Monetary policy
RBA’s Lowe: we are not ‘inflation nutters’
Philip Lowe underscores central bank’s “balanced” approach to controlling inflation in his first public appearance as RBA governor, and highlights other initiatives
Central Bank of Kenya cuts rates despite new credit legislation
Commercial banks to amend lending rates again following a cut in interest rates; bank launches 50th birthday initiatives including new website
Declining inflation reduces pass-through effects for emerging markets – BIS paper
Central banks should be less fearful of floating their exchange rates; emerging markets should take note exchange rate channel could be “less effective” in affecting inflation
Reserve requirements complement monetary policy in small open economies – paper
Paper examines the use of indirect and direct monetary policy instruments in three Caribbean economies; increases in the reserve ratio are successful in reducing private sector credit
Markets back under central bank ‘sway’ – BIS quarterly review
Recent equity rally is “more stick than carrot”, says Claudio Borio, as latest report points to fresh signs of discomfort among banks and continued market distortions
Richmond Fed tries to bridge gap between rules and discretion
Economist presents research urging Fed to be more explicit about its strategy using “graphical framework”, while Jeffrey Lacker says rules offer valuable guidance to policy-makers
BoE signals further rate cut despite stronger-than-expected data
Package of measures announced in August led to “greater than anticipated boost” to UK asset prices; despite data somewhat stronger than expected a further rate cut is likely, minutes say
Riksbank highlights complexity in choice of target
Report studies case for changing target to CPIF or HICP inflation, and reinstating target band, ahead of discussions over monetary framework reforms
Rates likely to stay on hold, says Chilean monetary policy report
Inflation expected to be in the target range by year-end, latest monetary policy report forecasts show; no need for new hikes if economic trends continue
Kganyago justifies Sarb’s response to ‘troubling mix’ of issues
Sarb governor says the public should be “satisfied” but not “happy” with the current economic outlook, given that monetary policy has only offset some of the problems causing high inflation
Brazilian policy-makers concerned about inflation outlook
Monetary policy committee left rates on hold, concerned with the results of various surveys which showed inflation above the target for 2017
Carney deflects criticism of Brexit response
MPs question BoE officials on whether broad package of monetary easing was an overreaction; Forbes explains four factors behind dissenting vote
Swedish inflation starting to look stronger, as Riksbank holds
Outlook is “fraught with uncertainty”, central bank says, though the domestic economy seems to be returning to more normal levels
Stevens highlights housing market improvement at final monetary policy meeting
Reserve Bank of Australia leaves rates on hold at Steven’s last monetary policy meeting; board assesses the current policy stance as appropriate to foster growth and achieve inflation target
Norges Bank to publish minutes for first time
Central bank plans to release details of all aspects of executive board meetings except for monetary policy deliberations, citing growing interest and requests for disclosure
ECB's Mersch cautions against ‘extreme’ policy measures
Central bank cannot fulfil mandate with “mathematical equations”, says Mersch, warning currency can be undermined by “extreme measures”
German economist wins central bank prize
Klaus Adam wins award jointly sponsored by SNB, Bundesbank and National Bank of Austria for “innovative work” on asset prices and monetary policy
University of Buckingham to launch first central banking master’s degree
Monetary economics to form core of the year-long course; university hopes programme will enrol around 12-15 students in the first year
Rajan debunks central banking myths in final address
Outgoing governor completes valedictory tour with a cross-examination of the contradictory demands on the RBI, restating the value of central bank independence
Time for private sector to take up economic reform baton – Jamaica’s Wynter
Fiscal and monetary authorities have played their part, and economic growth cannot be driven by the government, says Wynter
Former Irish governor calls for higher inflation targets
Concerns about the consequences of raising inflation targets are overblown, say Patrick Honohan and three other monetary policy experts
Asset managers becoming key drivers of policy transmission – BIS research
Asset managers in the eurodollar futures market play a role in helping, or hindering, the transmission of policy, and have begun to respond more to Fed announcements than the macroeconomy
Working paper examines interactions between credit defaults and monetary policy
Countercyclical capital buffers can lessen macroeconomic fluctuations but increase the length of slumps, author argues; bank recapitalisation “overcomes this trade-off”
Praet warns against creating ‘trade-off’ between monetary and financial stability
Senior ECB economist defends eurozone monetary policy against charges of being too concerned with short-term objectives