Monetary policy
30 years of forecasting: have central banks learned anything?
Forecasting models are constantly being upgraded, but forecast errors are still persistent. What more can central banks do?
China lowers reserve requirements after premier’s intervention
PBoC cuts reserve requirement by 50bp to boost lending, its third move this year
Riksbank maintains tightening plans despite lower rates globally
Sweden’s central bank adds it will increase rates at a slower pace than it planned earlier in 2019
RBI makes fresh bid to boost transmission mechanism
Banks mandated to link floating-rate loans to an external benchmark
Chile cuts rates again on lower inflation forecasts
Central bank reduces policy rate by 50 basis points to 2%; signals more stimulus may be needed
Argentina reimposes currency controls as peso plummets
Authorities aim to stem depreciation of peso, which has fallen 23.9% against dollar since August 11
Lagarde calls for eurozone-wide fiscal capacity
Eurozone nations should have counter-cyclical fiscal instrument and common treasury – Lagarde
A key message from Jackson Hole: policy must globalise
Setting policy in isolation is becoming untenable and spillovers must be considered more, remarks suggest
Bank of Mexico’s board disagreed on last rate cut – minutes
One board member opposed recent 25bp rate cut due to high inflation and uncertain fiscal outlook
RBA sheds light on new ‘Martin’ macro model
Large-scale “macroeconometric” model designed to balance flexibility and theoretical rigour
Argentina opens IMF talks as crisis deepens
Government extends debt maturity and pledges reserves will not be used to repay international investors
BoE policy-makers face fallout from political chaos
November policy decision could be unveiled on an election day; new analysis by MPC members suggests worst economic impact yet to come
Israeli central bank faces hard choices, analysts say
MPC says Israeli currency’s strength is helping to keep inflation below target
Negative rates could lower inflation expectations – San Fran Fed paper
Japanese inflation expectations fell after BoJ introduced negative rates, researchers find
Fed should scrap apolitical stance, urges former senior official
Dudley says Fed should set rates with Trump’s re-election chances in mind
BdF paper looks at FOMC hawks and doves
Predictions of rate-setters with hawkish reputations often biased towards higher inflation – researcher
Communication has to be two-way – ECB’s de Guindos
Communicating with markets influences behaviour, affecting signals received in return, says vice-president; ECB has created new survey of consumer expectations
RBA open to unconventional policy measures – deputy governor Debelle
Quantitative easing may be on the cards if central bank cuts rates to 0.5%
Carney: digital currency could help fix global monetary system
A “synthetic hegemonic currency” could end the destabilising dominance of the dollar, BoE chief says
Agustín Carstens on fixing the global monetary system
The BIS chief speaks about how to strengthen the global safety net, vulnerabilities in emerging markets and the challenges and opportunities posed by fintech
No noticeable fund outflows amid protests – HKMA
Exchange Fund sufficient to back currency in case of capital outflows, HKMA says
Central banks face loss of independence – Central Banking survey
A new survey of Central Banking’s Editorial Advisory Board points to central banks facing existential challenges with little change in their frameworks or toolkits
Indonesian central bank cuts rates again
Central bank says it will boost economic growth as president pushes fiscal expansion
Overcoming deflation: Japan’s experience and challenges ahead
Bank of Japan governor Haruhiko Kuroda explains how Japan’s long battle against deflation may offer insights for the future conduct of monetary policy at other central banks