Monetary policy
Chilean MPC speeds up tightening, citing higher inflation risks
Central bank board surprises markets, increasing interest rates by 125 basis points to 2.75%
Clarida: ‘Stagflation is not my baseline case’
Fed vice-chair says inflation situation not akin to 1970s
Covid-19, crypto and climate weigh on global economy – GFSR
Central banks face difficult “intertemporal trade-offs”; poorer nations unlikely to regain pre-Covid growth levels for “many, many years”, says IMF’s financial counsellor Tobias Adrian
Summers fears for Fed’s ability to remove ‘punchbowl’
Central banks may not be able to counter inflation threat amid possible return to 1960s economics, says former US Treasury secretary
Peru central bank raises rates for third time in two months
BCRP forecasts inflation will return to target, but expresses concern over expectations
Peru’s president re-nominates long-standing governor
Economy minister says Julio Velarde is an “excellent professional”
BIS paper outlines model of managed floats
Framework captures financial frictions while being simpler than other models, authors say
Bank of Israel again holds rate steady
But MPC signals it is ready to end QE programme if economic recovery continues
Uruguayan central bank makes second rate increase in a row
Central bank aims to end “expansive” monetary policy and guide inflation to target range
Romania orders first rate increase in more than three years
Central bank adds 25 basis points as energy prices bite, while Moldova continues tightening
Iceland tightens policy to tame inflation
Inflation rose to 4.4% in September, above the central bank’s 2.5% target
RBNZ begins monetary tightening with 25bp hike
Central bank is confident inflation will return to target, but says growth will be “volatile”
PBoC governor says China does not need QE
Yi Gang says China has space to carry on with conventional monetary policy
Larry Summers on stagflation risks, lessons from Delphi and never-ending ‘punch’
The former US Treasury secretary speaks about fiscal ‘overexpansion’, Fed/Treasury debt discord, the pitfalls of ‘unknown unknowns’ and central bankers ‘unable’ to remove the ‘punchbowl’
Czech governor calls finance minister ‘incompetent’
Rusnok rejects finance minister’s criticisms of rate rise as general election draws near
Why fintech governance matters for central banks
Fintech throws up an array of challenges that may require central banks to adapt their frameworks
Colombia raises policy rate for first time since 2016
Board forecasts inflation will be above target band for the rest of this year
Jamaican central bank makes first rate rise since 2019
Central bank forecasts inflation will be above target for two years as it hikes rate by 100bp
Bank of Mexico makes third consecutive rate raise
Board says inflation risks are tilted to upside and raises fourth-quarter inflation forecast
People: Bank of Korea nominates board member
Bolivia’s former governor Pablo Ramos Sánchez dies; Trevor Braithwaite departs ECCB; and more
Goodhart, Gopinath and Lippi disagree on inflation
Central banks lack tools to deal with inflation, Goodhart warns, but IMF chief economist disagrees
BoE paper links debt and labour supply
Households behave differently depending on their wealth and debt, paper finds
Brainard cites Delta in dovish speech
Fed governor warns “employment is still a bit short of the mark” for taper
Inequality sharpens monetary policy’s effects – ECB paper
Author analyses “inequality channel” using model with three types of heterogeneous agent