase external reserves buffer; inflation expected to be lower than forecast