Monetary policy
High 'euro-isation' poses challenges to monetary policy: IMF paper
Fund study says monetary policy channels in Hungary operated efficiently despite large exchange rate volatility
The gathering storm
Solving the financial crisis increasingly looks beyond the reach of monetary and financial policies, writes Ludek Niedermayer. Worse could follow in 2012 for central bank balance sheets, he warns.
Negative monetary policy effects from declines in pledgable collateral: IMF paper
Fund study says reuse of pledgable collateral by banks and dealers contributed to dry-up of liquidity during global financial crisis
Central Bank of Brazil paper on designing an effective macroprudential framework
Central Bank of Brazil study says macro-prudential tools can adversely influence monetary policy transmission mechanism
BoE paper identifies strong habit-formation in savings
Bank of England study finds length of precautionary savings incentive during periods of volatility is often underestimated in monetary policy models
High inflation risks further trend drift: Fed paper
Federal Reserve study shows above-average inflation levels have led to periods of uncertainty over trend inflation
Limited liability leads to excessive risk-taking: IMF paper
Fund study shows excessive risk-taking by banks increases as the interest rate decreases
Credit booms fuelled by lax monetary policy: IMF paper
Fund study says accommodative monetary policy was main driver of credit booms in last half century
Emerging market monetary policy is a balancing act: Sarb’s Mminele
South African Reserve Bank deputy governor Daniel Mminele says monetary policy is delicate balancing act in current environment of elevated inflation risks and slow global growth
Bank minutes show MPC considered larger stimulus
Bank of England Monetary Policy Committee minutes show that size of asset purchases could increase if inflation is forecast to fall below target in medium term
St Louis Fed’s Bullard discusses importance of revised data in policy-making
St Louis Federal Reserve president James Bullard says large revisions to key economic estimates can pose challenges to policymakers
Bank’s King adamant inflation will fall
Bank of England governor Mervyn King maintains inflation will drop towards target after Office for National Statistics reports largest rise in annual CPI since September 2008
Kocherlakota explains logic of dissent to Fed's Operation Twist
Minneapolis Federal Reserve president Narayana Kocherlakota says Fed’s more accommodative policy stance is inconsistent with objectives
BoE’s Miles explains resumption of QE
Bank of England external Monetary Policy Committee member David Miles says reemergence of financial market stress and lower-than-expected inflationary pressures prompted further asset purchases
Israel completes appointments to new rate-setting body
Israeli government confirms appointment of three external members to Bank of Israel’s new Monetary Committee; rate-setting body due to vote in October
BoE injects £75 billion to save stalling economy
Bank of England Monetary Policy Committee votes for further round of quantitative easing; increases size of asset purchase programme to £275 billion
ECB paper identifies rate-setting heterogeneity among policymakers
European Central Bank study finds differences in interest rate voting patterns within three monetary policy-setting committees
Dissenter votes to hike rates on inflationary fears: Iceland minutes
Central Bank of Iceland Monetary Policy Committee minutes says one member voted to increase interest rates despite uncertainty in global economy
Bank of Israel reviews lessons learnt from crisis
Bank of Israel report looks at evidence from recent financial crisis and how policymakers can be more prepared in future
Globalisation creates monetary policy challenges for EMEs: BIS report
Bank for International Settlements report says emerging market monetary policies are becoming much more complex due to integrated global financial system
IMF paper incorporates financial sector risk in monetary policy models
Fund study examines risks of including financial stability indicators in monetary policy reaction models
Fiscal cuts can stabilise macroeconomy: Philly Fed paper
Philadelphia Federal Reserve study shows fiscal retrenchment can, in some circumstances, reduce macroeconomic instability and stimulate economic activity
Forward guidance not always a positive sum game: Subbarao
Reserve Bank of India governor Duvvuri Subbarao identifies challenges in using monetary policy statements to offer guidance on future policy