Monetary policy
Pakistan’s Muktadir lauds mobile payments transition
State Bank of Pakistan deputy governor says uptake of mobile phone and smart card banking is changing the finance landscape in Pakistan
Peruvian paper questions role of money in New-Keynesian models
Central Bank of Peru research considers the shortcomings of New-Keynesian models, saying the exclusion of real-money balances is counterintuitive
Fed’s Dudley says FOMC policy actions were justified
New York Fed president William Dudley defends asset purchases from critics. But market response to QE remains muted
Asian integration holds key for Malaysia’s Zeti
Bank Negara Malaysia governor says integration necessary if Asia is to continue to develop; funds need to be able to reach investment opportunities
Riksbank deputy questions the role of inflation targeting
Per Jansson, deputy governor of the Sveriges Riksbank, suggests a move away from fine-tuning monetary policy around inflation but says a shift to a higher target does not seem advisable
Hungarian officials disagree over source of inflation
The Monetary Council of the National Bank of Hungary was divided over latest interest rate decision; could not agree on root cause of higher-than-expected inflation
Peru paper compares regional and national inflation
Central Bank of Peru study asks whether regional inflation is an accurate measure of the national situation; considers future of inflation-targeting in the country
Risks of a serious global slowdown ‘alarmingly high', says IMF
IMF lowers global growth forecast; says influence of highly accommodative policies by central banks may be diminishing and the probability of an ‘alarming’ scenario for growth stands at 17%
Fed paper studies impact of fiscal reform within a monetary union
Research published by the Federal Reserve considers the effects of a unilateral shift in taxation policy within a monetary union and finds that risk of spillovers only comes with full integration
Mauritius MPC split on September rates decision
Three members of the Bank of Mauritius’s monetary policy committee called for more accommodative monetary policy last month
IMF paper considers risks to sovereign assets
Study by IMF discusses benefits of sovereign asset and liability management frameworks; finds they help account for correlations between separate indicators
South African governor seeks non-monetary integration
Gill Marcus talks about the importance of regional integration but believes this should not be pursued through monetary arrangements
Bank of Tanzania director says country is securing price stability
Bank of Tanzania director says inflation is gradually coming under control as IMF report praises robust economic activity. But challenges remain noteable in the energy sector
Greek paper emphasises differing eurozone conditions
Research by the Bank of Greece analyses the financial conditions of countries in the eurozone; finds differences pre- and post-crisis
Chilean minutes reveal positive developments
Minutes from the Board of the Bank of Chile’s September monetary policy meeting reveal improved view of external impacts on domestic demand; concern about growth sustainability
Bernanke defends Fed’s loose monetary policy
Ben Bernanke says Federal Reserve’s accommodative stance, including a third round of quantitative easing, is justified; denies Fed is encouraging poor fiscal policy-making
Contractionary monetary policy increases wealth spread, says Philadelphia Fed paper
Philadelphia Fed study considers impact of contractionary monetary policy shocks on different segments of the population; finds imbalance between the wealthiest and others
Sarb paper establishes new inflation measure
South African Reserve Bank research reveals alternative measure of core inflation; designed to remove elements of ‘noise’
Czech National Bank cuts rates to record low
Governing board votes to cut rates to historic low in face of persistent weakness in the economy; possibility of unconventional policy measures if low growth continues
Monetary easing does not prompt crisis recovery, says BIS paper
Paper published by the Bank for International Settlements finds monetary easing does not help economic recovery following a financial crisis downturn; deleveraging produces more positive effects
ECB’s Draghi defends OMTs to German audience
European Central Bank president Mario Draghi stresses bond purchase plans are within the central bank’s mandate; says there are signs reforms are working
BoE’s Fisher details progress on ‘funding for lending’ scheme
Bank of England MPC member Paul Fisher reveals the initial uptake of UK ‘funding for lending scheme’; says impact difficult to judge
Nigeria builds buffers to brace against uncertainty
Bank of Nigeria minutes show commitment to increase external reserves buffer; inflation expected to be lower than forecast
Finland board member discusses banking union challenges
Bank of Finland board member identifies benefits of a European banking union but emphasises the complexity of resultant political issues