Monetary aggregates
CNB’s Aleš Michl on tackling inflation, Friedman’s legacy and ditching DSGE
Czech governor speaks about policy mistakes, targeting M2, diversifying into equities and gold, and ending interest on minimum reserves
Book notes: The monetarists: the making of the Chicago monetary tradition, 1927-1960, by George S Tavlas
A fascinating, scholarly and sympathetic account of the Chicago monetary tradition
Interpreting the PBoC’s slew of policy reforms
How are new stimulus measures, bond market tactics, deflationary pressures and monetary policy framework changes affecting central banking in China?
PBoC overhauls monetary policy framework
Central bank aims for clearer policy rate, bigger role for bond trading and use of “structural” tools
Risks facing central banks: action and inaction
Unlike Fed policy in the 1990s, central bank actions this century do not appear overly accommodative, given poor policy decisions elsewhere, writes Andrew Smithers
Bangladesh Bank reforms MPC
Move is part of IMF-promoted reforms as Bangladesh adopts interest-rate targeting
Guillermo Avellán on BCE independence, capacity-building and dollarisation
Central Bank of Ecuador general manager speaks about the need to bolster the central bank’s legal autonomy, dollarisation challenges, payments developments and monetising local gold production
Bye-bye BCRA?
An Argentine presidential candidate proposes abolishing the central bank and the peso
Monetary policy can matter in poor countries – IMF paper
Study suggests changes to money supply may have impact through exchange rate
BoE’s Broadbent denies money supply is driving inflation
Deputy governor says M4 growth neither driven by QE or particularly linked to inflation
Bank of Canada paper tests ‘inflation tax’ in lab experiment
Experimental design could be used to test other aspects of monetary policy, researchers say
‘Neglect’ of money growth may have harmed forecasts – paper
Study finds forecasters make larger errors when money growth is highest
New Bank of Tanzania governor appointed
Emmanuel Tutuba replaces Florens Luoga, whose term had ended
Chile’s Costa on tackling inflation, forex interventions and nowcasting
The Central Bank of Chile governor speaks about stubbornly high prices, Fed policy spillovers, reserve buffers, retail CBDC and the need to address unconscious bias
Argentine central bank debt poses major risks, analyst says
Moody’s analyst says central bank faces macroeconomic crisis as short-term debt rises
Four African central banks take policy decisions
Morocco and BEAC increase rates and Tanzania reduces liquidity while Angola cuts policy rate
Is money growth really the main inflation culprit?
Jakob de Haan and Jan-Egbert Sturm take a closer look at inflation in the eurozone and Switzerland
Zimbabwe officials considering currency board
MPC member says arrangement would require $700 million in reserves
The case for restoring the role of monetary aggregates
Tim Congdon argues that a surge in money supply in response to Covid-19 sparked heightened inflation and central banks need to refocus their attention on monetary aggregates
Madagascar raises rates 90bp
Central bank expects economy to grow but speaks of troubling global conditions
Nepal hikes rates and constricts credit
Himalayan country confronts rising inflation and strained reserves