Monetary policy
Should the ECB increase the transparency of governing council meetings?
Observers and former officials weigh pros and cons of greater disclosure for policy efficacy and independence
Bank Negara Malaysia surprises market with ‘pre-emptive’ rate cut
Analyst believes move signals end to “brief easing cycle”
Book notes: The long journey of central bank communication, by Otmar Issing
This book is a “masterly exposition on central bank communication, its evolution and continuing challenges”, writes Anand Sinha
Paper takes ‘Hank’ approach to eurozone policy transmission
Authors identify three key dimensions of household heterogeneity
IMF cuts forecast again, but says slowdown may be ending
Fresh downward revision to growth outlook set against “tentative stabilisation”, says Gita Gopinath
Atlanta Fed research offers 17th century lessons for proposed standing repo facility
Crises can pose demand and credibility challenges, researchers warn
ECB willing to provide further stimulus – minutes
Governing council stresses inflation remains below its medium-term goal
South Africa surprises markets with rate cut
Sarb reduces interest rates by 25 basis points to 6.25%
Paper models monetary policy in a ‘Hank’ framework
Authors combine micro and macro “moments”, finding investment is “crucial” to policy transmission
Turkish central bank makes fourth rate cut in six months
Central bank has reduced rates by 850 basis points since president dismissed last governor
Central banks must learn lessons of BoJ’s inflation target rise – Fed paper
Failure to hit old targets and disagreement among policy-makers will harm credibility, paper argues
People: Modi’s government appoints new RBI deputy governor
Michael Patra takes position left by Viral Acharya in June 2019; EBA names new executive director; UK Payment Systems Regulator appoints a new head of policy
ECB paper looks at role of uncertainty in central bank comms
Researchers use machine learning to study market reactions to BoE inflation reports
Inflation expectations risk continuing downward trend – John Williams
New York Fed president urges policy-makers to hold themselves accountable for below-target inflation
People: Israeli governor nominates Andrew Abir as deputy governor
Former Sarb deputy governor appointed chief executive of Absa financial group; Colombian president picks new board member; Riksbank names new general counsel
Argentina reduces key rate floor again
New governor thinks ultra-tight financial conditions failed to tackle high inflation
Andorra seeks to join International Monetary Fund
Tiny principality would bring IMF members to a total of 190
SNB expects $50 billion profit in 2019
Rising gold prices and foreign currency assets boosted profits, Swiss National Bank says
Carney launches review of BoE monetary policy
“Deep structural changes” have left little space for conventional tools to work, governor says
Riksbank minutes show disagreements over December rate hike
Dissenting board members cite looser international policy, weak growth and below-target inflation
New CBSL governor targets transmission mechanism
Priorities for 2020 include tackling bottlenecks, boosting transparency and improving analytics
Lagarde awards Schnabel key policy role in renewed ECB board
Panetta leads market infrastructure and payments, banknotes and international relations
Patterns of exchange rate pass-through are changing – RBI paper
Pass-through in emerging markets is non-linear, asymmetric and falling, authors find
Rates have been falling for eight centuries – BoE research
Study casts doubt on major theories, including secular stagnation; author warns rates could “soon enter permanently negative territory”