Monetary policy
Haldane outlines ‘interdisciplinary’ economics model
Andy Haldane and Arthur Turrell describe a way of broadening the scope of economics’ limited array of core models
Distorted Swiss surplus not good base for policy – Jordan
Multinationals’ operations, higher nominal rates abroad and Swiss franc appreciation increase the surplus
ECB officials disagree on open-ended QE
Agreement on keeping private-sector purchases sizeable, which would increase their importance
Banking sector openness affects policy transmission, BoK paper finds
Bank of Korea study focuses on smaller open economies
Public satisfaction with BoE rises with policy understanding
The research recommends targeting young people with low incomes, as well as women
Zambia cuts rates amid improved inflation outlook
Inflation projected to continue trending towards lower end of target over medium term; governor praises government efforts to rein in deficit
Turkish central bank takes action over falling currency
Rate rises are very likely, and the Turkish president’s actions are key, says observer
Mexico raises minimum wage above inflation
Central bank warned about inflationary pressures that an excessive increase may create
Do not assume history will repeat itself – Yellen
In conversation with Mervyn King, Janet Yellen reflects on her four years in office as Fed chair, saying there was not time for champagne on her first day
Sweden still needs loose policy – IMF
Elevated house prices, public debt and low wage growth are the biggest risks to the economy
China takes fresh steps to rein in financial sector risk
Five regulators jointly release standardised rules on asset management products
BoE officials deny policy pass-through is their job
Michael Saunders says Bank of England lacks tools to force banks to change rates
Eurozone excess liquidity focused on five states – ECB paper
Funding stress no longer drives the concentration of holdings, say researchers
Fed’s Williams proposes new tools to deal with future crisis
Structural factors beyond central banks’ control keep natural rate of interest lower
Central banks should not give impression of ‘complete foresight’
Bank of Canada officials say the goal is to convey “comprehensive assessment” of factors affecting policy while acknowledging uncertainty
RBI’s Acharya: ‘fundamental reform’ to fix transmission
Despite several earlier attempts at reform, the central bank is still struggling to pass on its policy actions to the economy
Uncertainty can call for asymmetric action – Canada’s Wilkins
“Uncertainty is not a reason for paralysis,” says the Bank of Canada deputy
US economy requires neutral policy – Atlanta Fed president
Although the labour market is approaching full employment, inflation remains subdued
Central banks should combine monetary rules to achieve objectives – research
Estimates based on different models should be updated regularly, authors say
Communication key to convey policies and objectives to public, central bankers say
Yellen, Draghi, Kuroda and Carney reflect on reaction of markets and public to policy communication
Productivity puzzles and the neutral rate of interest
Monetary policy frameworks should be subjected to internal and external reviews to ensure they remain fit for purpose
ECB article warns of possible effects of a Chinese slowdown
Looser Chinese monetary policy in response to problems could have significant effect
Accommodative policies can continue in Europe due to weak inflation, IMF says
Reduction of non-performing loans in weak banks remains a priority
SNB’s Jordan defends central bank independence
In contrast to monetary policy, macro-prudential should also be shaped by government