Interest rates
IMF paper identifies Brazilian interest rate regime switch
Fund study says Brazil’s relatively low interest rate level and lack of volatility are owing to regime changes
BoJ minutes shows divergence on QE readings
Bank of Japan rate setting minutes show policy board disputed significance of evidence on monetary stimulus programme
Fed funds rate falls short: Kansas City Fed paper
Kansas City Federal Reserve study says interest rate for reserves may play larger role in Fed’s monetary policy exit plan than fed funds rate
Supply shocks are dictating inflation, King insists
Bank governor reiterates view that temporary events are keeping prices elevated, says development of second-round effects key to picture on underlying inflation; remarks divide analysts
MPC’s Sentance critical of fellow policymakers’ focus on output gap
Bank of England’s Sentance dismissive of overemphasis on domestic output gap; says global factors must not be neglected as merely short-term disturbances when conducting policy
NY Fed paper investigates decline in adjustable-rate mortgage
New York Federal Reserve says supply-side factors explain decline in market share of adjustable-rate mortgages in recent years
Research underestimates probability of reaching zero bound: San Francisco Fed
San Francisco Federal Reserve paper says probability of hitting the zero lower bound of interest rate is often underestimated in economic research
Canada’s Côté on households' role in recovery
Bank of Canada deputy governor Agathe Côté discusses balance of risks in household spending and impact on economic recovery
Shekel gains leave Bank of Israel cautious over rate hike
Bank of Israel minutes show members of the central bank’s narrow forum feared interest rate hikes would lead to further gains in the shekel
Government delay holds up launch of Bank of Israel’s new rate-setting body
Bank of Israel awaits government’s selection of three external members to new Monetary Committee seven months after passage of law for new interest rate-setting measures
RBA minutes: rates on hold as global downside risks rise
Minutes of Reserve Bank of Australia rate-setting meeting relay concern over deteriorating situation in Europe; more positive on US, China
Monetary policy and the Australian-Kiwi exchange rate: RBNZ paper
Reserve Bank of New Zealand research finds Australian dollar-New Zealand dollar exchange rate incompatible with uncovered interest rate parity after official cash rate adoption
Riksbank’s Nyberg challenges Svensson over monetary policy framework
Riksbank deputy governor Lars Nyberg says monetary policy must support macroprudential policy; comments contrast with Svensson’s calls for monetary policy to focus on price stability
Central Bank of Turkey – Inflation Report (Q4 2010)
Central Bank of Turkey’s fourth quarter Inflation Report says despite strong domestic demand, weak external demand forced the central bank to keep rates low
BoE paper: capital inflows primary cause of US housing bubble
Bank of England study shows large capital inflows had a greater effect than monetary policy in generating housing bubble in United States
Fed’s Yellen: QE2 could help emerging markets
Federal Reserve vice chair Janet Yellen makes case for currency appreciation in emerging markets; remarks come on the heels of emerging market criticism of QE2
IMF: inflation targeting reduces dollarisation
Fund study says inflation targeting framework strengthens monetary policy channel in countries with high levels of dollarisation
Taylor calls on Fed to focus on price stability, not employment
Economist John Taylor likens Federal Reserve’s quantitative easing programme to fiscal policy; says central bank should focus on single price stability mandate
State Bank of Pakistan blames government for rate hike
Pakistani central bank says 50 basis point interest rate hike made necessary by government’s excessive borrowing
Shirakawa draws parallels with QE in Japan, US
Bank of Japan governor Masaaki Shirakawa says same aims underlie Japan's monetary easing scheme and Federal Reserve's asset purchase programme
Shirakawa: currency appreciation not panacea for inflows
Bank of Japan governor Masaaki Shirakawa says textbook solution to capital inflows does not apply to emerging economies in low interest rate environment
Meirelles to step down at the end of the year
Central Bank of Brazil governor Henrique Meirelles will leave central bank at end of year as President-elect Dilma Rousseff seeks change at central bank
Plosser: focus on real, not nominal, rates
Philadelphia Federal Reserve president Charles Plosser suggests targeting interest rates to lean against strong asset-price growth
Bank’s MPC split three ways
Bank of England Monetary Policy Committee minutes show rate-setters remain divided over future outlook of economy