Monetary policy
Tunisian government under fire for sacking central bank governor
Rating agency declares decision to remove Mustapha Kamel Nabli from post ‘credit negative’; loss of well-respected central bank chief threatens institution’s independence, says Moody’s
Sarb annual report notes ‘pedestrian’ growth days after rate cut
Annual economic report shows South African output ‘losing some momentum’ in 2012; follows 50bp rate cut by central bank
BoE paper studies information in sticky and flexible prices
Working paper studies the usefulness of sticky and flexible prices in showing firms’ estimates of the output gap and inflation expectations
Bank of Israel paper underlines importance of fiscal discipline
Research paper compares policy responses to two crises; finds weak fiscal discipline prior to crisis can create significant problems for use of counter-cyclical fiscal and monetary policy
National Bank of Serbia governor refuses to resign
Dejan Šoškić’s governorship allegedly under threat from new Serbian government; defends position saying 'there is no reason for me to resign'
RBA minutes show cautious optimism
Minutes of Reserve Bank of Australia’s July monetary policy meeting note strong growth in domestic economy and signs of external recovery despite weakened growth in US, Europe and China
Bank of Finland paper analyses Chinese monetary policy
Discussion paper assesses the use of non-market monetary policy in China; finds policy tools are effective at controlling inflation but this depends on source of economic shocks
BoJ minutes reveal unanimous vote for rate hold
Minutes of Bank of Japan’s June monetary policy meeting show unanimous support for rate hold; say deflation a 'critical challenge'
Bundesbank paper studies changes in European monetary transmission
Discussion paper considers effect of financial crisis on transmission of European Central Bank monetary policy; finds decrease in sensitivity of Euribor to changes in central bank rates
Atlanta Fed president weighs further policy action
Dennis Lockhart assesses need for additional monetary easing in the US; argues further stimulus likely to have limited effect and says current forecast 'untenable' if economy continues to deteriorate
IMF paper assesses macro-prudential models in Latin America
Working paper evaluates two major Latin American policy models, one of institutional separation and one of integration; suggests areas for improvement in both models
ECB paper models policy interaction
Working paper examines the benefits of co-ordinating monetary and macro-prudential policies; finds separation of regimes can damage macroeconomic stability
Eurosytem and Mediterranean central bankers gather in Morocco
Central bankers meet to discuss economic and financial developments, monetary policy implementation and macro-prudential policies and financial stability
Brazil and South Korea cut rates amid economic gloom
Central Bank of Brazil and Bank of Korea cut interest rates due to poor economic outlook and declines in indicators; Brazil marks eighth consecutive reduction while Korea makes first cut since 2009
SNB paper links low interest rates and housing bubbles
Swiss National Bank working paper finds strong relationship between low short-term rates and housing bubbles; argues house prices can be controlled by following ‘Taylor rule’
National Bank of Serbia annual report reviews policy changes
Annual monetary policy report highlights shift in mid-2011 towards monetary easing in Serbia; says pressure from food prices caused inflation to repeatedly overshoot target in first half of year
SNB paper evaluates central bank communication strategies
Swiss National Bank working paper examines two communication strategies designed to reduce market overreaction to announcements
Draghi says closer union will achieve stability in Europe
Mario Draghi says quality of reforms and implementation ‘absolutely essential’; sets out vision of future union based on financial, fiscal, economic and political integration
ECB’s Asmussen stresses importance of central bank communication
ECB board member Jörg Asmussen underscores need for effective communication by central banks; says crisis has ‘shifted the goalposts’
Slew of central banks hold rates amid economic uncertainty
Riksbank, National Bank of Poland, Reserve Bank of Australia and Central Bank of Colombia all keep policy rates unchanged; central banks offer mixed message on global economy
RBI paper examines monetary policy transmission
Working paper studies channels of monetary policy in India; finds main impact made via interest rates but also identifies credit and asset-price effects
Sack withdraws resignation and stays on at NY Fed
Brian Sack stays on as a senior adviser to New York Fed president William Dudley; new head of markets group already appointed
Peru central bank paper models interbank lending
Working paper develops New Keynesian model including an interbank lending market to analyse dual effect of reserve requirements and interest rates
RBI executive director weighs financial stability objective
Deepak Mohanty considers financial stability as part of a central bank’s mandate; emphasises importance but says price stability should not be subordinated