Monetary policy
Monetarist view cannot explain eurozone inflation woes, Nobel laureate warns
Christopher Sims says lack of co-ordinated fiscal action dooms eurozone to prolonged lowflation, at German conference for economics Nobel prize winners
Robert Pringle's Viewpoint: Haldane plus Rajan = New model central bank?
Robert Pringle offers an alternative to Bank of England chief economist Andrew Haldane’s scenarios for the next 25 years of central banking
Firm-level characteristics affect monetary policy transmission, Czechs find
Working paper finds firm-specific characteristics like size, age, collateral and profit, affect the way in which monetary policy changes are reflected in the external financing decisions of firms
Lesotho holds policy as inflation grows in line with neighbour South Africa
Minimum target for international reserves kept at $610 million, which Lesotho's MPC says is consistent with price stability and currency parity with the rand
Paper examines optimal monetary policy for wages and hours worked
Firms tend to pay too little for too many hours, economists argue in ECB-published paper; monetary policy should not target inflation too strictly, they say
Book notes: Alexandre Lamfalussy, by Christophe Lamfalussy, Ivo Maes and Sabine Peters
This is a fascinating account of the life and career of a great European
Book notes: Deliberating American Monetary Policy, by Cheryl Schonhardt-Bailey
Using recordings of meetings of not only the FOMC but also of the House Financial Services Committee and the Senate Banking Committee, the book tries to understand how monetary policy is decided
Minneapolis Fed paper challenges New Keynesian ‘liquidity trap'
New model challenges dominant view of post-crisis monetary policy, claim Minneapolis Fed economists
Ireland working paper examines effect of ECB policy on interbank repo market
Research by economists from Central Bank of Ireland, New York Fed and Barclays Capital finds some substitution effect between official auctions and repo market activity
UK rates set to stay low, says former MPC member Wadhwani
The cost of tightening too late is far lower than that of choking the recovery, says former monetary policy-maker Sushil Wadhwani
BoE’s Haldane sees greater role for central banks as risks shift
Central banks may have to address different episodes of financial instability as risks shift from the banking sector to other financial players, says BoE chief economist Andrew Haldane
Two future paths for central banking
Andrew Haldane identifies two future worlds for central banks along with their implications for monetary policy, macro-prudential regulation, operations and transparency.
IMF warns monetary tightening could hit EM growth
Advanced economies should collaborate with emerging markets, Fund says, to mitigate spillover effects of monetary tightening; says global imbalances remain too high
Italy's Visco calls for more 'symmetric' monetary policy
Central banks should be prepared to tighten policy pre-emptively, Ignazio Visco writes in forthcoming Central Banking journal, in order to head off financial crisis
Bangladesh Bank lays out monetary policy stance for the rest of 2014
Central bank aims at lower inflation and external stability through containing money growth and building up foreign reserves
Richard Cooper calls for monetary policy co-ordination to smooth global exchange rates
Harvard professor proposes internationally-agreed targets and gradual capital controls to mitigate worst effects of fluctuating exchange rates
Shirai calls for mechanisms to manage policy conflict
BoJ policy board member says monetary and macro-prudential policies are not necessarily complementary; some Japanese officials view reverse repos as a macro-pru tool
The reorientation of central bank policy objectives
In this sponsored feature, Peter Warburton and Joanna Davies discuss how the policy challenges for central banks have been transformed in the aftermath of the global financial crisis
Weidmann: ECB monetary policy has ‘done its bit', fiscal discipline must prevail
Deutsche Bundesbank president Jens Weidmann says central bank independence could be threatened by lax fiscal policy; says ECB is at 'outer edge of its mandate'
Lagarde: monetary and fiscal policy must nurture eurozone back to growth
IMF managing director Christine Lagarde warns Europe of vicious cycle of economic decline if low inflation, high debt and high unemployment persist
Riksbank minutes reveal dispute over IMF and BIS advice
Top Swedish central bankers debate the relevance of IMF and BIS advice for monetary policy to fight financial instability; question value of input from officials that do not set policy themselves
Yellen tells Congress Fed is ‘most transparent in the world'
Fed chair Janet Yellen faces Congressman who wants to enforce rules-based monetary policy, telling him it would compromise central bank independence
Lockhart needs higher wage growth and participation before raising rates
Atlanta Fed president says firmer wage growth and a higher participation rate are needed before the Federal Open Market Committee should raise interest rates
Malawi cuts policy rate in line with falling inflation
Less pressure on prices and a more stable exchange rate meant an even bigger cut was on the cards, but the MPC preferred to wait and see what the budget brings