Monetary policy
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
Norwegian policy normalisation is feasible – analysts
Uncommon combination of higher oil prices and weak currency offsets subdued consumer prices
RBA cuts forecasts as inflation disappoints
The Reserve Bank of Australia expects to undershoot its inflation target for another year
Riksbank’s executive board divided over QE programme
Some members advocate ending stimulus in December, others fear that could reduce inflation
Doubts emerge over RBNZ mandate plans
Acting governor Spencer says a dual mandate would have little impact, but expresses concern over a committee structure; former RBNZ economists weigh in
Supervision bolsters monetary policy transmission – Draghi
No sign of housing bubble developing across eurozone as a whole, ECB president says
German economic council urges ECB to tighten policy
Group of experts says stronger growth and loose policy could lead to higher financial risk
Eurosystem is less transparent and efficient than Fed, research finds
European central banking structure is twice as expensive as its US equivalent
New York Fed’s Dudley set to retire early
William Dudley says he wants to ensure a successor is in place “well before” the end of his term
Big data in central banks: 2017 survey
As an active area for new projects, big data is becoming a fixture in policymaking, with an increasing number of central banks carving out a budget for data handling, writes Emma Glass.
People: Powell and Yellen comment on Fed chair pick; FPC member appointed
Nominee as Fed chair praises predecessors; UK’s FPC has new external member; and more
Central banks and securities lending: A lever for monetary policy and liquidity management
Securities lending is often considered an alternative mechanism for generating revenue by asset owners, fund managers and others who invest with profit in mind. Central banks, however, do not share this viewpoint. Rather, their securities lending…
Tinkering with rates will not bolster New Zealand employment
The New Zealand government would do well to remember why a single price stability mandate was established in the first place
Tapping into big data’s potential
Central Banking convened a panel of experts to discuss how central banks can harness big data for their needs, hopefully without falling foul of some of the many pitfalls that await.
Trump nominates Jerome Powell as Fed chair
As a Fed governor, Powell has never issued votes of dissent against FOMC decisions