Monetary policy
Former MPC member blasts “unduly powerful” future BoE governor
Ex-MPC member Kate Barker says new macro-prudential policy-maker should not be independent of government; shake-up of banking regulation system in the UK will leave governor too powerful
RBI minutes show disagreement over policy direction
Minutes of the Reserve Bank of India’s July meeting reveal divergent views on monetary policy; however members agree government is best placed to address weak growth and high inflation
BoE weighs distributional effects of QE
Paper assesses impact of quantitative easing on overall economy and examines distributional effects; finds main benefits for holders of assets and well-funded pension schemes
Macedonia seeks to influence expectations
National Bank of the Republic of Macedonia unveils new research programme; hopes to improve communication to better manage expectations
Philadelphia Fed paper examines private monetary system
A Philadelphia Fed study explores the public and private provision of money; finds that a central bank does contribute to monetary stability
Central Bank of Chile holds rates as currency appreciates
Benchmark interest rate left at 5% amid international uncertainty and appreciating peso; first time currency’s gain has been highlighted since dollar-buying programme
IMF paper studies monetary impact of household production
Working paper designs model that adds a household sector to the economy, which competes with firms in the service sector; finds this amplifies the transmission of monetary shocks
Malaysian growth rate exceeds target
Report published by Bank Negara Malaysia on economic developments in second quarter shows increase in growth beyond level forecast in annual report; central bank expects trend to continue
Bank of Israel paper says Europe is sub-optimal currency area
Research examines political problems with economic and monetary union in Europe; says Europe is a “dubious candidate” for an optimal currency area
Central Bank of Colombia minutes reveal divide over interest rates
Minutes from the central bank board’s July meeting gives details of reasons for members’ difference of opinion over interest rate decision; board committed to maximising employment
BoE minutes show MPC left out rate cut discussion
Possibility of cutting benchmark interest rate was not discussed at latest MPC meeting; policy-makers decided to keep rate and quantitative easing steady
BoJ minutes reveal cautious positivity about global risks
Minutes of Bank of Japan’s July monetary policy meeting shows some optimism over global risks; members vote unanimously to hold rates and adjust asset purchases
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