Monetary policy
State Bank of Vietnam needs a single mandate not independence
Lessons from South Korea, Japan and the US indicate a single mandate would benefit the State Bank of Vietnam more than an IMF call for legal independence.
National Bank of the Kyrgyz Republic’s Zina Asankojoeva
Zina Asankojoeva is the first female governor of the National Bank of the Kyrgyz Republic. She speaks with Daniel Hinge.
Fed’s Powell and Rosengren hit back at ‘fiscal crunch’ research paper
Research suggests Fed is constrained by precarious US finances, but Fed governor and president offer alternative conclusions
Unorthodox monetary policy would not suit Hungary, says paper
Research finds that unconventional central bank instruments have successfully eased market conditions in developed countries, but would have little impact in Hungary
Polish paper extolls benefits of probability forecasts
Research finds forecasting technique that seeks to quantify the uncertainty surrounding economists’ predictions has ‘rich interpretation possibilities’
Norwegian paper suggests alternative to ‘conclusion-based’ interest rate decisions
Research examines the stories behind interest rate decisions; reveals benefits to voting on contributing elements as opposed to final level
UK’s Adair Turner advocates stimulus by ‘helicopter money’
Chairman of the UK’s Financial Services Authority says there are circumstances where monetary financing of government deficits is justified, calling for more serious discussion of the topic
IMF working paper calls for consistency in East African monetary policy
Study into monetary transmission mechanism in the East African Community finds policy tools often used in a contradictory manner
Robert Pringle’s Viewpoint: Assessing Masaaki Shirakawa’s legacy
The policies of outgoing Bank of Japan governor, Masaaki Shirakawa, have brought economic stability to Japan and are likely to be viewed favourably by future generations
RBA holds rates but suggests cuts could follow
Reserve Bank of Australia holds interest rate at 3%; governor says stable inflation would allow board to make cuts and boost demand if needed
Chilean board members wary of low inflation
Chilean wage growth is outstripping inflation; board members show concern but hold rates
Fed holds rates and maintains asset purchases in first vote since membership shake-up
Esther George, president of the Federal Reserve Bank of Kansas City, votes against QE in her first meeting
Polish monetary policy council divided on size of rate cut
National Bank of Poland lowers interest rate for third successive meeting; some council members push for even deeper cuts
Bundesbank president staunchly defends independence
Jens Weidmann speaks out against the increasing politicisation and expansion of central bank mandates
Monetary policy committee chairmen compared in Norwegian paper
Study finds Norges Bank and Sveriges Riksbank chairmen similar in style, despite different committee models
BoE MPC member questions efficacy of more QE
Ian McCafferty, an external Monetary Policy Committee member, says more monetary stimulus may not boost demand as much as earlier efforts
Outgoing Hungarian governor fighting a losing battle on monetary council
Central bank governor and deputies outvoted on interest rate decision for fifth successive meeting; government minister tipped to be appointed next governor
Norges Bank memo investigates structure of monetary policy committees
Staff memo distinguishes between collegiate and individualistic committees, and considers the benefits and drawbacks of each
New deputy governor takes office at RBI
Indian government appoints Urjit Patel to replace Subir Gokarn on the Reserve Bank of India’s governing board; management roles reallocated again
Fed presidents clash over monetary policy
Presidents of the Federal Reserve banks of Kansas City and Minneapolis offer conflicting critiques of FOMC policy stance
Pakistan’s Anwar presents plan for financial system growth
Governor of the State Bank of Pakistan gives 10-point plan for growth in the financial system to boost the economy and improve the ‘potency’ of monetary policy
Bank of Korea foresees long road to recovery
Economic outlook report predicts sluggish narrowing of Korea’s negative output gap; central bank keeps rates on hold
Kenyan interest rate continues to plummet
Benchmark interest rate nearly halved since September; latest cut intended to increase uptake of expanding private sector credit
French paper warns of forward guidance perils
Study published by Banque de France says efficient communication to an inattentive audience can only be achieved if supported by effective monetary policy