Monetary policy
Trinidad and Tobago governor predicts GDP contraction of up to 2.5%
Contraction of 2.5% expected amid falling oil prices; co-ordinated fiscal, monetary and structural reforms would increase recovery's chance of success, Hilaire says
Slow growth need not be the ‘new normal’ – Richmond Fed paper
Authors give reasons for optimism about the future of US economic growth, and outline policies that could support it, although most are outside the control of the central bank
Pursuing stable rates may create instability, Norges Bank paper finds
Preference among central bankers to keep rates at “normal” levels may prove time-inconsistent, researchers warn
Olsen wins second term at Norges Bank
Øystein Olsen reappointed for second and final term as Norges Bank governor, seeing off competition from six other applicants, including a former governor of the Central Bank of Iceland
Iran’s Seif details banking sector clean-up operation
Iranian central bank is working to improve the transmission of its monetary policy, stabilise the banking system and bring itself in line with international standards, governor says
Turkish central bank continues monetary ‘simplification’ process
Upper band of interest rate corridor cut to 9.5%; inflation will be the main indicator for future decisions, bank says
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