Monetary policy
Sarb’s Mnyande emphasises importance of monetary policy in recovery
South African Reserve Bank chief economist Monde Mnyande says monetary policy to play more prominent role in policymaking
IMF's Lipsky urges European cooperation
IMF acting managing director John Lipsky says greater cooperation in Europe will be key to post-crisis recovery
Unconventional policies warrant inclusion in central banks' toolkits: IMF paper
Fund study says unconventional balance sheet policies in some cases warrant inclusion in central banks' toolkits
Bank considers further QE
Bank of England Monetary Policy Committee minutes reopens debate on further quantitative easing; new external MPC member Ben Broadbent votes to hold rates
Carstens laments four fundamental weaknesses at IMF
IMF releases Agustín Carstens’ statement to the executive board following interview; describes four fundamental weaknesses he wants to address
RBA minutes say further rate hike will be necessary
Reserve Bank of Australia monetary policy minutes show members of Reserve Bank Board voted to keep rates on hold; signals further tightening in future
Economic models not a panacea for policymaking: Bank’s Fisher
Bank of England executive director Paul Fisher highlights limitations of economic models for forecasting and monetary policy
Bank of Italy paper examines Italian labour market adjustments
Bank of Italy study shows Italian firms reduced working hours and employment to address shortfall in demand post-crisis
Inflation targeting at the Central Bank of Peru
Central bank of Peru study finds evidence of flexible Peruvian inflation targeting framework
RBI warns of uncomfortable inflation levels
Reserve Bank of India June 2011 Mid-Quarter Monetary Policy Review says inflation in India persists at uncomfortable levels
Government representative quits Costa Rica’s board
Government representative on central bank board resigns; leaves body without power to make decisions on foreign exchange policy
China blames loose global monetary policies for inflationary pressures
People’s Bank of China brings price control to the forefront; says loose global monetary conditions have pushed up inflation expectations
BoE’s Weale calls for early rate hike
Bank of England external Monetary Policy Committee's Martin Weale says early rate increase will give central bank more room to manoeuvre in future
Finland’s Liikanen calls for rethink of open market operations
Bank of Finland governor Erkki Liikanen says Eurosystem central banks should make distinction between assets eligible for open market operations and liquidity requirements
ECB study measures impact of corridor width on monetary policy
European Central Bank paper shows width of standing facility corridor has significant impact on volatility of short-term interest rate
San Francisco Fed paper on merits of leaning against asset prices
San Francisco Federal Reserve study makes case for monetary policy to lean against asset price movements
Prudential rules ease procyclicality of bank lending: IMF paper
Fund study says rules to lower capital adequacy ratios offer relief to banks and distressed borrowers facing shocks
Diamond abandons Fed ambitions
Peter Diamond pulls out of race to become the next Federal Reserve governor; says “shortcomings” in confirmation process and “fundamental misunderstandings” in conducting monetary policy to blame
ECB conference reviews crisis measures
European Central Bank Sixth ECB Central Banking Conference contributions highlight policy approach during financial crisis
BoE paper reviews international transmission mechanism
Bank of England study says shift in international monetary transmission mechanism in 1990 corresponds to changes in United Kingdom’s monetary policy framework
Loose monetary policy contributed to commodity boom: BoJ paper
Bank of Japan study says sharp rise in commodity prices was driven by higher demand and accommodative monetary conditions
OECD calls for Fed and BoE to hike rates
OECD says close-to-zero policy rates in advanced countries are no longer needed; urges Federal Reserve and Bank of England to start raising rates
Will the new monetary policy consensus work for a small, open economy?
A new consensus is emerging for how monetary policy should be conducted. However, using the Czech experience as an example, Jan Frait, Zlatuše Komárková and Luboš Komárek argue that it may be difficult to apply in small, open economies
The case for symmetrical monetary policy and its role in the new financial architecture
Central banks should adopt a more symmetrical approach to monetary policy in supporting financial stability. Bernd Braasch discusses how such an approach can best be implemented amid the jumble of policy strands competing for officials’ attention