Interest rates
ECB paper tests eurozone balance sheet transmission mechanism
European Central Bank study shows central bank balance sheet operations can stimulate economic activity and inflation, but has its limitations
Thailand and China ease monetary policy
Thailand cuts benchmark rate and China lowers reserve ratio as eurozone crisis impact is felt in Asia; Thailand also keen to combat effects of devastating floods
Interest rate pass-through in Ghana protracted: IMF paper
Fund study finds lags in adjustment of wholesale market rates reduces the effectiveness of monetary policy conducted by the Bank of Ghana
Accommodative policies risk triggering interest rate traps: Norges Bank paper
Norges Bank study says low interest rate environments provide banks with incentive to rely on public provisions for liquidity
Interest rate growth differentials matter for debt sustainability: IMF paper
Fund study says low values of interest rate growth differential in non-advanced economies provide strong support for debt sustainability
Draghi announces rate cut amid fears of mild recession
European Central Bank president Mario Draghi marks inaugural Governing Council press conference with 25 basis point rate cut; ECB reveals details of covered bond scheme
Limited liability leads to excessive risk-taking: IMF paper
Fund study shows excessive risk-taking by banks increases as the interest rate decreases
Uganda defends monetary policy
Executive director of research at the Bank of Uganda releases a statement explaining the central bank’s monetary policy; outlines what policy can do and what it cannot
Belarus given guidance to restore 'stability and prosperity'
International Monetary Fund tells Belarus to reduce inflation and raise interest rates; central bank sells off surplus office items
Israel completes appointments to new rate-setting body
Israeli government confirms appointment of three external members to Bank of Israel’s new Monetary Committee; rate-setting body due to vote in October
Trichet bows out with new bond purchase scheme
Jean-Claude Trichet unveils a new covered bond purchase scheme; ECB governing council also agree to hold interest rates and support Jörg Asmussen for governing council post
ECB paper identifies rate-setting heterogeneity among policymakers
European Central Bank study finds differences in interest rate voting patterns within three monetary policy-setting committees
IMF paper incorporates financial sector risk in monetary policy models
Fund study examines risks of including financial stability indicators in monetary policy reaction models
San Francisco Fed paper identifies strong QE signalling channel
San Francisco Federal Reserve study finds strong signalling effect from Federal Reserve’s quantitative easing programme
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