Monetary policy
Exchange rate losing significance in Asian monetary policy, BIS paper argues
Bank for International Settlements working paper argues sterilised intervention in currency markets is becoming less effective as Asia's economies trade more freely with each other
‘Shadow policy rate' measures Fed monetary policy stance at ZLB
BIS working paper describes a shadow policy rate constructed from a number of variables reflecting monetary policy actions to divine the Fed's stance at the zero lower bound
Sarb says advanced economy tapering will cause ‘protracted period of volatility'
South African Reserve Bank says monetary policy normalisation in the US and elsewhere will cause a protracted period of volatility in emerging markets like South Africa
Chile minutes reveal commitment to hit inflation target
Above-target inflation dissuaded the Central Bank of Chile's monetary policy-makers from cutting rates despite fears over an expanding output gap
Opinion: The ECB is in danger of losing its voice
Mario Draghi's primary monetary policy tool - communication - may no longer be enough, says Patrick Artus of Natixis
Rajan sets out ‘idealistic' vision for international monetary policy co-ordination
RBI governor would in an 'ideal world' establish an impartial arbiter of unconventional monetary policy; Lagarde says global welfare benefits should be quantified
Targeting financial stability would compromise central bank independence, Lagarde says
IMF managing director Christine Lagarde says adding a financial stability objective to central bank mandates would be incompatible with their continued independence
Menon: Monetary policy can't fill ‘all the cracks'
MAS managing director says monetary policy cannot ensure financial stability alone, as vulnerabilities tend to concentrate in specific sectors
Turkish rate cut baffles markets as inflation heads for double figures
Turkey's central bank cut rates today despite inflation of almost double the target level; deputy governor tells CentralBanking.com the focus must return to price stability
Monetary and macro-prudential co-ordination works well when pulling in same direction
Monetary and macro-prudential policy co-ordination brings benefits when they are both aiming at the output gap, but not when the regulator emphasises financial stability
Colombian interbank oligopoly requires new monetary policy transmission model
The domination of Colombia's interbank market by a few large players means traditional models cannot predict how monetary policy, and financial crises, will be transmitted
Buba's Dombret says ECB agrees there are limited risks of deflation
Low inflation in the eurozone should not become deflation, Andreas Dombret says in a speech at the Dallas Fed, as current low inflation reflects unique factors
Israel to announce rate decisions while trading floor is open
Move will bring Israeli central bank in line with its international peers but unlikely to make much practical difference, observers say
Top central bankers meet at IMF to discuss way forward in the 'new normal'
IMF's Christine Lagarde hosts day-long conference taking on the challenges set to face the world's central bankers in the medium term
PNG governor says central bank braced for LNG revenues
Bank of Papua New Guinea governor cautious in face of liquefied natural gas production coming online later this year, which could boost growth but may result in a decline in the manufacturing sector
Effect of a monetary policy shock is volatile over time
Research using 100 years of US economic data finds the sensitivity of the economy to monetary policy shocks has changed ‘dramatically'
Monetary policy's 'new normal' will challenge central bank independence, say IMF staff
The ‘new normal' for monetary policy, including taking account of macro-prudential concerns and cross-border spillovers, will also complicate accountability and challenge central bank independence
BoE’s Haldane underscores need for ‘ambidextrous’ policy
Executive director says it is too much to expect ‘one-handed’ policy to keep control of the economy, instead recommending monetary and macro-prudential policy work in tandem
RBNZ hikes rates for first time in three years
Reserve Bank of New Zealand raises its key rate to 2.75% and signals gradual tightening will continue until the rate has increased by 'about two percentage points'
BoE says publishing Fed-like transcripts would restrict debate
Following recent calls on the bank to follow Fed’s example and release verbatim records of old meetings, BoE says it wound prevent ‘free-flowing’ debate
Russia boosts forex firepower as ruble weakness shifts inflation risks to upside
The Bank of Russia has quadrupled the amount it will spend to keep the ruble steady; inflation expected to stay low but central bank is alive to upside risks
Forward guidance ‘escape clause' increases effectiveness, says Colombian paper
Incorporating a threshold into forward guidance means central banks can change course when economic conditions dictate - meaning it is welfare-improving
Colombia sees benefit of weaker currency as inflation stays at record lows
Minutes say monetary policy framework is functioning well as lower levels of capital flight allow central bank to retain some of South America's lowest interest rates
Former HKMA chief Yam calls on PBoC to shift to policy rate
Founding chief executive of the Hong Kong Monetary Authority publishes a paper calling for interest rate and money base liberalisation on the mainland