Monetary policy
RBI paper finds complexity in exchange rate pass-through
Authors argue the standard view of exchange rates having a “linear and symmetric” impact on prices is flawed
Ukraine’s MPC concerned over inflationary pressures – minutes
First published minutes show currency worries as deadlock blocks vote on governor
Algerian monetary financing may stoke inflation, warns IMF
In September 2017, Algiers resorted to central bank financing of budget deficits
BoE not to blame for gold standard-era crises in US – paper
Bank of England’s rate decisions between 1884 and 1913 were not responsible for “causing or aggravating” crises in the US, author finds
BoJ policymakers eye hopeful signs for inflation
Policy remains on hold as inflation shows some signs of greater strength; one member calls for further easing measures
People: ECB clears way for de Guindos
Governing council says it has “no objection” to the Spanish candidate; Bank of England’s David Thorburn resigns; RBNZ gains a board member
Zhou says China is ready for bolder reform
Zhou Xiaochuan comments on further progress with liberalisation and financial market reforms in what is likely to be his last press conference as PBoC governor
Protectionism may have ‘serious consequences’ – Canada’s Lane
US tax reforms may affect Canada’s capacity to attract investment, warns deputy governor
Paper warns emerging markets of pitfalls of credit easing
While the effects of credit easing are benign for advanced economies, developing and emerging countries may experience macroeconomic repercussions
ECB removes promise to increase bond purchases if needed
Stronger economic growth confirms previous confidence of rate-setters, Draghi says; ECB president criticises threatened tariffs
Poland delays first hike by one year
Central bank reduces its inflation forecasts for 2018 and 2019, and the zloty falls
RBNZ paper investigates weaker pass-through since 2008
Banks’ use of more stable funding sources seems to have weakened the effect of policy rate changes since 2008
IMF recommends Colombia improve policy communication
Fund considers the central bank has further room to lower interest rates
Bank of Canada on hold as council remains cautious
Officials see the need for further rate hikes in future, but say trade policy in the US is creating uncertainty for Canada
Tunisia raises rates by 75bp to tackle inflation
First hike under new governor comes as prices rose year-on-year by 7.1% in February
Low rates likely to persist in global economy, Riksbank’s Ingves says
Inflationary pressures remain weak, governor says; economic growth is a prerequisite for higher price pressures
Financial regulation powers pose new threats to central banks – Kganyago
Emerging markets are better equipped to deal with capital flows, Sarb governor says
ECB policy statements have moved inflation expectations – Italian paper
Researchers look at impact of ECB’s recent monetary policy statements on financial markets
Norway lowers inflation target and changes policy mandate
The new mandate emphasises the need for high employment and financial stability
Tighter policy policy may increase financial instability, researcher says
Higher rates may pressure banks’ balance sheets and increase assets held by money market funds, says paper published by San Francisco Fed
ECB paper models impact of monetary policy announcements
Model tries to “disentangle” impact of two kinds of information
Authorities can’t rely on monetary policy to fight next crisis – Rohde
Danish governor says rebuilding capital buffers should be a priority
Indonesian deputy nominated for governor’s role
Perry Warjiyo needs confirmation by lawmakers
Fed’s Powell expects strong US growth
Robust labour market likely to support income and consumer spending rises, Fed chair says