Monetary policy
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
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