Monetary policy
Riksbank survey flags concerns on market functioning
Market participants fear effect of low interest rates and high debt could create largest impact, although they view geopolitical and emerging market issues as the most likely to be realised
Sarb ‘pauses’ hiking cycle on improved inflation outlook
South African monetary policy committee votes five-to-one to leave rates on hold; governor stresses central bank is not reversing policy
Riksbank’s Skingsley sees potential in helicopter money
Small, open economies will have limited room for manoeuvre if global real rates stay low, so central bankers should be willing to consider more radical options, deputy says
Bank of Zambia expects ‘sharp decline’ in inflation
Monetary policy stance having “desired” results, according the MPC, minutes from latest meeting show; bank leaves rate on hold at 15.5%
Paper models impact of ECB’s collateral policy
A working paper offers a model of the impact of the ECB’s collateral policy on the eurozone between 2009 and 2011; effects smoothed transmission of monetary policy, researchers argue
RBA minutes reveal discussion around rate cut
No real change in economic activity or unemployment rate, minutes show; committee 'persuaded' monetary easing would improve prospects for inflation and growth
Mexican deputy Sánchez takes stock of easy policy in advanced economies
Manuel Sánchez explains how extraordinary monetary accommodation may be generating costs; tells audience in Mexico central bank policy co-ordination is a challenge
Czech central bank anticipates near-zero inflation in coming months
Czech central bank says monetary policy should have been easier; anticipates inflation falling towards zero in coming months but rising by end of 2016
Iceland central bank suggests tightening to come
Many domestic factors set Iceland apart from other industrialised countries, and it may need to adopt a tighter policy stance in future
BoJ board members fear negative rates are damaging
Minutes show concerns over the effects of negative rates on confidence, communication and market turbulence
BoE paper evaluates macro-prudential roles of bank capital regulation and monetary policy
Authors find counter-cyclical regulation is more effective than monetary policy in promoting stability in the wake of a credit shock
ECB sees ‘no clear upward trend’ in most inflation metrics
Inflation measures in the eurozone are subdued, the ECB says; several factors are slowing recovery, including balance sheet adjustments, downturn in emerging markets and slow progress on reform
World Bank report sees risks if Mozambique continues to raise rates
Report praises efforts of central bank so far but says further tightening could harm certain sectors of the economy; exchange rate volatility having adverse effects on debt
Stanford's John Taylor on the global monetary system and central bank co-operation
The Stanford University professor talks to Daniel Hinge about how central banks can co-ordinate policy to break free from a downward spiral in interest rates
SNB officials fend off latest ideas for reform
Thomas Jordan and Jean Studer warn of the damage that could be done by proposals including sovereign money, broader mandate and using reserves to create sovereign wealth fund
Rajan sided with the consensus, minutes show
RBI governor cuts rates in line with views of external advisers; four of the five members wanted to reduce the repo rate at the April 5 meeting
‘Challenging' year spurs diversification of Hong Kong's exchange fund
HKMA says it is accelerating its process of reserves diversification after it was hit by a "triple whammy" in all major asset classes in 2015
Trilemma, dilemma, and the PBoC's primer for the 'new normal'
Hui Feng argues the PBoC faces a dilemma not a trilemma – but the effort of balancing the two goals is painful all the same
New Turkish governor presides over cut at first meeting
Monetary easing remains the order of the day at the Turkish central bank, as MPC lowers ceiling of rate corridor in Murat Çetinkaya’s first week in office
Australian governor Stevens sees more viable options than helicopter money
Reserve Bank of Australia governor identifies a host of practical issues to helicopter money, and says there is more governments can be doing before then
Paper explores monetary policy and bank liability structure
Banque de France working paper analyses US banking data from 1994 to 2008; provides new empirical support for bank lending channel of monetary policy, author argues
Bank of England to react ‘more cautiously’ to data in light of EU referendum
Uncertainty over referendum to affect macroeconomic data over next few months; inflation rising but still well below BoE target
John Taylor offers way out of downward interest rate spiral
Stanford University professor says a return to more “rule-like” policy-making could help bring easing cycle to an end, with the Fed playing a key role
BoE assumes control of interest rate benchmark
Central bank to take responsibility for overnight benchmark, planning to broaden the transactions underpinning its calculation; WMBA to retain role in calculating and publishing figures