Monetary policy
BoE’s Tucker discusses credit market lessons
Bank of England deputy governor Paul Tucker considers lessons learned from credit boom and bust; urges careful assessment of policies by monetary authorities
Bank of Korea governor on adaptation to global environment
Choongsoo Kim delivers speech arguing that central bank must adapt to global economic environment; highlights importance of growing policy interdependence
Sarb governor discusses response to economic risks
Gill Marcus examines economic risks facing South African economy; says employment target should not be included in bank’s mandate
BoJ paper explains central bank’s money market operations
Paper examines Bank of Japan money market operations in fiscal 2011; says bank’s provision of funds maintained market confidence throughout year
Central Bank of Colombia paper models transparency incentives
Working paper evaluates central bank incentives to misrepresent private information; finds central banks cannot credibly commit to truth-telling
Albanian governor discusses monetary policy decision
Bank of Albania governor Ardian Fullani describes mixed economic outlook; central bank keeps rates unchanged at 4.25%
IMF paper develops model of world economy
Paper builds structural macroeconomic model of world economy; says such models are “prerequisite” to IMF surveillance
BIS researcher examines countercyclical policy in emerging markets
BIS Quarterly Review special feature assesses the use of countercyclical policies in emerging markets; finds broad implementation of stabilising monetary and fiscal policies
Finland board member considers changing role of central banks
Member of the board of the Bank of Finland examines changes in the role of central banks after the financial crisis; highlights greatly expanded demands
Swiss central bank board member explains unique situation
Jean-Pierre Danthine examines SNB’s unusual monetary policy situation; says impact of unconventional measures should not be overestimated
IMF paper examines capital flow management
Working paper considers methods of managing large-scale capital flows in Czech Republic, Poland and Romania; argues capital controls should not be used
Sarb publishes Monetary Policy Review
South African Reserve Bank Monetary Policy Review notes continuing global uncertainty; central bank decides to maintain repurchase rate of 5.5%
Latvia governor assesses state of domestic economy
Bank of Latvia governor discusses developments in the Latvian economy as central bank leaves interest rates unchanged
IMF paper assesses welfare effects of monetary integration
Paper considers welfare effect of monetary union in Africa; finds significant benefits due to policy credibility and macroeconomic stability
BoJ minutes show unanimous support for further asset purchases
Minutes of Bank of Japan monetary policy meeting released; members vote unanimously to extend asset purchase programme
BoE minutes reveal ‘finely balanced’ decision on QE in UK
Minutes from May meeting of Bank of England’s Monetary Policy Committee show uncertainty among policy-makers over the decision to leave asset purchase programme at its current level
Fed’s Lockhart discusses policy response to crisis
President of the Federal Reserve Bank of Atlanta considers effectiveness of monetary response to the financial crisis; confirms QE3 is still a possibility
Bank of England launches review of crisis-handling
Court of the Bank of England commissions set of reviews to learn lessons relevant for the bank’s future responsibilities; first public announcement regarding analysis of this type
RBI paper considers monetary transmission in India
Reserve Bank of India working paper focuses on operation of monetary transmission mechanism in India; demonstrates significant causal effect of rate changes
Posen to leave Bank of England’s MPC
Adam Posen will not seek reappointment to Bank of England’s Monetary Policy Committee; takes on role as president of Peterson Institute of International Economics
Brazil to reveal rate-setters'votes
Central bank board approves amendments to law governing the institution aimed at increasing transparency; quarterly inflation report also to begin being published
ECB honours González-Páramo as police remove protestors
ECB holds event to celebrate work of José Manuel González-Páramo during his term as a member of the executive board on the same day a protest camp is cleared from outside the building
RBA minutes note ‘fragile’ global picture
Reserve Bank of Australia board discussed “fragile” sentiment surrounding global economic recovery and slow domestic growth when making most recent monetary policy decision
ECB working paper studies MPC group size and voting rules
Researchers looking into the relationships between committee size and voting rules in monetary policy setting find in large committees, majority voting is likely to enhance policy outcomes