Monetary policy
IMF paper assesses impact of monetary policy on inequality
Researchers study channels through which monetary policy affects income inequality in the US; find interest rate hikes cause increase in inequality
Japan holds rates and delays disbursement of fund provision
Bank of Japan maintains benchmark rate at near zero; puts off first issuance of fund provision due to reform plans for Libor
Banque de France paper finds limited inflation impact of macro-prudential policy
Working paper searches for possible conflict of interest between monetary and macro-prudential policy; says risk is small but policies should nevertheless be co-ordinated
Reserve Bank of Fiji annual report highlights steady recovery
Annual report for 2011 reviews policy challenges throughout year; says central bank delivered on mandate of low inflation and stable reserves while helping to spur growth
Bank of Korea strikes melancholy note in policy announcement
South Korea notes struggling economic scenes both at home and abroad; MPC decides to hold benchmark rate as a consequence
Bernanke stresses importance of Fed independence
Chairman of the Federal Reserve highlights provisions in place to safeguard independence of the US central bank; discusses common fiscal authority for Europe
Senior official exodus continues at National Bank of Serbia
Chairmen and two members of the National Bank of Serbia’s Council of the Governor resign in protest at amendments to central bank law; parliament appoints Jorgovanka Tabakovic governor
Fed’s Bernanke looks beyond broad market indicators
Fed chairman warns key aggregate metrics can miss economic pain felt by individuals and households; encourages development of economic measures to better assist with policy decisions
China hints at policy adjustments to support economy
People's Bank of China pledges to strengthen the 'fine-tuning' of monetary policy in the country; latest indication of growing anxiety over slowing economy
Central Bank of Colombia paper finds delayed monetary policy responses
Working paper develops new models of output gap and neutral interest rate; argues interest rate changes by central bank lag behind movements in output
Bank of Uganda deputy calls for more empirical research in Africa
Louis Kasekende says policy-making in Africa is frequently made more difficult by limited empirical evidence; sets out a number of steps to improve quality of econometric analysis
People’s Bank of China makes growth top priority
Latest quarterly report on monetary policy puts growth of the economy at the heart of the central bank’s efforts; recent statistics show continuing slowdown in world’s second largest economy
Serbian governor quits as government faces pressure over new law
Dejan Šoškić resigns as governor of the National Bank of Serbia; IMF and European Commission blast government plans to amend central bank law
IMF urges US policy-makers to take action against fiscal cliff
Conclusions of IMF Article IV consultation with US highlight risks from fiscal cliff and debt ceiling; calls on policy-makers to strike deal at ‘delicate juncture’ for world economy
RBI paper investigates relationship between liquidity types
Researchers study a variety of liquidity indicators to determine the links between them; argue that although there is a relationship, this nevertheless may not be a suitable guide to policy
National Bank of Serbia paper finds strong domestic bank lending channel
Working paper identifies 'significant' impact of monetary policy on domestic currency loan growth through bank lending channel; says channel is weak for foreign currency loans
Ex-UK MPC members discuss future of eurozone
Panellists at event in London say euro will survive but with a smaller group of countries; argue UK is in dangerous position to respond to eurozone collapse
Sarb’s Marcus discusses developments in central bank communication
Gill Marcus says communication has become ‘fundamental’ to central bank strategy, but suggests there are limits to usefulness of transparency
IMF paper highlights risks of higher inflation targets
Researchers assess the effects of increasing inflation targets; argue this can help prevent problems of a zero lower bound, but the overall impact on welfare is negative
Bank of Japan nominates new stand-in chairman
Ryuzo Miyao designated to take on role of chairman if governor and both deputies are ‘prevented from attending to their duties’; replaces Seiji Nakamura, who left the central bank in April
RBI research examines debt management conflict of interest
Working paper discusses whether the Reserve Bank of India’s dual monetary policy and debt management roles affect price stability mandate; finds little evidence of impact
St Louis Fed research stresses importance of money
Working paper argues that money is essential in determining prices, despite monetary aggregates being largely ignored by central banks; says central banks have limited power over interest rates
Curacao and Sint Maarten governor discusses central bank co-operation
Emsley Tromp says co-ordinated action by central banks is particularly important in emerging markets; outlines four areas where closer ties would be beneficial
BoJ deputy governor says central bank ready to act
Hirohide Yamaguchi suggests possibility of further monetary easing if global economic outlook worsens; nevertheless gives positive assessment of economic conditions