Monetary policy
Canadian governor outlines next phase of policy
Governor says Bank of Canada will keep asset holdings unchanged in “reinvestment phase”
In-depth reports less frequent than monetary policy meetings
Over 80% of central banks set monetary policy without always publishing in-depth reports
ECB announces moderate cut in net asset purchases
Council unanimously agrees adjustment despite mid-term below-target inflation projections
Central banks divided on publishing policy meeting minutes
Central banks in advanced economies more likely to publish minutes
Bank of Canada on hold as growth proves weaker than expected
Second quarter contraction comes as Canadian exporters struggle with bottlenecks
Bank of Zambia governor resigns
Mvunga leaves following change in presidents, amid high inflation
Policy-maker votes largely kept secret
Most central banks do not reveal how individual monetary policy-makers vote
Lending rate rigidity weakens eurozone monetary policy – BdF paper
Asymmetric costs in changing bank lending reduce effects of looser policy
RBA delays bond purchase review until 2022
Central bank pushes back review as new Covid outbreak threatens to delay recovery
BoJ deputy cautions against ‘premature tightening’
Core CPI is not the sole indicator of the BoJ’s monetary policy, says Wakatabe Masazumi
Policy-makers and staff often determine headline forecasts
Joint approach may help conquer systemic bias
Danish central bank positive on ECB strategy review
New 2% symmetric target could boost inflation, report says; climate change may impact price and financial stability
Moldova makes second rate hike in two months
Central bank cites “persistent inflationary process” as it raises policy rate 100 basis points
Majority of central banks do not take account of forecast errors
Surveys of inflationary expectations used widely, alongside macroeconomic and market indicators
Zambia holds rates despite double-digit inflation
Governor says inflation will decelerate faster than expected despite being three times target rate
Majority of central banks have power to issue debt for monetary purposes
Central banks pointed to draining liquidity as a reason for issuing debt
Eurozone inflation reaches 10-year high at 3%
Rapid rise in energy prices was main driver, according to Eurostat estimates
FX market intervention key tool for emerging market economies
Central bank markets departments perform a wide range of different roles
Bank of England names new chief economist
Huw Pill is former ECB official and chief European economist for Goldman Sachs
Chilean central bank steps up policy tightening
Board unanimously decides to increase interest rates by 75 basis points to 1.5%
Canada records surprise GDP decline
Second-quarter figures show 0.3% contraction, which may affect taper and monetary policy
Asset purchase programmes prevalent among advanced economies
But just 17% of emerging market economies said they operate a purchase programme
Some philosophical questions about the future of central banking
Kenneth Rogoff weighs up the many challenges facing central banks in the years ahead, from debt and inflation to negative rates and the dangers of ‘mission creep’
Majority of central banks use corridors to set market rates
A handful use floors due to unconventional policy, and some use other methods