Monetary policy
Turkey’s Basçı outlines strategy to overcome commodity price volatility
Central Bank of Turkey governor Erdem Basçı says setting targets and forecasts for inflation offers firmer commitment from central bank
BoJ prepared to react to strengthening yen, says Miyao
Bank of Japan policy board member Ryuzo Miyao says central bank stands ready to stem deflationary pressures resulting from rising yen
Posen calls for UK version of Fannie Mae
Bank of England MPC external member Adam Posen says establishment of government-sponsored entities would make up for credit short fall in lending markets; calls for immediate quantitative easing
Early monetary exit risks return to recession: KC fed paper
Kansas City Federal Reserve study shows an early monetary policy exit can lead to a double-dip recession
Bank of Israel narrow forum backs rate hold
Bank of Israel minutes show narrow forum monetary policy members were unanimous over decision to hold rates due to domestic and global outlook
RBNZ paper identifies disconnect between labour markets and rest of economy
Reserve Bank of New Zealand study shows bulk of variation in unemployment is due to labour market shocks
Expectations matter for interest rates: Norway’s Olsen
Norges Bank governor Øystein Olsen says the effect of interest rate changes varies markedly on market expectations
Rate hikes on hold for now: RBA’s Stevens
Reserve Bank of Australia governor Glenn Stevens says policy board will sit still on policy in spite of rising inflation
Bank of Albania finds no misalignment in value of lek
Bank of Albania study shows adoption of floating exchange rate regime in Albania has maintained equilibrium level of real exchange rate
Unconventional tools can ease interbank lending: ECB paper
European Central Bank study says repo haircuts can help boost interbank lending during crisis
BoE's Weale explains rate-raise vote change
Martin Weale explains decision to vote to hold rates; admonishes low UK savings records and discusses future monetary policy responses
Tough policy choices ahead for Australia: RBA’s Battellino
Reserve Bank of Australia deputy governor Ric Battellino says higher inflation and lower-than-expected growth will make monetary policy more challenging
High markups can exacerbate downturns: IMF paper
Fund study finds evidence that high markups in South Africa creates monetary policy asymmetries
Towards a global monetary policy
US monetary policy must change as the dollar’s dominance wanes, writes Allan H. Meltzer
Interview: Robert Mundell
The Nobel laureate explains what is needed to save Europe’s single currency and calls for greater global coordination of monetary policies, in conversation with Robert Pringle
Conflicts of interest in central banking
The crisis has highlighted how interests can diverge in the monetary policy-making bodies of federal central banks, writes Daniel Gros
Interview: Jaime Caruana
Jaime Caruana, the general manager of the Bank for International Settlements, talks to Catherine Snowdon about the institution’s role in responding to the financial crisis
More data, not theory
The crisis has shown the dangers of placing models at the heart of policymaking. An empirical approach is the answer, says Kevin Gardiner
Bank of Finland paper assesses China’s two-track system
Bank of Finland study explains why monetary policy in China uses a combination of price and quantitative instruments
Bank votes unanimously to hold rates
Bank of England minutes show Monetary Policy Committee members Martin Weale and Spencer Dale drop vote to raise rates due to downside risk from euro area
Policymakers must act together, says Lagarde
Lagarde urges policymakers to "act boldly, act together and act now" to restore confidence in the global financial market
RBI’s Mohanty on success of new monetary policy framework
Reserve Bank of India executive director Deepak Mohanty offers positive feedback on central bank’s new operating framework
Exchange rates are influenced by macroeconomic performance: Buba paper
Bundesbank study finds link between macroeconomic fundamentals and exchange rate movements through expectation of monetary policy
Unconventional debt markets create monetary policy asymmetries: Banque de France paper
Banque de France study says differences in bond market characteristics can lead to asymmetries in monetary policy