Monetary policy
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
Tunisian government under fire for sacking central bank governor
Rating agency declares decision to remove Mustapha Kamel Nabli from post ‘credit negative’; loss of well-respected central bank chief threatens institution’s independence, says Moody’s
Sarb annual report notes ‘pedestrian’ growth days after rate cut
Annual economic report shows South African output ‘losing some momentum’ in 2012; follows 50bp rate cut by central bank
BoE paper studies information in sticky and flexible prices
Working paper studies the usefulness of sticky and flexible prices in showing firms’ estimates of the output gap and inflation expectations
Bank of Israel paper underlines importance of fiscal discipline
Research paper compares policy responses to two crises; finds weak fiscal discipline prior to crisis can create significant problems for use of counter-cyclical fiscal and monetary policy
National Bank of Serbia governor refuses to resign
Dejan Šoškić’s governorship allegedly under threat from new Serbian government; defends position saying 'there is no reason for me to resign'
RBA minutes show cautious optimism
Minutes of Reserve Bank of Australia’s July monetary policy meeting note strong growth in domestic economy and signs of external recovery despite weakened growth in US, Europe and China
Bank of Finland paper analyses Chinese monetary policy
Discussion paper assesses the use of non-market monetary policy in China; finds policy tools are effective at controlling inflation but this depends on source of economic shocks
BoJ minutes reveal unanimous vote for rate hold
Minutes of Bank of Japan’s June monetary policy meeting show unanimous support for rate hold; say deflation a 'critical challenge'
Bundesbank paper studies changes in European monetary transmission
Discussion paper considers effect of financial crisis on transmission of European Central Bank monetary policy; finds decrease in sensitivity of Euribor to changes in central bank rates
Atlanta Fed president weighs further policy action
Dennis Lockhart assesses need for additional monetary easing in the US; argues further stimulus likely to have limited effect and says current forecast 'untenable' if economy continues to deteriorate
IMF paper assesses macro-prudential models in Latin America
Working paper evaluates two major Latin American policy models, one of institutional separation and one of integration; suggests areas for improvement in both models
ECB paper models policy interaction
Working paper examines the benefits of co-ordinating monetary and macro-prudential policies; finds separation of regimes can damage macroeconomic stability