Interest rates
Mauritius to investigate interest rate ranking
Mauritius plans to challenge World Economic Forum report on interest rate spread ranking
Bank of Israel narrow forum backs rate hold
Bank of Israel minutes show narrow forum monetary policy members were unanimous over decision to hold rates due to domestic and global outlook
OECD asks central banks to hold rates
OECD asks for rates hold and revises growth forecasts downwards; chief economist says further QE in the US "could be appropriate”
Riksbank postpones rate hike on weaker global outlook
Riksbank votes to hold rates at 2% amid concerns over public finances abroad and deterioration in global growth; central bank revises downward repo path
NY Fed paper observes pre-FOMC meeting equity drift
New York Federal Reserve study explores what causes US equity markets to move drastically ahead of a FOMC meeting
Expectations matter for interest rates: Norway’s Olsen
Norges Bank governor Øystein Olsen says the effect of interest rate changes varies markedly on market expectations
Brazil cuts benchmark rate in surprise move
Monetary Policy Committee drops benchmark interest rate from 12.5% to 12% in unexpected decision
Botswana publishes mid-term review of the 2011 Monetary Policy Statement
Report shows inflation has been above target range in the first six months of the year
IMF paper reconsiders association between public debt and long-term yields
Paper focuses on possible spillover effects of large advanced economies’ debt levels to other economies’ borrowing yields, especially in emerging markets
Bernanke disappoints in Jackson Hole speech
Fed chairman mentions range of tools available to “provide additional monetary stimulus” but gives no indication of employing them
More data, not theory
The crisis has shown the dangers of placing models at the heart of policymaking. An empirical approach is the answer, says Kevin Gardiner
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