Monetary policy
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
Central Bank of Turkey expected to avoid drama with rate hold tomorrow
The bank, which hiked rates by 425 basis points in an emergency meeting on January 29, is widely expected to stay on current path; has continued to sell dollars in February to prop up lira
Noyer paints picture of ‘European Federal Reserve System’
Banque de France governor sets out vision of the ECB operating in a similar style to the Fed – with France taking the place of New York
Countercyclical prudential policies have ‘important implications' for monetary policy
Using a countercyclical macro-prudential instrument in addition to manipulating interest rates improves welfare, IMF paper finds
Bank of England unveils forward guidance ‘phase two'
The current policy will be scrapped when UK unemployment reaches the bank's 7% threshold ‘in the coming months' in favour of a less easily defined version aimed at reducing labour market slack
European Court of Justice to rule on OMTs after German court ‘fudge'
German constitutional court finds ‘reasons to assume OMTs exceed the ECB's mandate', but asks Europe's top court in Luxembourg to take the final decision
Lagarde lends weight to global clamour for policy co-ordination
IMF managing director joins Rajan and others in renewed calls for monetary policy to take into account international spillovers, as Fed taper rocks emerging markets
Global crisis weakened monetary policy transmission, Czech paper shows
New research from the Czech National Bank studies the transmission of monetary policy through different channels, finding it works as expected but was weakened in the financial crisis
Former Fed economists call on FOMC to dump Fed funds rate as main monetary policy tool
Joseph Gagnon and Brian Sack want the Fed to adopt the interest rate on its overnight reverse repo facility as its main policy tool and keep interest rate paid on bank reserves at same level
Central Bank of Turkey calls emergency meeting
Monetary policy committee will announce decision at midnight local time tomorrow night; expectations of rate hike see lira bounce back from record lows, but analysts remain cautious
Tombini says Brazil is ready for ‘welcome' exit from UMP
The end of unconventional monetary policy in advanced economies is a good sign for the world economy, says Central Bank of Brazil governor Alexandre Tombini
Bank of England will recalibrate forward guidance next month
Governor Mark Carney tells an audience in Davos he would prefer the next stage of forward guidance not to focus solely on unemployment, but on ‘overall conditions' in the economy
BoE's Fisher says falling unemployment needn't mean rate rises
Bank of England's monetary policy committee must plot a course between choking off the recovery and allowing inflationary pressures to rise excessively, says head of markets Paul Fisher