Monetary policy
BoE minutes leaves option open for additional stimulus
Bank of England minutes shows MPC members believe further quantitative easing may become warranted as economic outlook deteriorates
Riksbank's Öberg calls for focus on shorter forecast horizons
Riksbank first deputy governor, Svante Öberg, says limitations in analysts’ forecasting beyond one year requires greater emphasis on near-term outlook
Monetary policy should not be overburdened: ECB’s Stark
European Central Bank executive board member Jürgen Stark says solution to sovereign debt crisis is primarily in the hands of eurozone governments not central bank
Vices of monetary policy must be addressed: ECB's Stark
European Central Bank executive board member draws on the ‘virtuous’ and ‘vicious’ relationship between globalisation and monetary policy
Central Bank of Brazil paper addresses exchange rate puzzle in emerging market economies
Central Bank of Brazil study says contraction in monetary policy does not always lead to an appreciation in the domestic currency
Carney discusses limitations of price-level targeting
Bank of Canada governor Mark Carney says adoption of price-level targets may not be beneficial in periods of turmoil
Interest rate pass-through in Ghana protracted: IMF paper
Fund study finds lags in adjustment of wholesale market rates reduces the effectiveness of monetary policy conducted by the Bank of Ghana
Monetary and financial stability policy are distinct: Riksbank’s Svensson
Riksbank deputy governor Lars Svensson says financial stability policy should not be confused with monetary policy
Monetary policy should be recalibrated: BoE’s Miles
Bank of England’s Monetary Policy Committee external member David Miles says shift in housing market may require changes to the way monetary policy is formulated
SF Fed says mortgage market reforms can aid monetary policy
San Francisco Federal Reserve president John Williams says fiscal policy must work in tandem with monetary policy to stimulate US economy
Central bank intervention in credit markets threatens independence, says Fed's Lacker
Richmond Federal Reserve president Jeffrey Lacker says intervention in credit markets diminishes central bank autonomy; CentralBanking.com poll suggests otherwise
King sees sharper decline in inflation ahead for UK
Inflation in the UK falls to 5% in October, but Bank of England governor Mervyn King says inflation could drop more “sharply” in the next six months
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