Monetary policy
ECB communicates ‘intensively’ on fiscal policy, says paper
Research report compares central banks' communication on fiscal policy; ECB the most active commentator
Europe must tackle financial fragmentation, says ECB’s Cœuré
Benoît Cœuré says banking union will stem financial fragmentation in European Monetary Union; integration will require flexibility in the short run
IMF paper examines driving factors behind reforms
Study examines whether IMF training or financial assistance is more correlated with structural reforms
Mexican deputy governor discusses high-inflation risk
Manuel Sánchez explains why inflation has risen above target and considers the future challenges that may prevent it converging
Norges Bank’s Olsen warns of overburdening monetary policy
Øystein Olsen says there are limits to what can be achieved with just policy rate changes; draws distinction between Norwegian monetary policy and easing measures taken elsewhere
New governor signs revised policy target agreement in New Zealand
The Reserve Bank of New Zealand’s policy targets agreement will come into effect on the same day Graeme Wheeler takes over as governor; document includes "stronger focus" on financial stability
Robert Pringle’s Viewpoint: Central bankers gamble for high stakes
The world’s major central banks have made high-stakes bets in a bid to stabilise economies. But their efforts may do little to promote confidence in the longer-term future of monetary management
ECB’s Cœuré justifies use of non-standard policy measures
Benoît Cœuré explains threat to the interest rate channel created need for alternative monetary policy measures; says outright monetary transactions aim to restore ‘monetary dominance’
Riksbank minutes highlight ‘unexpectedly rapid’ currency appreciation
Minutes of the Rikbank’s September monetary policy meeting show all board members raised concerns about the strength of the krona; governor says action is needed in eurozone
BoE minutes reveal unanimous decisions
Minutes show members of the BoE Monetary Policy Committee in agreement over QE and interest rate; says weak demand and high inflation were key considerations in decision
ECB paper analyses euro stability measures
ECB research assesses eurozone stability measures; says a European-wide framework for recapitalising large and systemic banks is still needed
IMF working paper critical of short-term austerity measures
IMF study suggests debt burdens should be addressed longer-term when economies are in expansionary mode; short-term austerity may do more harm than good
Asian central banks have ‘positive’ record with dual mandates, says former BoT deputy
Bandid Nijathaworn says combined monetary and macro-prudential policy mandates have worked well in Asia; Asean+3 credit guarantee set to boost region’s corporate bond market
BoE begins search to replace King
Job advert for the role of governor of the Bank of England is published; CentralBanking.com poll reveals expectation for the next chief to come from another central bank
Colombian governor warns of low-rate risks
José Darío Uribe says low interest rates pose medium-term risks to emerging markets; advises that unsustainable credit growth should be hedged
IMF paper warns fiscal policy is not sufficient to counter capital surges
Working paper finds countercyclical fiscal policy would not have been able to fully counter large capital inflows into many countries in emerging Europe before the financial crisis
ECB’s Asmussen highlights increasing roles of central banks
Jörg Asmussen says central banks have assumed new crisis management responsibility; sets out vision of ECB’s future roles when crisis ends
IMF paper analyses how commodity prices impact inflation
Working paper investigates how international commodity prices affect domestic inflation; finds governance and autonomy are central bank’s biggest tools to combat shocks
Finland’s Liikanen calls for equal transmission of monetary policy
Bank of Finland governor says monetary policy should transmit equally around Europe; access to funding should not be hampered by “unfounded risk premia”
New UK MPC member coy over policy stance
Ian McCafferty maintains a neutral perspective ahead of his first MPC vote; says it is difficult to be precise about effects of QE
ECB’s Constâncio stresses need for banking union
ECB vice-president says banking union will help tackle increasing divide of markets along national borders; could guide intervention in market risk
Irish deputy governor analyses monetary policy’s role in stability
Stefan Gerlach explores the dynamic between using monetary policy and macro-prudential policy to address financial stability; says the two can be used in tandem, with considerations
Kenya central bank slashes rates as others hold ahead of ECB decision
Positive developments in economy lead Kenyan central bank to make large rate cut as central banks in Australia, Canada, Israel, Thailand and Poland all keep rates on hold ahead of ECB decision
Public policy signals can be beneficial, says BIS paper
Bank for International Settlements study models effect of policy signals on prices and market outcomes; takes into account market response